Cisco Capital Gives New Payment Options for Cash-Strapped PartnersCisco Capital Gives New Payment Options for Cash-Strapped Partners
The latest initiative helps partners financially navigate an uncertain economy, one Cisco executive said.
May 3, 2023
Cisco is giving partners and customers an option to defer payments on its solutions until 2024 through its new Cisco Capital Business Acceleration Program.
The vendor on Wednesday announced the program, which exists as part of the larger Cisco Capital business financing wing. Businesses that purchase Cisco hardware, software or services before July 29 of this year can wait to 2024 to make a payment.
Cisco executives say the latest initiative tackles the problem of cash flow that many businesses are facing during the macroeconomic downturn.
“The Cisco Capital Business Acceleration Program is in response to customer and partner requests to help mitigate financial challenges based on overall market uncertainty and the impact that it is having on their businesses. Our goal is to provide payment options that allow continuous technology investment to maintain productivity and business continuity while minimizing cash outlays,” Cisco Capital senior vice president and president Kristine Snow said. “Customer success is our priority. The new program is designed with this in mind and will help address some of our customers’ most pressing concerns.”
Cisco’s Kristine Snow
The payment deferments depend on the contract terms and how much customers had financed with Cisco, the company said. The initiative applies to certain third-party services and products in addition to Cisco solutions.
In a busy week for Cisco’s channel, the vendor launched its annual Partner Innovation Challenge.
The contest, which honors partners that build new solutions based on Cisco technology, has run for six years since 2018.
Partners submit a form that will put them in the running to win $200,000 for first place, $100,000 for second and $50,000 for third. The program also contains additional monetary awards for different regions in Asia Pacific, Japan and China (APJC).
Cisco this year added a Partnering for Purpose category, recognizing different aspects of human interest. That includes employee experience, environmental responsibility, digital inclusion and crisis response.
Australian systems integrator and MSP Outcomex won global and AJPC awards in 2021. Its winnings totaled more than $250,000.
Cisco’s Oliver Tuszik
Oliver Tuszik, Cisco’s senior vice president of global partner sales and general manager of routes to market, wrote in a Monday blog that the company generates approximately 85% of its revenue through partners. The company has aligned its channel program around four different partner roles: integrators, providers, developers and advisors.
“Our goal is to help drive business outcomes for customers through closer collaboration and expansion of our network of specialty ecosystem partners,” Tuszik wrote.
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