Flexible Financing for Retailers and Customers
Finance Technology AS delivers consumer finance solutions to mobile operators and electronics retailers. Finance Technology partners with banks, buyback guarantors and insurance partners to build flexible financing options where the consumer can return their device after a certain period and Upgrade for a new device and new financing contract.
How Does Upgrade Financing Work?
Flexible Period with device returned at end of contract.
Upgrade contracts give the customer an option to return their device after a certain number of monthly payments have been made and then agree a new contract for a new device.
Typically contracts for mobile phones allow an Upgrade after 12 or 24 payments. For tablets and laptops, 24 and or 36 payments is more common.
What types of products are suitable for Upgrade financing?
Upgrade contracts are appropriate for mobile phones, tablets, laptops and other items that have a high residual value after a financing period.
What customers benefit from Upgrade financing?
Customers, either individuals or businesses, who want the flexibility to frequently upgrade their devices. Customers typically pay a smaller monthly fee as the residual value of the device at the end of the contract is used to reduce the financed amount.
How do retailers benefit?
Retailers typically gain through more sales with increased margin on sales. Customer loyalty also improves as their customers must return at the end of the contract and the retailer can target the customer with new Upgrade options during the flexible return period.