Rent-to-own News - IContain and APP team with T-Mobile for real-time default, theft solutions

IContain, a leading developer of asset protection solutions, and Asset Protection Products (APP), a solutions provider in the asset security market, today announced IContain’s ICX cellular-controlled power interrupt switch has shown tremendous success in collecting payments from delinquent accounts in the rent-to-own (RTO) industry over an eight month test period.

For the $7 billion RTO industry, theft and payment defaults account for an estimated two percent loss, or $140 million, of cash flow annually.

Deployed by APP, IContain's powerful ICX technology facilitates instant communication between RTO stores and their customers, allowing RTO operators to ensure timely collection of payments, track missing items, and reclaim stolen goods.

"We wanted to provide a lower annual monitoring fee and help dealers get devices online quicker," said Salvatore Moccia, APP's managing member and technology director. "We have solutions now that are really amazing. I've been in this business for over 20 years and to be able to actually put these solutions that we've been talking about putting into action, this is a dream come true that really gives us the options we need to help customers achieve ownership."

Operating costs for RTO businesses are higher than traditional retail because of the ultimate return of merchandise, merchandise repair and replacement expenses for stolen or missing goods. For the multi-billion dollar RTO industry, theft and default on payments account for an estimated two percent loss of cash flow annually.

Leveraging T-Mobile USA’s robust network, IContain's 'smart' devices enable machine-to-machine (M2M) communications that empower the user with remote management over any electrical device ? from enable and disable functions to locating missing assets.

Using RAMlink, IContain's proprietary web-based software tool and ICClearly, a version of RAMlink tailored to smartphones, the management and control of the IContain hardware can be handled in real time from nearly anywhere over T-Mobile’s network.

“With the added security IContain's ICX device offers, dealers can confidently extend the benefits of rent-to-own – payment flexibility and no obligation – to previously untapped markets, creating an opportunity for a significant increase in sales,” said Salvatore Moccia, APP's managing member and technology director.

Todd Kleperis, IContain President and Co-founder was equally optimistic about the application of the technology within the industry.

“For dealers in the rent-to-own industry, the risks associated with asset loss and payment default can equal hundreds of millions of dollars," Kleperis said. "With the ICX solution, we’re offering these dealers a smart solution to an old problem. We’re providing added insight and control over their assets as well as improved customer relations through instant communications, which can result in timely payments and better customer relations.”

The application of the IContain ICX technology may not be limited to the RTO industry. The company is exploring the suitability of the product for the “smart home”. With the ability to remotely monitor and enable/disable electrical devices, idle power consumption could significantly be reduced.

“Increasingly, customers are demanding mobility and connectivity anywhere, anytime. The powerful combination of M2M solutions, like the proven IContain ICX technology, over our robust nationwide network can help make the ‘connected life’ a reality today,” said John Horn, national director of M2M at T-Mobile USA.
 
About IContain
IContain is a leading developer of asset protection solutions. For more information, visit www.i-contain.com.
 
About APP
Asset Protection Products is an asset security company, providing the RTO industry the ability to remotely track and enable/disable electrical devices. For more information, visit
www.app-protects.com.

Asset Protection Products is exhibiting at the APRO Convention and Trade Show next week in Louisville at Booth #429.