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Confidential & proprietary Overview - June 2013. 1 WHAT IS SMARTPAY? SmartPay (powered by BillFloat®) is a lease- to-own plan that lets consumers purchase.

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Presentation on theme: "Confidential & proprietary Overview - June 2013. 1 WHAT IS SMARTPAY? SmartPay (powered by BillFloat®) is a lease- to-own plan that lets consumers purchase."— Presentation transcript:

1 confidential & proprietary Overview - June 2013

2 1 WHAT IS SMARTPAY? SmartPay (powered by BillFloat®) is a lease- to-own plan that lets consumers purchase products with convenient monthly payments A payment option for consumers Merchants are paid in full on approval Works both online and in-store confidential & proprietary

3 2 Easy online application (NO PAPER) SmartPay is a new “tender type” that customers can use We reimburse you for the full retail value (plus sales taxes) of the items you sell Minimum initial payment - one of 10 easy payments deducted from consumer’s debit card automatically Dealer does not collect any payment from consumer, SmartPay collects payments online No long term commitments Less than perfect credit ok Instant decision – high approval rates “90 Days Same as Cash” Early Payoff Option gives consumer a fee free option WHY OFFER SMARTPAY

4 3 WHAT DO I NEED TO OFFER SMARTPAY? In Store Option 1.Establish dedicated computer in your store for consumers to apply a.Mac or PC with Chrome, Firefox 3.6+ or Internet Explorer 8+ b.Bookmark your specific SmartPay url c.Each store can login with their unique store login id 2.Enroll for program by providing basic information to SmartPay 3.Obtain point-of-sale marketing materials from your BillFloat sales rep or print authorized marketing materials yourself 4.Familiarize yourself with how to use the SmartPay system 5.Start Selling! confidential & proprietary

5 4 HOW TO SIGN UP FOR SMARTPAY In Store Option 1. Log onto 2.Provide basic business information, Bank account to receive ACH payments or virtual debit card payments and agree to SmartPay terms and conditions 3. You will be presented with login ID for your stores to access the SmartPay store portal and process SmartPay transactions: –Each store will have a unique Store Login ID that uniquely identifies the location –This Store Login ID determines the bank account where the ACH payments are sent

6 5 WHAT DO I NEED TO OFFER SMARTPAY? Online Option 1.Enroll for program by signing SmartPay Agreement 2.Integrate Web Assets and API into your web site check – out pages -Utilize your own in-house IT resources -Access a SmartPay Certified IT Resource 3.Start selling! confidential & proprietary

7 6 HOW DO I GET PAID FOR WHAT I SELL USING SMARTPAY SmartPay pays you directly for the items you sell and you have two payment options to choose from: 1.ACH initiated next day; dealer receives funds in 3-5 days (no interchange) 2.Virtual Debit Card – you run card number on your Merchant card processing terminal and receive funds like any other debit/credit card transaction (results in interchange fee) confidential & proprietary Notes: The initial payment is collected directly from the consumer’s debit card by SmartPay You pay sales tax on SmartPay like any other transaction Payment will be for full transaction amount including tax

8 7 PRODUCT OVERVIEW confidential & proprietary Lease to own a shopping cart up to $1,500  90 days same as cash, or  Payment term 10 installments  First installment payment of 20% due at time of purchase  Total financed price equal to 100% of original price  SmartPay collects all funds from consumer  Includes accessories and equipment Easy application process  Online application process completed in minutes Real-time decision  Decision result completed in seconds  Originated and funded by BillFloat Direct transfer and repayment of funds  Funds transferred to merchants' bank account  Monthly debit to consumer’s account

9 8 MVNO BENEFITS 50% larger cart sizes confidential & proprietary 60M credit challenged customer 10% Incremental sales Drive Increased Loyalty Drive Higher Dollar Sales No Risk to MVNO MVNO Paid Immediately Drive Incremental Sales Source: Billfloat experience with large national wireless provider

