Mobile devices are a necessity to overcome communication barriers. They are becoming increasingly compact, faster and convenient, making them popular among youngsters yearning for the latest gadget or organisations on the lookout for the most reliable devices for enterprise mobility.
However, not every region in the world is technologically advanced; there are many markets where people lack sufficient funding to purchase the latest devices outright.
As the chase for the latest technology continues, device prices have escalated, causing users to search for cost-effective options. Device financing has been a recently sought-after scheme that allows users to buy devices without burning a hole in their pockets.
What is device financing?
Device financing is a payment model that allows buyers to purchase devices from original equipment manufacturers (OEMs) or resellers and spread their total payment into monthly instalments over a defined period. This allows users to obtain device of their choice.
Device financers often integrate their devices with telecommunications services and offer devices with pre-bundled Sim services to their users. The users are required to pay minimal equal monthly instalments above their chosen plans. This allows them to have a cost-effective approach with instant availability.
Moreover, users can have access to the latest technology without worrying about their devices being outdated or about routine repairs and maintenance. In regions with a centralised credit score system, device financing leading to on-time payments can result in an increase in the user’s credit score.
Having said that, device financing can also be a cumbersome process for providers in terms of payment recovery, which is a major roadblock in this process. Device financers struggle with on-time payments from users. Every buyer has a different financial background and customised payment setup. They also are at a risk of facing customer bankruptcy or fraud. Hence, device financers seek partnerships with payment security solutions like NuovoPay that help them streamline their device onboarding, monitoring, and payment processes with ease.
What is NuovoPay?
Nuovopay is a security solution designed to tackle the pressing need for device manufacturers to safeguard their financing procedures. It helps them prevent payment delays and fraud from their customers. Chasing a non-paying customer is a hectic process. NuovoPay enables device financers to offer a simplified leasing model to its users and at the same time track their device fleets and payment records with ease.
NuovoPay prevents payment delays and fraud
NuovoPay’s solutions prevents payment delays and fraud. It does this by:
- Allowing integration with billing system providers. NuovoPay allows device financers to integrate billing system software with its dashboard to help the financing companies decluttering their payment records. Integrating external billing software simplifies complex tasks such as maintaining payment statuses and tracking receipts and inventory details.
- Automated payment reminders. The NuovoPay dashboard allows device financing companies to schedule automated payment reminders to notify users of their upcoming payment deadlines. You can create and schedule payment reminders and have access to 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.
- Multiple payment options. NuovoPay supports multiple payment methods such as via debit card, credit card, Internet banking and digital wallets to the customers for easy cash fluidity. Users can opt for their most convenient mode of payment to avoid delays.
- Device locking for defaulters. In an event of delayed payment, device financing companies can remotely lock the user’s access to his finance device. NuovoPay allows device financing companies to configure the first lock date and the next lock date before automating the payment reminders. Device financers can remotely invalidate device access to defaulters rendering the device unfit for use. Once the user pays their instalment, 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.
- Sim-based device locking. Several device financers integrate their devices with telecoms services to offer bundled devices with pre-installed Sim cards to their users. While this can be an appealing model for OEMs and operators – 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. The Sim-based locking capabilities of NuovoPay allow operators to remotely lock devices if an attempt to remove or swap Sim cards is detected. This helps telecoms service providers eliminate the risk of users switching to other Sim services.
NuovoPay is a promising security solution that helps financing companies, resellers and telecoms service providers secure their devices and services from fraud or delayed payments. It offers automated onboarding of devices and streamlines the intricate process of device financing.
It also allows financing companies to get a grip on their device fleets and maintain a straightforward and simplified payment schedule. In addition, NuovoPay makes device recovery easier in case of device loss or attempted theft.
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- The author, Swapnil Shete, is a product marketing manager at NuovoPay. He has a passion for design and technology and focuses on optimising the marketing funnel. When he isn’t working, Shete loves to evaluate software-as-a-service solutions in the marketing and sales domains
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