Canyon offer interest free payment scheme to spread the cost of bikes

Canyon has introduced a new payment option with customers now able to purchase their bikes via interest free instalments.

The direct only brand with a headquarters in Koblenz, Germany, has teamed up with finance partner 'SplitIt' to provide the new scheme.

In a press release, the brand noted: "As payment methods become more diverse, Canyon have recognised the importance of providing more flexible purchasing options to their customers."

Customers can pay for their bikes in anywhere between two and six instalments, with a o per cent interest rate.

The scheme works by authorising the full amount of the bike on the chosen payment card, then taking direct debits monthly.

There's no limit in the order value, either - aside from the funds available on the payment card used.

Canyon offers a range of road, mountain and commuting bikes from the Endurace AL 7.0 at £909 right up to the likes of the feather weight Ultimate Evo disc 10.0 LTD at £7,449.

The news comes soon after Canyon's announcement that is will be offering free shipping all all bikes, until April 30.

The other option for spreading the cost of a bike purchase is the cycle to work scheme - and Canyon partnered with financial provider Green Commute Initiative (GCI) back in May 2019 to bring this option to its customers.

The cycle to work scheme allows employees to pay for their bike in manageable chunks, whilst also saving on tax.

Canyon sells its bikes direct via its own website. With the coronavirus crisis affecting every element of modern day living, brands and retailers relying on bricks and mortar stores are having to adapt their sales methods to suit changing demands.

Many are however able to sell equipment and service bikes with zero contact - with extra measures in place such as cleaning bikes with an anti-bacterial spray before being returned to the customers.

The change in shopping habits is expected to put pressure on an already struggling industry, speaking to Cycling Weekly, manager at Surrey's Maison du Velo Paul Drake commented: “I don’t have a crystal ball to tell us what the impact of pandemic will be on the wider economy... but I think it’s clear there will be some tough times ahead for many."

He did add however that local support had been strong, commenting: "The optimist in me looks at the number of customers reaching out and supporting us and thinks that, as long as we can survive this period, those businesses with a strong community around them could ultimately emerge even stronger.