10 9 END USER CUSTOMER BENEFITS confidential & proprietary Put Mobile Device In the Hands of Your Entire Family Financing or 90 Days Same as Cash Easy Entry to Higher End Smartphones and Tablets Source: Billfloat experience with large national wireless provider

11 10 WHICH CUSTOMERS ARE ELIGIBLE? confidential & proprietary PLAN ELIBILITY 18 years old Valid Social Security Number Debit Card linked to a bank account $1000 pre-tax monthly income RESTRICTIONS No pre-paid cards accepted Valid for tangible goods only (phones, accessories, airtime) Must have enough available funds in bank account to cover the initial payment PLAN ELIBILITY 18 years old Valid Social Security Number Debit Card linked to a bank account $1000 pre-tax monthly income RESTRICTIONS No pre-paid cards accepted Valid for tangible goods only (phones, accessories, airtime) Must have enough available funds in bank account to cover the initial payment Current approvals running 75%

12 confidential & proprietary DEVICE FINANCING ENABLEMENT OPTIONS In-Store Solution Dealer associate qualifies customer Customer must have the following  address  18 years of age  Minimum $1,000 gross monthly income  Debit card tied to a bank account  Social security number Customer fills out online application Dealer associate enters “Store Login ID” as part of the online application process The Store Login ID tells BillFloat which location to reimburse for the items Payments get deposited daily into your bank account via ACH or a virtual debit card transaction is created for real time processing of transaction Online Solution Sign Contract Share API documentation Development with API/Testing Confirm financial operations Launch Custom Web Portal Dealer associate qualifies customer Customer must have the following  address  18 years of age  Minimum $1,000 gross monthly income  Debit card tied to a bank account  Social security number Customer fills out online application Dealer associate enters “Store Login ID” as part of the online application process. The Store Login ID tells BillFloat which location to reimburse for the items Payments get deposited daily into your bank account via ACH or a virtual debit card transaction is created for real time processing of transaction

13 Appendix confidential & proprietary12

14 13 SMARTPAY CONSUMER PAYMENT TERMS Approved Amount* Customer Monthly Income (minimum) Initial Payment of 20% (Due at Purchase) 9 Additional Monthly Payments $300$1,200.00$59.85 $400$1,400.00$79.80 $500$1,600.00$99.75 $600$1,800.00$ $700$2,000.00$ $800$2,200.00$ $900$2,400.00$ $1,000$2,600.00$ confidential & proprietary * Other factors apply in addition to income, not all customers are approved. This chart shows the maximum approval amount by gross monthly income, some customers are approved for lower amounts than indicated by this chart

15 14 confidential & proprietary You push value prop ONLINE SOLUTION PRODUCT OVERVIEW

16 15 confidential & proprietary ONLINE SOLUTION PRODUCT OVERVIEW You also message on product page

17 16 confidential & proprietary You integrate in shopping cart with API ONLINE SOLUTION PRODUCT OVERVIEW

18 17 confidential & proprietary Consumer fills application ONLINE SOLUTION PRODUCT OVERVIEW

19 18 confidential & proprietary You pass add’l data via API ONLINE SOLUTION PRODUCT OVERVIEW

20 19 confidential & proprietary We decision ONLINE SOLUTION PRODUCT OVERVIEW

21 20 confidential & proprietary Consumer signs terms ONLINE SOLUTION PRODUCT OVERVIEW

22 21 confidential & proprietary Payment complete ONLINE SOLUTION PRODUCT OVERVIEW

