Cisco Launches Program Allowing Customers to Defer Payments Until 2024

Cisco is now allowing customers to defer payments until 2024.

The technology company’s new Cisco Capital Business Acceleration Program enables customers to invest in Cisco technology and services while minimizing their cash outlay, Cisco said in a Wednesday (May 3) press release.

The program also allows Cisco’s partners to offer their customers another flexible payment option, according to the release.

“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,” Cisco Capital President Kristine A. Snow said in the release. “Our goal is to provide payment options that allow continuous technology investment to maintain productivity and business continuity while minimizing cash outlays.”

PYMNTS research has found that with the near-term economic outlook uncertain, many businesses are reconsidering the distribution of their technology spending.

Companies are also considering whether they can realize bigger payoffs as the economy’s digital shift continues, according to “Digital Payments: A Changing Economy Sparks New Priorities for Systems Spending,” a PYMNTS and Corcentric collaboration.

For example, 32% of chief financial officers at healthcare companies and 23% of those at finance and insurance companies said their most important reason for investing in improvements to their working capital and credit systems is to expand their businesses, the report said.

With the new program from Cisco Capital, customers who purchase Cisco products or solutions before July 29 can defer all payments until 2024, according to the press release.

Cisco hardware, software and services; Cisco Refresh certified remanufactured products; and select partner services and third-party hardware are eligible for the Cisco Capital Business Acceleration Program, the release said.

“Customer success is our priority,” Snow said in the release. “The new program is designed with this in mind and will help address some of our customers’ most pressing concerns.”

Investment in technology has remained durable in the face of economic downturn, and the trend seems likely to persist this year. While Big Tech firms have laid off workers, the same isn’t true of the larger tech economy, as most technology workers don’t work at tech companies.