GUIDE - V12 Retail Finance
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R E TA I L E R
GUIDE
CONTENTS
1. Introduction 3 7. Instore signature 14
2. Retailer obligations 8. Web applications 16
2.1 Advertising and Compliance 3 9. Releasing the goods to the customer 16
2.2 Change of trading entity, names and 3 10. V12 Self Service Portal 17
business ownership 3 11. Discussing a credit decision 17
2.3 Validation Checks 4 12. How to search for an existing application 18
2.4 Preventing Fraud 4 13. How to re-send a copy of an 19
agreement to the customer
2.5 Delivery of Goods 5
14. When to request payment 20
2.6 Proof of delivery requirements 5
15. How to request a payment 20
2.7 Extended warranty/ 5
16. Application status 21
service plan products
17. How to cancel an application 22
2.8 Merchandise complaints 6
18. Reports 22
2.9 Security 6
19. Payments 22
2.10 Anti-money laundering requirements 7
20. Written credit quotations 23
3. Customer eligibility 7
21. Vulnerable customers 23
4. How to login to the V12 system 8
22. Contact us 24
5. Administration within the V12 portal 9
6. Processing an application 10
6.1 Data protection 13
RETAILER GUIDE 2
VERSION 5
1. INTRODUCTION
At V12 Retail Finance we know that our market leading software needs to be as accessible and user friendly as possible.
That’s why the V12 Retail Finance system has been developed over the past 10 years in close collaboration with our retail
partners. It offers easier application processing and faster credit decisions across all channels – whether in-store, mail order
or online – helping you increase sales and profitability. This guide should give you everything you need to know about the
system, but if you still have questions please call our Sales Support Team on 02920 468918.
V12 Retail Finance Limited are owned by Secure Trust Bank PLC. V12 Retail Finance Limited. Registered in England and Wales
4585692.Authorised and regulated by the Financial Conduct Authority. Registration number: 679653. Registered office: One
Arleston Way, Solihull, B90 4LH. Correspondence address: 20 Neptune Court, Vanguard Way, Cardiff, CF24 5PJ.
V12 Retail Finance Limited act as a credit broker and introduces to one or more lenders, for which they will receive a commission.
Secure Trust Bank PLC. Registered in England and Wales 541132. Authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registration number: 204550.
Registered Office for both: One Arleston Way, Solihull, B90 4LH.
V12 Retail Finance (V12) is a trading name of Secure Trust Bank PLC.
2. RETAILER OBLIGATIONS
2.1 ADVERTISING AND COMPLIANCE
As the retailer, you are responsible for the way you advertise and promote the use of finance to the customer. You can only
promote the use of finance, as defined by the Financial Conduct Authority (FCA) Consumer Credit Sourcebook, if you are
authorised by the FCA and it is your responsibility to ensure all financial promotions are compliant with the regulations.
You can refer to V12’s Credit Advertising Guidelines which can be found on the V12 portal next to the Retailer Guide.
2.2 CHANGE OF TRADING ENTITY, NAMES AND BUSINESS OWNERSHIP
You are also required to update us of any changes that could affect your contractual obligations with us, our customers or, if
you are a regulated business, any Financial Conduct Authority permissions you hold.
As soon as you become aware of any future or existing changes to your company, including areas such as changes to the
contracting entity, structure and trading styles it is your responsibility to contact us immediately so we can agree the best
course of any action. Failure to do so may result in restrictions to your account whilst a resolution is agreed
RETAILER GUIDE 3
VERSION 5
2.3 VALIDATION CHECKS 2.4 FRAUD PREVENTION
For the in-store application, web and mail order application At V12 Retail Finance, we take our responsibility and
journey we validate customer information with the cutting commitment to the identification and mitigation of fraud
edge fraud validation tools. This process runs in the very seriously. We would like to remind you of your own
background and you won’t be required to ask the customer responsibilities to co-operate in fraud investigation and
for any additional verification checks. defences, ensuring timely disclosure of all evidence held by
you relating to V12 fraud investigations.
