Published on 15/02/2023

FLOA and Transport: Helping People Buy Electric Bikes Through Split Payments

As electric bikes are so popular at the moment, but require a certain budget, we’ve chosen to bring our payment solutions to the world of mobility (buyers and sellers). The goal? To simplify purchases!

At FLOA, we support companies in the mobility sector by enabling their customers to pay in instalments. Read on to find out how FLOA Pay solutions help consumers to invest in electric bikes and embrace more eco-friendly ways of getting around.

Helping People Buy Electric Bikes Through Split Payments

Background: The Electric Bike Boom

The bike is on a roll! And the electric bike even more so. There are several different factors behind this product’s rapid rise in popularity.

1 - The Energy Crisis

With fuel shortages and skyrocketing prices, filling up at the pump is becoming increasingly painful. Sustainable modes of transport (like electric bikes, scooters and motorcycles) are the solution. Being easy to charge at home and with the cost of electricity not as high as the cost of petrol, they give consumers alternative ways to get around.

The environmental transition: protecting the environment is a real concern for the consumers : they are increasingly moving towards eco-friendly modes of transport like electric bikes and electric scooters. And anything that helps look after our planet by limiting or even eliminating greenhouse gas emissions sounds like a good idea to us here at FLOA!

2 - New Habits

Certain factors such as transport strikes, the pandemic and new urban infrastructure have changed transport habits. The number of cycle routes and the comfort of the products makes it easy to get around on an electric bike or electric scooter. These eco-friendly vehicles are practical, comfortable and less expensive than a car, while still giving you freedom of movement.
For all these reasons, bike sales have exploded!

The Future of the Electric Bike

As mentioned previously, growing numbers of consumers are using electric bikes in their everyday lives. And this is not about to change any time soon! But owning a bike or a scooter entails equipment and maintenance. So, you need to allow not just for the price of the bike or scooter itself, but everything that goes with it: accessories and after-sales service. And all of this adds up to a substantial cost.

Then, there are the accessories you need to get around comfortably and, most importantly, safely.

● Wheels;
● Inner tubes;
● Locks;
● Bolt kits;
● Puncture repair kits;
● Pannier racks and baby seats;
● Trailers;
● Panniers;
● Mirrors;
● Helmets and hi-vis clothing;
● Bells;
● Mudguards;
● Lights, etc.

Finally, the cost of after-sales service has to be taken into account for any repairs that may be needed.

It’s not comparable to the cost of a car, but buying an electric bike does require a certain budget. And the subsidies, while they are there, aren’t always enough to make sure the purchase goes ahead. So at FLOA, we help people who want to make a change by providing the option to pay in instalments.

FLOA Pay: The Buy Now Pay Later Solution

With FLOA, paying is not a problem; it's a solution. Our split payment solutions enable purchasers to buy now and pay later.

How does it work? Here’s what you need to know.

The idea is that you pay for your purchase in instalments. It’s simple; instead of paying the whole sum in one go, the payment is split into three, four or more monthly instalments. An identical sum is taken from the purchaser’s bank account on the same date each month via their card.

From the merchant’s point of view:

It’s easy! The entire process is done electronically. It’s practical and easy to use for all parties, merchants and customers, and can be adapted to suit any industry (travel, leisure, large retailers, etc.). The option to pay in instalments really boosts orders. What’s more, full payment is guaranteed. We handle the issue of overdue payments ourselves.

From the customer’s point of view:

The purchasing process is simple. The payment is made without needing to fill out much information for the FLOA 3X and FLOA 4X solutions. The customer receives a payment schedule so they can keep track of their payments. Sign-up is quick and easy.

How does FLOA support the mobility sector?

Because buying an electric bike and the accessories that go with it can be expensive, FLOA supports buyers and sellers in the sector with a tailored solution adapted to their needs.

A tailored solution

Hugely popular with purchasers, split payment makes it easier to buy electric bikes and scooters. As the French leader in payment in instalments, we are bringing payment solutions to the sustainable transport sector.

With electric bike sales exploding, we are offering Buy Now Pay Later solutions for:

● The purchase of electric bikes or scooters
● The purchase of accessories
● After-sales service

According to a study by Kantar*, almost seven in ten consumers would be prepared to switch brands in order to get this service. So, it’s a real opportunity to stand out from your competitors! And it’s simple! Our solution can be quickly integrated into the merchant’s software. Its use is quick, simple and seamless so the service can be made available immediately.

Benefits for Everyone

For a retailer in personal electric transport, introducing split payment means:

● A 2x increase in average basket value thanks to our solution**;
● A 20% increase in conversion rate**;
● New customers;
● Increased customer loyalty;
● Full payment guaranteed, with overdue payments managed by FLOA;
● Payment as soon as the file is approved;
● Quick and easy integration of the Buy Now Pay Later solution into the shop’s software or the e-commerce platform;
● Dedicated customer service team;
Possibility to share the admin fees with the customer if preferred by the merchant.

Our solution is beneficial for both the merchant, who increases their sales, and for the purchaser, who might not otherwise have bought the electric bike they wanted so much.

Our Clients

Lots of companies have already taken the leap!

We are a partner to many retailers:

● Ecox: specialists in electric bikes, Ecox combine expertise and technology to provide equipment that meets cyclists’ needs. These bike enthusiasts offer their customers the FLOA 3X solution

● Citibike: this retail chain stocks all kinds of electric bikes as well as accessories for commuting, leisure and sports on two wheels. They offer FLOA’s 3X, 4X and 10X solutions.

● Matériel-vélo: this site sells all kinds of accessories so that cyclists can make sure they and their bikes are well-equipped. Their Buy Now Pay Later solutions are FLOA 3X, 4X and 10X⁽¹⁾

● We are also a partner to non-specialist brands such as Cdiscount, Chullanka, Go Sport and Ekoï.

We support around thirty independent shops with our Buy Now Pay Later solutions as well.

And, going forward, we’ll be establishing new partnerships to offer comprehensive solutions to electric bike users: sellers of accessories, after-sales service providers, second-hand, bike hire, etc.

Are you a mobility company? Do you want to offer your customers and future customers the option of payment in instalments to increase your sales? Contact us now.

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