Employer: Funding the cycle to work scheme
There are 3 ways that employers can fund the implementation of the cycle to work scheme.
- Proforma invoicing - This is the standard solution for running the cycle to work scheme. Employees will apply for the bike and equipment they require and Cyclescheme will invoice the employer for this value. The moment the invoice is settled an eCertificate is dispatched the employee enabling them to collect their gear.
- Financing - Finance is available for business that does not wish to have the cycle to work scheme impact their cash flow. Cyclescheme's finance partner is Axis Leasing, they offer employers a fixed term commercial loan. There is no fee for the employer, the modest interest cost is picked up by the employee.
- Retrospective invoicing - For some enterprise accounts Cyclescheme is able to offer retrospective invoicing. These tend to be accounts with employee numbers in excess of 20,000.
✋ Helping hand
If you are interested in finding out more about financing your scheme via Axis Leasing, head over to Cyclescheme's Finance section. There is general info, FAQs and a form where you can get a quote from Axis.
Go to Cyclescheme's finance section: www.cyclescheme.co.uk/finance