If the customer is making a web or mail order purchase
then the goods must be delivered inside the verified V12 may introduce further checks or rules in the credit
address on the customer’s credit agreement or an address decision process to mitigate against potential fraud losses,
approved by V12 Retail Finance. We do not permit the to keep V12, our retailers and our customers safe.
collection of goods from any other location that is not
V12 Retail Finance and our retailers should never profit
approved by V12 Retail Finance, including but not limited
from fraudulent activity. Any fraud cases identified where
to, a store, and delivery depot or drop point.
V12 Retail Finance suffers a financial loss, due to the action
Please refer to section 2.5 for information around or inaction of a retailer, the retailer will incur a charge back
obligation of delivery of goods. of 10% of the loan amount. This represents the level of
profit made by the retailer from the fraudulent transaction,
and ensures neither V12 nor our partners ever profit from
the proceeds of fraud.
RETAILER GUIDE 4
VERSION 5
2.5 DELIVERY OF GOODS
oods must be delivered to the address on the customer’s
G You should only deliver goods to the person named
credit agreement or an address verified by V12. on the credit agreement or a family member of that
person, as disputes can still arise even though goods are
nder no circumstances should goods be left outside of
U
delivered to the address on the agreement.
the address or in communal areas.
You must not release goods to third parties apparently
here delivery of goods has been unsuccessful, goods
W
employed by the customer (e.g. taxi drivers,
must always be returned to the depot and delivery
messengers, couriers etc).
re-arranged to the approved address. Under no
circumstances should the collection of goods be made ou should take reasonable precautions to ensure you
Y
from any other location that is not approved by V12 are delivering to the right person, and retain delivery
Retail Finance, including but not limited to, a store, notes for a minimum period of 24 months.
delivery depot or drop point.
Delivery notes should be available to present on
ou should instruct your carrier not to deliver goods if
Y demand to V12 Retail Finance. Failure to present within
the address appears to be uninhabited. 14 days of the request could result in claw back of the
loan amount paid to you.
2.6
PROOF OF DELIVERY REQUIREMENTS
All proofs of delivery must include the following information:
Name of delivery company Date and time of delivery
The delivery tracking number Delivery GPS tracking
The name and address goods were Delivery route
delivered to
The delivery driver’s name
The name of the recipient of the goods
and their signature
2.7 EXTENDED WARRANTY/SERVICE PLAN PRODUCTS
V12 Retail Finance do not allow finance to be used for payment of any extended warranty or insurance products without
our prior approval.
RETAILER GUIDE 5
VERSION 5
2.8 MERCHANDISE COMPLAINTS
If a customer claims the product is defective please make the customer aware that they are required to maintain their
payments until the complaint is resolved. There is no legal obligation to waive the terms of the agreement whilst a complaint
is being investigated. If a merchandise complaint is made against you, V12 requires you to act in line with its complaints
policy which complies with Applicable Laws as part of the agreement between the retailer, V12 and the customer, to
promptly assist in the resolution of the issue.
Although the customer may not have a justified complaint, under the finance agreement all parties mentioned above, share
the responsibility to achieve consensus and ensure the customer is treated fairly throughout the complaint process. We take
this responsibility seriously and respectfully insist our retail partners do the same.
In the event of non-cooperation, or failure to reach an agreement on a resolution, we may be required to claw back the
original amount paid to you. Where the retailer’s actions cause V12 to incur a cost as a result of a complaint against the
retailer, V12 is entitled to recover amounts paid due to but not limited to:
Distress & inconvenience paid to the customer
Statutory interest payments
Costs for independent reports
Any payments required to put the customer back in their original position
Financial Ombudsman Service (FOS) Fees
Financial Ombudsman Service awards
Any associated legal costs
If the customer is unsatisfied with the resolution and the complaint is linked to a regulated agreement, they will be eligible
to take their complaint to the FOS.
