Handsling add Splitit to their payment options

Handsling add Splitit to their payment options.

Splitit could be the finance option you need to get your next bike now.

You’ve probably noticed a lot of really nice bikes on your rides, some with eye-watering price tags. How are people paying for these two-wheeled wonders? The majority of bike brands offer customers the option of buying through a cycle to work scheme, whereby people can pay via a salary sacrifice. However this isn’t available to all as it depends on your employer cooperating in a system.

Another route to new bike day is making a purchase through a finance provider. The latest bike brand to introduce such a scheme is UK manufacturer Handsling. The direct-to-consumer brand is now offering its customers the option of staggering payments above £3,000 through the global payment provider Splitit.

How does it work?

Splitit works by taking a 25% deposit on a bike using your existing credit card and then spreading the balance into equal instalments over five, eight or 11 months.

The main advantage of paying with Splitit is you can use your existing credit card. So no need for credit checks and you still get your rewards, transaction insurance and fraud protection. The real eye-catcher is there is no additional fees or interest applied by Handsling or Splitit. Of course all your credit card T&Cs will apply. Handsling says the lead time on a custom-built bike is the same as with any other payment method.

Splitit is used by other direct-to-consumer bike brands like Canyon and has recently been included on the Financial Times list of America’s Fastest Growing Companies 2023. 

Why Splitit?

Handsling’s Director Simon Whiten said: “We conducted extensive research into finding the right payment platform for Handsling and for our customers. Splitit stood out as the only instalment solution that lets customers spread the cost of a new Handsling over time without charging extra interest. The introduction of Splitit as a payment option offers far greater flexibility to our customers.”

This news comes as Handsling launch budget-friendly versions of their high-end bikes. These use the same frames as we have reviewed recently, the A1R0evo and the CEXevo. By swapping out wheels and components Handsling can offer more wallet-friendly options. There’s an example below of how it would work if you were to buy one of their bikes using Spitit.

A Handsling A1R0evo Shimano 105 Di2 bike is priced at £4,499.99. A customer purchases the bike on www.handslingbikes.com and pays a 25% deposit totalling £1,125. They have the option of spreading the balance over five, eight or 11 months. Under the 11-month option, payments are £306.81 per month.