Blok Box is game changing IoT (Internet of Things) technology that combines wireless data communications, software, electrical, and mechanical engineering disciplines, with the power of cloud resourcing.
It is break through IoT technology that provides absolute payment enforcement on nonperforming leases.
The Blok Box system was created to allow lenders and lessors to address credit concerns, control risk exposure, and expand sales opportunities. We’ve designed Blok Box to be easy to install, simple to use, and our programs are flexible to match your needs and allow you to pass along the cost to your lessees or borrowers.
The program offers Blok Box units at a per-unit cost, with volume-based discounts at various levels. In addition to the unit cost, there is a modest monthly data connection, cloud-based software and product support fee during the entire lease term. It includes access and use of our cloud-based software, technical support, and maintenance of a dedicated sub-site that we will create specifically for your company within our secure control panel.
While many customers are comfortable handling all installation logistics themselves or through their own resources, we offer an independent auditing/installation service for a modest fixed fee. In either case, we hold your purchased inventory at our facility; then as new leases or loans are accepted and posted by your team, we assign a Blok Box to that lease and ship the unit to your specified reseller for installation. Installation is literally plug-n-play simple, but we are at hand should there be any questions.
Once a unit is shipped to the lease company’s specified installer, Lease Security Systems will begin monthly invoicing for the term of the lease of the connection/support/cloud software fee. This fee is based on an average lease term of 36 months. As with the purchase of Blok Box units, we offer volume discounting on the connectivity fee.
Invoicing to the leasing company is based on activated Blok Box units at month’s end for that month of connection, regardless of the actual date within that month.
Payment can be set up on an automated basis or can be invoiced to the leasing company monthly, quarterly or annually, whichever is most convenient for the leasing company.