If the agreement is non-regulated, although the customer is not eligible to contact the FOS, we would expect all parties to work
together to ensure that the customers’ consumer rights are respected as there are other options open to the customer should
they decide to escalate their concerns
2.9 SECURITY
Security is an important concern for both the customer and the retailer during any online transaction. The V12 Retail Finance
gateway encrypts information submitted and uses proven techniques to ensure the security and integrity of sensitive data.
The public web servers used by V12 are certified by a leading certificate authority, ensuring that nobody can impersonate
V12 Retail Finance to obtain confidential information. Data storage on the systems and the communication between servers
is regularly audited to the highest standards to ensure a secure transaction environment. This includes regular third party
testing for vulnerabilities and reviews of application security and access control procedures.
Please remember to:
- always ensure that your password is kept secure
- frequently change your password
- ensure that you’re using equipment that’s up to date
- report any breach in your system to us as soon as possible
RETAILER GUIDE 6
VERSION 5
2.10 ANTI-MONEY LAUNDERING REQUIREMENTS
V12 Retail Finance, as a FCA authorised and regulated company, complies with the Money Laundering, Terrorist Financing
and Transfer of Funds (Information on the Payer) Regulations 2017. One focus of these regulation is to deter, prevent and
detect money laundering.
V12 Retail Finance have a number of controls in place to meet these regulatory requirements along with those placed upon
us by other relevant legislation and industry guidance.
One key requirement is to identify and verify an applicant prior to entering into a business relationship. Where possible,
these checks are undertaken electronically. However where this is not an option, the applicant will be required to provide
relevant documentation for review. If this is the case, once the application has received a positive credit decision, an email
will be sent direct to the customer setting out the requirement and detailing what documentation is acceptable.
3. CUSTOMER ELIGIBILITY
Before completing a credit application you should establish We don’t permit Owners, Directors, Partners, Sole Traders
that the customer qualifies for finance and can satisfy all to obtain finance to purchase goods from their business.
the following pre-check criteria.
If an employee is applying for finance to purchase
Please make sure that the customer: goods through their employer, they must seek
permission from their line manager who
is 18 or older
must then process the application.
Is, or their partner is, in permanent paid employment,
self-employed, retired and receiving a pension, working
student in part time work or in receipt of a disability benefit
has been a resident in the UK for at least 3 years
has a debit or credit card in their name, which is
registered to their address, in order to pay for the deposit
(if applicable)
has a Bank or Building Society current account available
(you’ll need this to complete the direct debit instruction)
Note: finance is not available for unemployed individuals.
Applications that have previously been rejected should
not be re-proposed within a 3-month period.
RETAILER GUIDE 7
VERSION 5
4
HOW TO LOG IN TO THE V12 SYSTEM
1. Go to www.v12retailfinance.com. Please save this link to your favourites or to your desktop.
2. Click on ‘Retailer log in’ at the top right hand side
3. Log in using the details given to you by your V12 account manager. Please note that your password is case
sensitive and has to be typed rather than copy & pasted. If you can’t remember your password then you can click
on the forgotten password link to retrieve it. If you can’t recall your username then you will need to contact us.
The best way to do this is to send an email to SalesSupport@v12finance.com from your business email address,
alternatively you can call our Sales Support Team on 02920 468918.
4. Please note that access to the V12 system is restricted to approved users only.
An approved user is someone who:
• is an employee of the Retailer; and
• has either (a) been approved for access to the V12 system by V12 Retail Finance directly, or (b) has been
approved for access to the V12 System by an employee of the Retailer who has been granted V12 system
administration rights by V12 Retail Finance
If you require access to the V12 System for individuals other than a direct employee of your business, such
as a third party or web developer, you will need to contact V12 Retail Finance Sales Support Team to discuss
your access requirements in order to approve your request and provide system access. It is your responsibility
to ensure you exercise the appropriate level of governance over your employees and agents. The Financial
Conduct Authority (FCA) has set out its expectations of regulated firms in the Consumer Credit Sourcebook
Chapter 14. For more information about the responsibilities of credit brokers, please refer to the FCA’s website.
