In the Pay-as-you-go (PayGo) financing landscape, also known as Buy Now, Pay Later (BNPL), addressing the critical pain points such as credit evaluation, payment management and device management has become vital for running a successful business at scale. Let’s check what are the essentials for the comprehensive device financing platform that will allow businesses to manage processes of onboarding and assessing new clients while mitigating risks associated with a PayGo business model.
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Evaluating Creditworthiness with Precision
One of the critical functions for a device financing platform is to provide distributors with the right tools to evaluate the creditworthiness of future clients. In most emerging markets, traditional credit checks are not readily available and companies need to put in place their own credit check procedures. Any platform in the space should provide users the possibility to collect any type of data points about their customers and also features such as weighted scoring, offline credit scores and more.
Upya offers more than 15 question types to ensure the right data can be collected. To provide efficient data collection, questions can be weighted, optional, mandatory, include drop-down lists and follow a path dependent sequence. Distributors can also implement an approval process as a part of their standard onboarding flow, screening applications before a final approval is given to on the ground staff to move ahead with the sale.
Seamlessly Managing Payments
Managing payment instalments, checking what percentage of the contract is paid off and keeping track of locked and unlocked contract statuses manually or half-manually is not only time-consuming but also prone to errors. The chosen platform should provide an automated mechanism that seamlessly connects payments made by customers to their respective contract status in the database and to lock/unlock orders of the device.
Upya’s payment management system automates the necessary processes, ensuring smooth financial operations at scale. Key features include:
- Automated payment reminders: Timely SMS reminders help clients stay on top of their payment schedules, reducing the likelihood of missed payments
- Payment Collection: With secure and efficient payment collection mechanisms, streamline transactions, navigate the right payment options from cash to mobile money. Track repayment progress for each contract. Filters and dashboards will help to see the “big picture”
- Device Lock/Unlock: In cases of non-payment, devices can be remotely locked, and subsequently unlocked once payments are made, ensuring compliance and reducing losses
- Late Payment Penalties: Automated imposition of late fees incentivizes timely payments and compensates for delays
Intergrations with Device-locking Technologies
Major OEM companies such as Samsung and Transsion (known for Itel, Infinix and Tecno) have built technologies that enhance the security of their devices through, for example, remote lock/unlock capabilities. They do this through Samsung Knox and Transsion Pay Trigger.
Upya is directly integrated to Knox and Pay Trigger, and also other players in the space such as NuovoPay and Trustonic. As a result, through Upya you can initiate lock/unlock orders for any Android smartphone.
Keeping Track of Assets
Purchasing hundreds or even thousands of smartphones is a considerable investment for any company. In many cases they are distributed through a variety of channels: from central warehouses to distribution centres, shops and even agents before reaching the end customer. As they move from one point to another, companies will need to be informed of where their stock is. This will not only help avoid losses but also ensure timely replenishment of their point of sales.
Through its field staff mobile app, Upya allows the scanning of stock at any point of the distribution process, ultimately assigning an unique serial number or IMEI number to the customer. Stock can be managed at the teams or individual level and defective units can be flagged for repairs. Last but not the least, at all times agents acknowledge the stock that is under their responsibility.
Upya’s Field Solutions for PayGo Smartphones
The comprehensive features of the right device financing platform translate into significant benefits for PayGo businesses. By improving creditworthiness evaluations, ensuring accurate client data, automating payments and lock/unlock events, Upya helps companies increase their repayment rates and overall operational efficiency. Learn more about Upya’s Field Solutions for PayGo Smartphones.