twice connect
careers

SquareTrade Adds Buyback Option

2/15/2011 09:32:58 AM Eastern

San Francisco - Extended-warranty
provider SquareTrade has added a buyback option to its iPhone and iPad plans
through a partnership with Los Angeles-based TechForward.

The guaranteed buyback
plan gives consumers a percentage of the purchase price (for phones, the unsubsidized
price before any carrier discounts) when they upgrade to a new device. The
amount the customer receives depends on when the item is returned: 50 percent up
to the first six months, 40 percent for months six through 12, 30 percent for months
12 through 18, and 20 percent for months 18 through 24.

For a limited time,
SquareTrade is offering the buyback option at no additional cost. Its iPhone
and iPad warranties, priced at $99 and $96 respectively, protect against drops,
spills and other common accidents, as well as all normal mechanical and
electrical failures, for two years.

"By bundling SquareTrade
with TechForward, we are able to provide Verizon iPhone customers with a great
way to hedge against the risk of both iPhone failure and early upgrade envy," said
SquareTrade CEO Steve Abernethy.

Techforward was
first-to-market with a CE buyback plan in 2006. Best Buy introduced its own
buyback plan during Super Bowl through a partnership with Chartis, and NEW also
launched a similar program in February.

According to a report in socalTECH.com, TechForward is suing Best Buy over the CE chain's buyback plan, which TechForward described as a near clone of its own. The lawsuit, which was filed last week in the California Central District Court, claims Best Buy ran a trial of TechForward's services last year but instead opted to copy the company's program.

SquareTrade iPhone and
iPad warranties can be purchased directly at www.squaretrade.com.