Mobile device financing: Interview with Clint Fayling

Smartphones and other mobile devices are becoming ever more expensive. Even if Tim Cook says that Apple products are not just rich people. Maybe we just have a different understanding of what it means to be rich… If a smartphone is worth two thirds of the average monthly income, or even half, that’s not affordable. Whatever spin you put on it, statiscally speaking, that is not true. That’s a big problem because more and more services are only accessible through mobile apps. How do you solve for that very specific issue? Enter mobile device financing. Fintech Review asked a few questions to Clint Fayling from Street Cred Capital about what is going on in that space.

Tell us more about Street Cred Capital. What is your elevator pitch?

Street Cred Capital is a Colorado-based fintech leader that delivers lending solutions tailored for the mobile industry and its customers. We providesa streamlined customer qualification experience. As a result, this leads to high approval rates and competitive customer rates that make mobile device financing accessible. We do so by delivering a configurable portfolio of lending products and services that connect consumers to industry-leading lenders.

What is your background and what is the story behind the company?

Street Cred was forged from the confluence of ever-increasingly expensive smartphone choices and a lack of compelling and fair financing options. Our aim is to provide equitable access to financing to improve engagement, productivity, and profitability for all. Moreover, our company consists of several mobile, financing and technology experts with decades of experience in the mobile industry.

Street Cred state-of-the-art lending program was created to provide a fintech solution that addressed several pain points. For instance, poor customer qualification experience, low approval rates and high interest rates.

How is the mobile device financing market evolving?

The mobile device financing landscape has evolved into three categories that haven’t properly addressed the vast majority of the demand: carrier self-funding catering to a super prime and prime credit profile, third party distressed lending offers targeting a subprime and no credit profile and buy-now-pay-later products that seek to assume ownership of the carrier’s customer for the purpose of marketing non-mobile product offers.

Street Cred counteracts these issues by offering full-credit spectrum lending products and collaborating with the carrier partner to extend the customer lifetime value with the carrier or retailer.

What problems are you solving with RT2?

Street Cred’s lending tools have been integrated into RT2’s proprietary point-of-sale solutions. It is now used in over 8,000 wireless retailer locations nationwide. Above all, this one-to-many approach allows individual retailers to  access a premium lending program by simply engaging their current integration with RT2.

These mobile retailers can now provide a full suite of lending products and services to match the needs of any customer profile. That is to say, our partnership elevates transactional sales activity with a diverse selection of payment options. This is especially important with rising device costs. Lending solutions like ours can help close the digital divide and provide equitable access to technology.

Any innovation in fintech more broadly that you are really excited about?

I’m excited to see how fintech can advance to help make technology more accessible and equitable. Above all, the mobile industry is truly unique in that most customers seek financing first. Rather than paying for the transaction in full. Street Cred is able to engage this need by providing ease of engagement including pre-approvals, simple sign up, swift checkout and straightforward customer service.

In short, we’re providing the mobile industry with options that haven’t always been available – simplicity and speed in customer engagement. I’m excited to see how these innovations help close the digital divide and give low-income individuals the opportunity to build credit and enjoy the latest technology.

Any plans for the future or product roadmap you want people to know about?

Street Cred is seeking to better enable mobile carriers, MVNOs and retailers, both big and small. We offer a fully-contained lending program kit that includes the ability to enable complimentary products and services as needed. This all-inclusive approach includes subscription services (phone for life), device protection, buy back/trade-in, prepaid debit and credit cards, data storage, customer rewards and even a retailer employee rewards program.

We are looking to level the playing field. So no matter the partner size, all will have the same access to best-in-class lending solutions to optimally engage in the ever-increasingly competitive mobile industry.