Can I offer credit?

[VEIGHT]

Might seem like a strange one however I want to offer current B2B customers credit for 12 months if they want it.

New product is £5000, I want to spread this over 12 monthly payments via DD.

Is this possible or do I need some sort of licence / accreditation?

[TheEnd]

http://www.fca.org.uk/firms/firm-types/consumer-cr...

Yep, need to register first.

[VEIGHT]

Is that for B2C or B2B?

[miroku]

I thought I read it as B2B Always good to read the OP

[TheEnd]

https://www.gov.uk/offering-credit-consumers-law

A bit more info at the bottom.

[grumbas]

I'm pretty certain B2B isn't regulated so you can do what you want.

B2C on the other hand you'll need to be registered with the FCA, and they're swamped at the moment as everyone has had to re-register.

[leemanning]

Same with B2B, you need to get a credit license from the FCA.

[grumbas]

I'm not so sure, FCA only regulate consumer credit, offering instalment terms to a business isn't lending to a consumer so I don't think it's a regulated activity.

OP should probably get some proper advice, I expect the FCA has a helpline or similar.

[Bigbox]

VEIGHT said:

Might seem like a strange one however I want to offer current B2B customers credit for 12 months if they want it.

New product is £5000, I want to spread this over 12 monthly payments via DD.

Is this possible or do I need some sort of licence / accreditation?

Wouldn't it depend if you're charging them interest or not? Sounds to me like you're offering extended terms.
Gaining the ability to charge by DD may be tricky although asking the customer to set up a standard order might help

[VEIGHT]

No interest unfortunately!

Thanks I'll give the FCA a call...