RETAILER GUIDE 8
VERSION 5
5. ADMINISTRATION WITHIN THE V12 PORTAL
ADMINISTRATION
Each retailer will have their own V12 system administrator
which we have agreed with you. The administration functions
are only available to users as specified by you and can have
access to more functionality of the V12 system.
If you wish to add or amend users who have these functions,
please contact V12 Sales Support.
USERS
To make changes to existing users select ‘user’ and select
the username you want to update. Once you have made the
appropriate changes select ‘apply’.
To add new users select ‘user’ then ‘add new’. Enter the user
information, select the required access levels and branches
required. Select “Apply’, this will create the user and
generate an email to them to create their password. For more
information about adding users please refer to section 4 “How
to log in to the V12 System”.
PRODUCTS
You can view all of the available products that are set up on
your system. If you wish to offer a product that is not currently
live on your account please contact our V12 Sales Support
Team or your account manager.
SUMMARY
This will show your V12 Account Manager’s contact
details in case you need to speak directly with them.
It will also display the sales channels that you use and
the bank account details we hold for you. If these need
to be changed, please contact your account manager
or V12 Sales Support.
RETAILER GUIDE 9
VERSION 5
6. PROCESSING AN APPLICATION:
1 To access the V12 portal, log in using the details 2 Alternatively if you have requested a finance
given to you by your V12 account manager. Please calculator from us, you can use the calculator to
note that your password is case sensitive and has to discuss finance options with your customer. Once
be typed rather than copy and pasted. the customer has chosen their finance option select
‘Apply’ and continue with the application as below.
3 Once you are logged into the portal you will see 4 If the customer is in-store with you, please select the
the V12 dashboard which gives you access to all of ‘Shop’ option. If you would like to send an email to the
the functionality you require. In order to start a new customer and allow them to complete the application
finance application for your customer, click on the at home please select the ‘Mail Order’ option.
‘New Application’ icon.
5 You will then be asked to enter a cash price for the
total cost of the goods that are being financed and a
deposit amount if applicable (If a deposit is required
this must be taken using a chip and pin enabled card
in the name of the applicant. The minimum deposit
amount will be detailed on your client agreement
business schedule and the maximum deposit is
50% of the cost of the goods). You can also add
a reference number for your own use, such as the
customer invoice number, surname or sales person.
For mail order applications you will be required to
complete the customer’s first name and surname
along with an email address for us to send the
application form to.
RETAILER GUIDE 10
VERSION 5
6 The finance options you have available to offer will
be displayed. Choose the required option and select
‘Create Application’.
7 You are now free to proceed through the application
screen, entering the required information.
Dependent on your in-store set up you may wish to
allow the customer to fill these details in themselves.
To ensure customers are informed on how their
personal details are collected during the credit
application and will be used by V12 Retail Finance
Limited and Secure Trust Bank PLC, customers should
take time to read the information displayed on this
page thoroughly. The customer will be asked to
confirm if they are happy for us to share their details
8 We will ask for the customer’s personal details such with the retailer they are purchasing goods from,
as title, name and last name. All fields are mandatory before proceeding to fill in their details.
other than those marked as optional.
9 You will now be required to enter the customer’s
details such as: nationality, DOB, home address and
time at the address, we will also require 3 years’ of
UK address history.
Please remember that customer email address
10 Please select the customer’s employment information. cannot be the same as the user email address.
RETAILER GUIDE 11
VERSION 511 Once complete, select ‘Next’ and enter the 12 When you select ‘Next’ the customer will be
customer’s sort code and account number for the reminded of the credit search process and that a
account they want their monthly direct debits to log of the search will be left on their credit file. The
come from if the application is successful. customer will then need to select their marketing
preferences. We will never sell or pass on the
customer’s details for marketing purposes, however
we would like to make them aware of our products
and services or those from carefully selected third
parties such as lenders and brokers which we think
13 Once you have entered the details, please click they may be interested in. Finally the customer will
‘Next’. It usually takes under 20 seconds for a need to choose if they would like their statements
credit decision. to be sent to them electronically rather than by post,
If we are able to provide finance for the customer we which can be done by selecting that they wish to go
will show that the application has been ‘Approved’. paperless.
