India is amid a digital revolution, with smartphones being the enabler of this growth. The Indian smartphone market experienced a 7.2% growth YoY (year-over-year) according to the International Data Corporation’s (IDC) Worldwide Quarterly Mobile Phone Tracker. Device finance is one of the primary reasons for this surge. However, it has been a double-edged sword for retailers. While it increases sales, it also brings the risks of defaults and non-payment. Thankfully, innovative solutions such as mobile Finance Locker applications that work as an EMI Locker, these challenges are addressed effectively. EMI Finance locker companies like Rudraum, Tiger Locker, MSafe, and Smart Mobile Finance (SMF) are empowering retailers with secure financing options that boost sales while safeguarding their revenues.
Risks and Challenges Faced by Retailers
Retailers often feel the need to secure their finance due to the associated risks. Tracking payments, sending payment reminders, and recovering dues require significant time and resources. Adding to this complexity, customers may change their contact details, making them inaccessible. This is where Finance Locker apps come in, to reduce the risk of default and increase profitability.
How Does EMI Finance Locker Secure Your Business?
Solutions like Smart Mobile Finance (SMF) provide comprehensive safeguards for retailers by locking the financed device upon default. The SMF Mobile Locker App engages the customers with advanced features such as:
- Payment Reminders: Regularly notify customers of upcoming dues to ensure timely payments.
- Mobile EMI Lock Mechanism: Temporarily locking the financed device if payments are missed, preventing unauthorized usage until dues are cleared.
These tools not only enhance recovery rates but also streamline the entire process of financing. For instance, MSafe, Tiger Locker, and Rudraum offer similar features, ensuring retailers can grow their businesses without the constant worry of defaults.
The Growth Path
Adopting solutions from companies such as Smart Mobile Finance, is essential for retailers looking to expand their customer base securely. These tools not only protect against risks but also enhance customer relationships through personalised payment reminders and flexible financing options. SMF’s device lock ensures high recovery rates while prioritising customer privacy and compliance.
In an increasingly competitive market, securing retail financing with innovative solutions is the key to sustainable growth. Retailers must embrace these technologies to stay ahead and build a stronger, risk-free business foundation.
