The Challenge: Provide alternative payment options and help ease the financial burden of training course costs.
The Outcome: After partnering with Deko, HGV Training Network increased acceptance rates by 30%, thus exceeding targets for the year.
A brief history of HGVT
HGV Training Services LTD (HGVT) is the UK’s largest LGV/HGV training provider and offers HGV Class 2 and Class1 licences to thousands of people. Alongside its primary HGV offering, the company also provides licences for lorry, minibus drivers, ambulance drivers, horsebox drivers, forklift operators, caravan users and even operators of 360 excavators.
With over sixty training centres across the UK and 150-plus employees, HGVT can arrange courses for both individuals and businesses. Companies get one-stop solution training for their employees, while individuals can use the service to enhance their skill set.
The problem faced by HGVT
Initially, HGVT was a cash-only business. However, this approach didn’t always meet the financial needs of its customer demographic. Most of the students who wanted licences were looking for a career change, and a significant portion were between jobs. That meant, at times, they weren’t able to pay upfront for a course where the average order value is around £2,500.
Yet, those who took the course would often go on to get better-paying jobs. The issue was that many couldn’t afford the training fees beforehand. Therefore, HGVT decided it needed a way to offer students more flexibility for how its customers paid for courses.
The solution with Deko
HGVT previously used another finance provider but found that acceptance rates were low. After noticing a competitor was successfully implementing Deko for its finance offering, HGVT manager Chris Clarke decided it was the right time to explore new options.
He spoke with one of the team members at Deko, and decided it was the right time to make the switch. Since then, HGVT has gone from strength to strength, softening the financial burden on students taking its courses by helping them spread the costs involved.
Results that speak for themself
After partnering with Deko, HGVT exceeded its targets for the year and has since seen a significant uptick in people enquiring for courses to become professional drivers.
Acceptance rates have also skyrocketed from the previous lender, with HGVT now seeing about 30% of applicants being offered finance. For Chris, Deko is HGVT’s ‘Golden Goose’, helping the training company offer customers a more flexible approach to payments.
The final word from HGVT
“Deko makes our job easier, as it allows customers to split the payments – paying £100 per month compared to £3,000 in one go makes a significant difference. Since moving to Deko, we’ve seen immediate benefits, and everything about the process, from using the platform to talking to account managers, is smooth, easy and transparent.”