This will then lead onto the next page with the Please refer to section 6.1 on page 13 for further
important pre-contract credit information. information relating to credit searches, marketing
preferences and how personal data will be used
14 For retailers with in-store eSign move onto to
REFERRED
section 7 “in-store signature”.
If the application is more complex, we may
need to refer the decision. We appreciate
the customer is in-store waiting, so shop
applications are always prioritised and we
should provide a decision within 10 minutes. If
we require further information we will contact
the shop and ask to speak with the customer.
As soon as we have reached a decision we will
amend the status of the account online. We
therefore request that you regularly check the
status on the V12 system.
DECLINED
The declined decision will show on your screen.
You must print off the decision straight away so
that it can be passed to the customer.
RETAILER GUIDE 12
VERSION 56.1 DATA PROTECTION
Before continuing to the next stage of the application journey, you need to provide customers’ with the data protection
statement shown on the application screen which explains to the customer how their personal information will be used. The
process differs slightly depending on how the customer is applying for finance:
WEB
A link explaining to the customer “how your personal
information will be used” is within the Privacy Statement,
before the customer clicks the “process my application”
button after entering their application details. They are able to
print a copy off via their browser if they wish.
IN-STORE
This same links exists. You need to bring the customer’s
attention to this information, especially the “marketing
preference” boxes as you cannot proceed with the application
until the boxes have been ticked. You must then tick the
labelled box to tell us that you have shown the customer this
information page. You can print a copy off for the customer
if they wish.
MAIL ORDER
Again, you must bring the customer’s attention to this
information, especially the marketing preference boxes.
You must then tick the labelled box to tell us that you have
drawn the customer’s attention to this information page.
If the customer is completing this process at home then they
will tick to confirm they have read and understood how we
will use their personal information.
It is your responsibility to comply with the General Data Protection Regulations.
RETAILER GUIDE 13
VERSION 57. INSTORE SIGNATURE
1 Once we have successfully approved the customer 2 You will also be asked to read the important
you will need to read out the displayed important information statement out to the customer before you
information to the customer regarding pre-contract continue. This section includes important information
credit information and allow them to read the regarding the finance and it’s important that the
pre-contract credit information stored on the blue customer is happy with this before you proceed.
hyperlink below.
3 You are now required to read the important 4 You will now see a warning to remind you that all
information regarding the electronic signature of the following sections of the application must
process. be completed solely by the customer. For mail order
applications this message will not be displayed.
5 The customer will be asked to provide the answers to 6 This will lead into the pre-contract credit information
some security questions which should remain private, which the customer will read and select next when
only one question and answer is required. This will be they are happy to proceed.
used for data protection purposes when the customer
contacts us. For mail order applications this will not
be displayed.
RETAILER GUIDE 14
VERSION 57 The customer will now see the credit agreement, 8 A pop up box will appear asking the customer to
which covers all of the terms of their agreement confirm they wish to complete the application.
with V12 Retail Finance. The named customer on
the credit agreement is required to sign using our
eSign facility if they would like to continue. To sign
the agreement the named customer on the credit
agreement is required to click in the green box on the
bottom right of the application. The named customer
on the credit agreement will complete the same eSign
process if the application is online or via mail order. If
you use our in-store wet sign process, please print the
document to allow the customer to sign.*
If you have any issues during this process, you can contact
us on 02920 468900.
9 And that’s it! The page will automatically refresh to
display a message advising that the loan agreement
is signed and complete. We will automatically send
the customer the agreement to their email address,
however if they would like a copy to take away with
them you can click the hyperlink and print the signed
version for them.
*Please send all signed credit agreements to:
Customer Services, V12 Retail Finance, 20 Neptune Court,
Vanguard Way, Cardiff CF24 5PJ.
The application decision is valid for 90 days
from approval. Applications older than 90 days and not
received by V12 must be re-approved.
