Employer: Funding the cycle to work scheme
There are 3 ways that employers can fund the implementation of the cycle to work scheme.
- Payment upfront
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. Once the payment has been made and we have processed it, an eCertificate is dispatched to the employee enabling them to collect their gear.
For details on how long payments take to clear, see 'I’ve paid the invoice, what next?'.
Finance is available for businesses that do 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.
- Release before payment
For some enterprise accounts, Cyclescheme is able to offer release of eCertificates before payment under agreed payment terms. 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