23 22 IN STORE SMARTPAY APPLICATION PROCESS confidential & proprietary

24 23 IN STORE SMARTPAY APPLICATION PROCESS (CONT.) confidential & proprietary

25 24 IN STORE SMARTPAY APPLICATION PROCESS(CONT.) confidential & proprietary

26 25 IN STORE SMARTPAY APPLICATION PROCESS(CONT.) confidential & proprietary

27 26 IN STORE SMARTPAY APPLICATION PROCESS(CONT.) confidential & proprietary

28 27 IN STORE SMARTPAY APPLICATION PROCESS(CONT.) confidential & proprietary

29 Additional FAQs

30 29 HOW DO CARRIER MONEY BACK GUARANTEES WORK WITH SMARTPAY? confidential & proprietary Carrier standard money-back guarantees are supported by SmartPay with standard guidelines –Return within carrier’s allowed days of purchase and allowed minutes of talk time on handset Associate must process return on SmartPay Portal –Customer must provide DOB and last 4 digits of SSN –Lookup consumer, click “Start Processing Return” and select amount of return –Partial returns are supported –Funds for the initial payment will be returned to the consumer’s debit card directly –Funds for the returned phone will be debited from the following day’s ACH transfer to the dealer, or if dealer was paid using a Virtual Debit Card, processes debit card return Consumer cannot receive cash back, return must be processed using Payment Support Line of service is canceled 1st month of service return process follows current guidelines

31 30 HOW DO TAXES WORK WITH SMARTPAY? confidential & proprietary 1.BillFloat pays the dealer for the full price of the items you sell, including applicable sales tax upon settlement 2.Dealer treats the transaction like any other tender type 3.BillFloat deals with all tax consequences of the lease, dealer has no involvement

32 31 FAQs confidential & proprietary 1. Can the dealers get a copy of the deck with the rules and screenshots? There is document recently sent to the AMs that can be used to train. 2. Can we get the customer application to be able to be pulled up on a tablet? Not at this time. 3. If the customer decides to wait before purchasing, and later goes to another store, do they have to go through the application process again? No, as long as the application is accessed within 72 hours, you can look up and find an approved basket amount 4. How much is the fee for BillFloat? About double MSRP. But they can pay off the amount early and save on the fees. We have a 90 days same as cash offering, which means consumers pay the same price as if they were taking the device out of the store as long as they payoff within 90 days. Even after the “same as cash” period ends, consumers can save money by paying early. For example, a consumer that pays off after 5 payments saves half the fees!

33 32 FAQs (cont.) confidential & proprietary 5. When refunded, do they get all their money back? Yes 6. What is the earliest a customer can pay off what they owe and avoid fees? It can be as early as the next day. 7. What money does the dealer collect from the customer? Only fees or charges for items not on the lease. Dealer does not collect on behalf of SmartPay. 8. Do all handsets, airtime and accessories qualify for BillFloat? Yes, but airtime must be first month only, and all other goods must be tangible goods. 9. How long does it take for the funds to go in the dealers account via ACH? 3 to 5 business days.

34 33 FAQs (cont.) confidential & proprietary 10. Can the dealer take the sales tax from the customer? No, SmartPay will reimburse the dealer for all costs including sales tax. 11. If the initial payment isn’t in their bank account, what happens? “Funds not available” will show up and the transaction will not proceed, therefore the customer will not be able to proceed with the transaction. 12. In case of a return, how long does it take for the customer to get their money back on their debit card? 1 to 2 business days. 13. Can the customer pre-pay more to get a smaller monthly payment? No, a larger pre-payment would give less months but not make the monthly payment smaller. 14. Can you do this on new and upgrades? Yes, both new and upgrades qualify. If it is an upgrade, the dealer needs to collect the upgrade fee.

35 34 FAQs (cont.) confidential & proprietary 15. What marketing collateral will there be? You will be able to download printable versions of a take-one flyer, poster and pricing tags from the SmartPay portal, phone wigglers are also available from your SmartPay representative 16. How do we show this transaction in our POS system? It depends on your POS system. 17. Does the way SmartPay handle sales taxes present risk for me as a dealer? No, SmartPay reimburses you for the full retail amount of the sale including sales taxes. You treat SmartPay like any other tender type. SmartPay deals with collecting taxes from the consumer. 18. Can two different customers use the same debit card? No. Only one debit card per one customer. 19. Can I charge customers who use SmartPay a different cost for the items I am selling them as compared to other customers? No. You must charge customers using SmartPay the same price customers get when paying with cash.

36 THANK YOU confidential & proprietary QUESTIONS?


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