RETAILER GUIDE 15
VERSION 58. WEB APPLICATIONS
The V12 system is designed to be easily integrated into Declined
your web store. We have developed plugins for popular
The customer will be given an option to print off our
web stores as well as a range of tools to allow easy
information page about declined applications.
integration into any system or site. For more information
on how to integrate the V12 system into your web store, Referred
please contact your Account Manager or V12 Sales If the application is more complex, we may need to refer
Support Team. the decision. We should provide a decision within 2 hours.
In a small number of cases, it may take longer to carry out
Web applications decisions
additional checks. If we require further information we will
Approved contact the customer directly. As soon as we have reached
a decision we will amend the status of the account in the
The decision will show on the customer’s screen, along with
V12 system and advise you via email.
the next steps the customer will need to take, for example
pay a deposit if required, carry out the identity verification and
eSign the credit agreement. We will inform you of our decision
directly by email and also by updating the V12 system status.
For more information refer to section 6 “Processing an
application”, point 5 of the journey.
9
RELEASING THE GOODS TO THE CUSTOMER
In-store/shop applications Once we have received your document we will update
the status of the application to ‘Agreement Received’.
If the customer has used the eSign facility and signed
the document electronically in-store, this will update You can send the goods to the customer’s address on
the application to ‘Agreement Received’ status on your the application form once we have updated the status
account. Once the agreement shows this status you can of the agreement to ‘Agreement Received’. You can
release the goods to the customer. search for all applications at this status by selecting ‘My
applications’ and then clicking ‘Awaiting fulfilment’ in
For wet signature agreements that have not been
the quick searches on the left of the screen.
signed using eSign, please post the ‘V12 Copy’ to
V12 Retail Finance, 20 Neptune Court, Vanguard Way, For more information refer to section 2 “Retailer
Cardiff, CF24 5PJ. Obligations” points 2.3 (“Validation Checks”), 2.4
(“Fraud Prevention”) and section 19 “Payments”.
RETAILER GUIDE 16
VERSION 510. V12 SELF-SERVICE PORTAL
As soon as the customer’s credit agreement is live, they will be able to access the V12 Self-Service Portal. The V12
Self-Service Portal has been developed with functionality that allows customers to self-serve their V12 account on any
device, at any time of the day. The customer can change their bank details or payment date, update their personal details,
and send our Customer Service Team a secure message, all 24 hours a day.
The customer will receive a link to log into the Portal in their welcome letter or email, the process to register is quick and
simple and the customer can begin managing their account straight away.
If you would like to know more about the V12 Self-Service Portal, please contact your Account Manager.
11. DISCUSSING A CREDIT DECISION
In-store/shop application
We acknowledge mistakes can happen when inputting an application (such as spelling errors or
incorrect house numbers) and this can lead to a declined decision. In the rare instance that this
might have happened, please contact the underwriting team on 02920 468916.
Mail order and web applications
In the event that a customer wishes to speak to us about our decision, we advise
all customers to obtain an up-to-date copy of their credit report (through
TransUnion, Equifax or Experian) before contacting us.
Customers can contact us by phone on 02920 468916 or by
email to underwriting@v12finance.com where we will aim to
respond within 24 hours.
RETAILER GUIDE 17
VERSION 512. HOW TO SEARCH FOR AN EXISTING APPLICATION
1 If you know the application number or your order 2 Alternatively select ‘My Applications’ to search using
reference use the search box on the top right hand other criteria, for example via ‘Date’ or ‘Store’.
side ‘Search’ and enter the details.
3 If you know the customer’s details select ‘Locate 4 This will then give you the option to enter the
customer’ at the bottom of the list. customer’s personal information.
5 Click on the App ID number to bring up the
customer’s details.
RETAILER GUIDE 18
VERSION 513. HOW TO RE-SEND A COPY OF AN AGREEMENT TO THE CUSTOMER
1 Search for the customer’s account (by using the 2 When the customer’s account has loaded you will see
Search box in the top right hand corner). the action menu on the left hand side.
3 Choose option ‘Mail Link’. 4 This will offer a pop up for you to type the customer’s
email address and click ‘Apply’.
