Device financing is gaining popularity around the world as it helps to bridge the gap between device manufacturers and users who are in need of devices.
It enables users to spread out their payments in instalments over a period of time. This enables people to obtain the latest devices at affordable pricing plans and lower upfront costs.
Moreover, it also enables users who cannot afford to purchase devices, a chance to own and use them. This has rendered device financing to be an instantly embraced method in underserved regions.
Also, users who like to stay up to date with the latest technology may not wish to invest in costly devices at once. The device financing model is preferable to such users as they get a chance to procure the latest smartphone without having to burn a hole in their pockets.
With the global realization of the advantages of device financing over conventional device purchasing, OEMs and resellers are experiencing a surge in the demand for financed devices. However, device financing is operationally cumbersome and requires the implementation of appropriate management tools and loan recovery mechanisms in case of a loan default.
To streamline this intricate process of device financing and the challenges that come along with it, OEMs, resellers and telecom carriers seek partnerships with solution providers that help them manage and secure their financed devices efficiently.
NuovoPay is one such device security solution that simplifies the device financing process with its payment requisition capabilities. It is designed to facilitate easy access to consumer finance for smartphones. It aims at empowering technology finance companies, resellers and telecom carriers to build a sustainable device financing model.
How does NuovoPay help OEMs to secure financed devices and ensure on-time payments from users:
1. Automate EMI Payment Alerts
Device financing companies can schedule automated payment reminders from the NuovoPay dashboard to notify users of their upcoming payment deadlines. NuovoPay dashboard allows financing companies to create and schedule payment reminders and also offers pre-set reminder templates to choose from. Payment reminder statuses can also be tracked from the dashboard itself.
This ensures that the users are aware of their payment schedules in advance and process payments without delays.
2. Integrate Billing System Providers
NuovoPay enables device financing companies to integrate leading billing system software with its dashboard to help the financing companies in decluttering their payment records. Integrating an external billing software simplifies complex tasks such as maintaining payment statuses, tracking receipts and inventory details.
3. Remote Device Locking
In an event of failure to make an on-time payment, device financing companies have the power to remotely lock the user’s access to his finance device. NuovoPay enables device financing companies to configure the first lock date, next lock date before automating the payment reminders.
Device financers can remotely invalidate device access to defaulters rendering it unfit for use. Once the users pay their instalments, their device is unlocked without impacting their existing data.
NuovoPay’s Remote device locking capabilities can be deployed even if the device is offline. It prevents users from stealing or selling their financed devices.
4. SIM-based Locking
Several OEMs opt to integrate their devices with Telecom service to offer devices with pre-installed SIM cards to their users. While this can be an appealing model for OEMs and Telcos as it adds sales value to their products, it is mandatory to adopt a strong device financing system that prevents users from discarding the pre-installed SIM card after the initial lock-in period and replace it with a cheaper alternative of their choice.
NuovoPay provides SIM-based locking capabilities, which enable Telcos to remotely lock devices if an attempt to remove or swap SIM cards is detected. This helps Telecom service providers to eliminate the risk of users switching to other SIM services.
In essence, Nuovopay plays the role of a recovery agent to help companies in ensuring timely payments by users for their financed devices. Furthermore, it offers a centralized dashboard that enables OEMs, resellers and other device providers to overview multiple financing plans, payment statuses and safeguard their devices from theft and fraud. This way, providers can ditch their manual, time-consuming methods to track inventory records and payment follow-ups and switch to an automated medium to organize their device financing model effectively.
Schedule a free live demo here – https://nuovopay.com/book-a-demo/ and get all your questions answered.
By Staff Writer.