Gogeta, the newly-launched Cycle to Work provider, has announced the launch of Flexi-Voucher, a solution that lets customers decide how, when and where to spend their tax-free money over a 12 month period.
With many legacy schemes, customers apply for a voucher which then must be redeemed in one store, in one transaction.
If they don’t spend the full voucher amount that day, customers lose the remaining balance, but still have to pay for the full amount in the hire agreement.
With Gogeta’s flexi-voucher, customers apply for a voucher as normal, but it can be used multiple times until the balance is fully drawn.
So, customers can buy a bike from one retailer and a helmet from another from the same voucher.
It also means cyclists who may not want a bike, but do want parts, clothes or accessories can take advantage of tax free cycling, and not be locked into buying everything at once.
Barry Scott, founder of Gogeta said: “Cycle to work has been around since 1999. Not much has changed since then. The last big innovation was from getting a paper voucher in the post, to drum roll, getting an email voucher instead. That’s why we’re so excited about the flexi-voucher.
“For the first time customers won’t feel pressured to spend everything all in one go. We think this is great for retailers as we’re confident it will ultimately mean customers spending more over the year.
“For too long, cycle to work schemes have been riddled with compromise. Flexi-voucher brings us a big step closer to our mission of delivering the best possible retail experience for cyclists, that just happens to be tax-free.”
Those familiar with the legacy providers will be pleased to see new schemes entering the market like Gogeta and, in recent years, Green Commute Initiative (GCI).
Gogeta and GCI offer significantly lower commission than many on the market and both have a £1 end of scheme admin fee.