RETAILER GUIDE 19
VERSION 514
WHEN TO REQUEST PAYMENT
Requesting payment differs depending on which Shop (wet sign) – payment is automatically requested
channel the application has come from. You can request on receipt of the signed credit agreement, unless you
payment: have made alternative arrangements where you request
manual payments.
Online eSign – when the customer has signed the
documents and had the goods delivered to their home Mail Order – when the customer has signed the
address on the credit agreement or an alternative V12 documents and had the goods delivered to their home
approved delivery address or had the service provided. address on the application form or had the service
provided.
Shop eSign – when the customer has signed the
documents and taken the goods from the shop or For more information refer to section 2 “Retailer
taken delivery or had the service provided. Obligations” points 2.3 (“Validation Checks”) and 2.4
(“Fraud Prevention”).
15. HOW TO REQUEST A PAYMENT
1 Search for the customer’s application (please see 2 You can access all agreements at this stage by
‘How to search for an existing application’). selecting ‘Awaiting fulfilment’ within the quick
searches section of the ‘My Applications’ page.
3 Select the application you would like to request 4 From the ‘Actions’ menu located on the left hand
payment for by clicking on the application number. side, select the option ‘Request Payment’.
RETAILER GUIDE 20
VERSION 516. APPLICATION STATUS
ew – a new application that has not yet been submitted for credit checking as the details are not
N
fully completed. Any applications not submitted for decision within 7 days of being created will be
automatically cancelled.
Referred – an application that requires further review by V12.
Information Required – an application that has been reviewed by V12 and is awaiting further information
from the customer.
Declined – an application that has not met our minimum criteria.
Approved – an application that has been approved but has not yet been signed by the customer.
greement Received – an application that has been approved, passed our identity verification
A
and V12 are in receipt of a signed credit agreement. At this stage the goods can be provided
to the customer or dispatched.
Cancelled – an application that has been cancelled before we have made payment
to you.
ayment Requested – an application that you have requested to be paid
P
for that will shortly be processed, following the goods being provided to
the customer or dispatched.
ayment Processed – an application that has been paid out to
P
you in full.
law Back Requested – an application that has been
C
paid out and then cancelled (claw back is the
terminology we use when claiming funds back
from our retailers). Once the money has been
returned to V12, the application status will
show as Cancelled.
RETAILER GUIDE 21
VERSION 517
HOW TO CANCEL CANCELLATIONS
AN APPLICATION
A cancellation may occur for various reasons. Rest
assured, we will only cancel an authorised or funded
1. S
earch for the customer’s account (please see
sale upon your request.
‘How to search for an existing application’).
Before we have settled your payment: Letting us
2. S
elect the application you would like to cancel
know at this stage will ensure that we cannot process
by clicking on the application number
the application further and process your payment
3. O
nce the customer account has loaded, you will unintentionally.
see an ‘Action’ menu on the left hand side.
After we have settled your payment: We will cancel
5. If you want to add notes, for example a reason for the customer’s active finance agreement. You will need
cancellation, you can do so via the pop up box. to refund any deposit paid by the customer if taken
Once you’ve finished, confirm you want to cancel by you. We will claw back the amounts previously
by clicking ‘Yes’. settled to you under this transaction, and refund the
4. Choose the option ‘Cancel’. customer with any instalments made under the finance
agreement along with their deposit if taken by us.
Any commissions paid to you in association with a
If the application is cancelled then any deposit cancelled agreement will be clawed back accordingly
we have taken from the customer on your behalf and may be subject to an administration fee.
will also be refunded to the customer.
18. REPORTS
Reporting functions are controlled by access level. If the reports tab does not show on your configuration, please speak
to one of the admin users for your business.
In the V12 system, you will see a panel called ‘Reports’. Clicking on this will display a host of useful information that can
be customised using the options on the left to change the details and dates of the report.
Reporting can be completed at both an individual branch level and at a central, company wide level.
All reports are generated in real time and can be downloaded where you see the ‘Export to CSV’ button.
