Cisco is committing $2.5 billion to cover financing for the effort.
Cisco is allocating $2.5 billion to cover costs of the offer, which applies for all Cisco products.Chuck Robbins, CEO of Cisco, speaking at the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019.Cisco announced a financing program on Tuesday that will let customers defer 95% of their payments for new products until 2021.The move represents a corporate response from one of the largest enterprise technology companies to the business fallout from Covid-19 while unemployment claims.
Cisco customers won't have to pay for software, hardware or services they buy for 90 days, so long as orders are placed between Tuesday and July 25. After the 90-day period, they pay 1% in the total contract value per month until the end of 2020, according to the company's website. They'll have to make monthly payments in line with the terms of their agreements after that. Pre-owned Cisco products are also available for payment deferrals through 2021.
Customers had shown they wanted to know how Cisco could help them obtain technology — to handle remote work or service their own customers — while being uncertain about the future of the economy, Kristine Snow, president of Cisco Capital, told CNBC in an interview on Tuesday. "They know when and exactly how much they're going to make the payments, yet they can acquire the technology now," she said.
The cost of up to 5% of services from Cisco's partners, like installation, can be included in the total bundle, Snow said, noting that the offer applies for all Cisco products.
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