Cisco Systems Capital Sets Up Financing Programs to Accelerate Growth for Channel Partners Serving Small and Medium-Sized Businesses
New EasyLease Self-Service Capability Allows Channel Partners to Generate Lease Documentation for Transactions Under $50,000 in Minutes
SAN JOSE, Calif., October 16, 2006 - Cisco Systems Capital, a wholly owned subsidiary of Cisco Systems®, today announced new financing tools to streamline the leasing process for Cisco® channel partners serving small and medium-sized businesses, the fastest-growing segment of the voice and networking market. These initiatives allow partners to offer leasing alternatives so their SMB customers can acquire the Cisco products they need more quickly and with less capital outlay.
Last year, Cisco Capital entered the SMB market with the introduction of EasyLease, a leasing platform that provides competitive financing solutions to complement Cisco’s SMB growth initiatives. A key component of EasyLease is the @once finance tool, which initially provided fast-track credit approvals and lease pricing for transactions under $250,000. Cisco channel partners in 16 countries have already taken advantage of EasyLease to provide innovative financing solutions to their customers.
Cisco today announced that U.S. channel partners can now use @once to generate lease documentation for transactions under $50,000. As a result, channel partners can complete pre-sale credit applications, create a lease quote, and generate lease documentation in minutes. This new self-service capability makes it easier for channel partners to bring leasing to every Cisco SMB deal. Partners can also manage their leasing customer portfolio and run reports online using @once.
“Today’s enhancements transform the leasing experience for channel partners and give them greater control of the financing process from application to funding,” said Maryann Von Seggern, director of worldwide channel development, Cisco Capital. “EasyLease makes it possible for partners to build leasing into deals upfront and follow through quickly with the necessary paperwork and approvals. Enabling our channel partners to deliver complete SMB solutions, including technology, services and financing, is a win-win for Cisco, its partners and our mutual customers.”
Single Path, Cisco’s Midwestern Regional SMB Partner of the Year, engages Cisco Capital leasing to help it acquire customers and manage future business. Single Path has completed more than 300 Internet Protocol (IP) communications deployments, and, during the past year, 39 percent of its Cisco transactions included Cisco Capital leasing.
“Our customers are looking to refresh their technology every three to five years, in addition to investing in items that relate to their core competencies,” said Matt Briggs, director of sales, Single Path. “@once allows us to turn approvals and lease quotes around in a matter of minutes, and the addition of automatic lease-document generation is a huge timesaver. It gives all parties peace of mind knowing the financing is in order, so we can focus on the complete solution. Working directly with Cisco Capital rather than third-party leasing agencies has helped us address our customers’ technology and fiscal needs and close more deals.”
To further grow their business and improve cash flow management, channel partners can also take advantage of a Cisco Capital’s zero percent progress payment promotion, which has been extended through July 28, 2007. This program was designed specifically to reduce channel partners’ out-of-pocket expenses during Cisco Unified Communications deployments. Through this program, scheduled payments will be made to the channel partner at mutually agreed-upon project milestones, while the customer doesn’t begin making lease payments until the deployment is completed. For the first 120 days, this is done with no financing charges whatsoever. The maximum amount funded prior to lease commencement is 80 percent. To take advantage of this financing offer, channel partners must hold the Cisco IP Communications Specialization, and the transaction must be $50,000 or greater. Zero percent progress payments are available in the United States and Canada.
Over the past three years, Cisco has invested billions in the SMB voice and networking market, a segment that is growing more than 20 percent annually, according to some industry analysts. The new financing tools and programs from Cisco Capital are fully integrated with Cisco’s SMB partner strategy, specifically designed to help SMB and midmarket resellers increase their competitive advantage and drive more business within this rapidly growing customer segment. For more information about Cisco Capital, EasyLease or zero percent progress payments, see www.cisco.com/go/ciscocapitalpartners/us.
About Cisco Systems Capital
Cisco Capital’s channel financing solutions are designed to provide partners with the power to grow their business. Cisco Capital offers attractive, flexible and short-term financing solutions that make it possible for Cisco partners to obtain higher credit lines, and longer and more flexible terms that ultimately help them build stronger and healthier businesses. Additionally, Cisco Capital provides partner-only programs, financial incentives, tools, and partner-friendly processes to add value, profitability and ease of use to their projects.
About Cisco Systems
Cisco Systems, Inc., (NASDAQ: CSCO), is the worldwide leader in networking for the Internet. Information about Cisco can be found at http://www.cisco.com. For ongoing news, please go to http://newsroom.cisco.com.
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