19. PAYMENTS
We provide a comprehensive fulfilment service and will release your payment once you have confirmed that the goods
have been delivered. The V12 Retail Finance payment system is fully automated to achieve the fastest possible turnaround.
The V12 Retail Finance portal provides all the settlement data you require electronically, so we will not send any paper
remittance out to you. Payments are made through the Bankers Automated Clearing System (BACS) ensuring prompt,
efficient settlement.
RETAILER GUIDE 22
VERSION 520. WRITTEN CREDIT QUOTATIONS
If the customer requests a written credit quotation, please ask them to send their request to V12 Retail Finance,
20 Neptune Court, Vanguard Way, Cardiff, CF24 5PJ. We will then send a written credit quotation directly to the customer.
21. VULNERABLE CUSTOMERS
A vulnerable customer is someone who, due to their personal circumstances, is especially susceptible to detriment,
particularly when a firm is not acting with appropriate levels of care. Although the decision to lend rests with V12 as the
finance provider, the retailer is the person who may have direct contact with the customer and so may be in a good position
to recognise the signs of vulnerability.
How to identify a vulnerable customer Things to think about
Vulnerability can take many different forms and is not eing able to identify possible vulnerability, as part
B
always obvious. Some customers will tell you if they have of the credit application process and taking time to
a problem, but others may be more reluctant to do so, consider it for every application.
because they fear that if they admit to a problem, this may
Implementing training procedures on vulnerability or
affect their chances of obtaining finance. If you believe that
sourcing training requirements.
a customer might be vulnerable, is being pressured, or that
something is not quite right, then ask them more questions Become familiar with your firm’s vulnerability policy.
and alert us if you’re concerned.
Types of vulnerability You will need to alert us if you think a customer may have,
There are many different types of vulnerability – some or is experiencing, a particular vulnerability which may
examples are given below (please be aware that this is not affect their ability to enter into a credit agreement. We
a definitive list) have dedicated staff who can help in these situations. If
you identify an issue, you can discuss with the customer
Customer has difficulty in understanding basic numeracy
how best to meet their needs. It may be that before being
Customer is unable to read, or if English is not their first referred to the lender or entering into a credit agreement,
language the customer would benefit from taking more time to
consider whether they are able to fully understand the
Customer has a mental health issue
commitment. Remember to ask the customer for explicit
ustomer mentions having been diagnosed with a
C consent when informing us about an identified vulnerability.
serious illness
Where you feel it’s appropriate to discuss a customer’s
Customer repeatedly asks the same questions despite circumstances with us, V12 have a dedicated Specialist
adequate explanations having been provided to them Support Team that can help. You can contact them on 0333
122 1112 or by email at sst@v12finance.com.
We strongly suggest you refer to FCA Occasional Paper No. Specialist Support Team opening hours are: Monday to
8: Consumer Vulnerability for more details of identifying and Friday 8am to 6pm. Those hours exclude weekends and
managing vulnerable customers. bank holidays, if you would like to contact the team on
these days please send an email to: sst@v12finance.com
and they will respond within 2 working days of the business
opening hours detailed above.
RETAILER GUIDE 23
VERSION 522
CONTACT US
Please send all credit agreements and Customer services
correspondence to this address: Telephone: 02920 468900
V12 Retail Finance Limited Email: customerservices@v12finance.com
20 Neptune Court
Vanguard Way Sales Support
Cardiff Telephone: 02920 468918
CF24 5PJ Email: SalesSupport@v12finance.com
Specialist Support Team
Registered Office: Please do not send credit
Telephone: 0333 122 1112
agreements to this address:
Email: sst@v12finance.com
One Arleston Way
Underwriting department
Solihull
Telephone: 02920 468916
West Midlands
Email: underwriting@v12finance.com
B90 4LH
Validation Team
Telephone: 02920 466325
Email: validation@v12finance.com
You can also find your account manager’s contact details
under the Admin > Contacts area of our system.
RETAILER GUIDE 24
VERSION 5You can also read
