In today’s environment of constant change, you may find yourself needing to replace or upgrade your IT/communications technology due to circumstances out of your control. For instance:
- Vendor may have announced end-of-life for the system you currently have
- An unexpected event has occurred that has compromised your system
- Vendor has filed bankruptcy and you don’t know what the future holds
- New functionalities are being requested by end users that your system is not capable of
- IT cannot expand and support the growth of your company’s communications requirements
When these situations arise, more often than not, it is not in the budget. And, as long as there is dial tone, it’s hard to convince the powers that be of the necessity of spending dollars on replacing their communications system. So, what are your options?
- Do nothing and run the risk of your system going down or not being able to support your end users with the services they require
- Look to see where you can find dollars in the existing budget and where you can make cuts on other projects
- Consider financing or leasing options for your technology acquisitions
Financing is a great alternative to traditional funding sources. It lets you act quickly and does not negatively impact your budget. When choosing this path, you need to consider carefully the funding source. You need a source that is responsive and understands the nuances of acquiring new technology and has the expertise to meet your exact needs. One such company is NEC Financial Services.
NEC Financial Services has provided IT/communications finance solutions for more than 30 years and during that time has supported many companies in getting all their technology needs through flexible financing options. They start with a transaction team and use underwriting and financing contracts that are customizable to their clients’ needs. Their unique system enables them to create a better solution that ensures their clients have what they require to grow their business.
NEC Financial Services team offers several options for the financing and leasing of technology acquisitions. And, the best part? You can purchase various IT hardware, software and associated items from multiple vendors and have NEC create a financing package customized to your specific needs.
Some examples of the different financing and leasing approaches they offer that you will find are very different from a more traditional lender or bank:
- Programs based on customer requirements – most organizations face the same business challenges that are not easily resolved with standard finance transactions. NEC Financial Services provides different types of programs based on customer requirements. From a purchase to own arrangement to an OPEX finance option, the program is designed to fit the business need. Including:
- Terms to Protect Against Technology Obsolescence – for clients where obsolescence is a real issue, they can structure shorter terms so they can keep up with important technology updates to grow their business.
- Maintenance Financing – option to finance one of the more expensive, yet critical components of a new technology purchase – maintenance.
- Tech Refresh Lease – clients can get technology updated with a simple schedule as an addendum to the master lease or finance agreement. It’s easy and gives a customer an opportunity to keep on top of technology changes.
- Software Financing an option for leveling out investment costs versus having the initial capital investment cash flow impact the budgeting cycle.
- Off Balance Sheet – many organizations find it more attractive to acquire technology as an operational expense, giving them additional financial benefits.
- Driven by cash flow – if an organization has a specific budget amount they need to meet, NEC Financial Services will work to structure financing to accommodate that number.
- Our job would be to align the budget expense to the cost of that technology over time. For example, with a $10K budget a month – the goal would be to get that number to $10K or less.
- Beyond the traditional – NEC Financial Services designs financing options to ensure that clients can receive funding for their technology upgrades and investments, even during the installation or implementation phases. Many times this can be accomplished through various offerings that include direct and working capital loans or structured financing.
In addition to the financing options, NEC Financial Services also provides asset tracking. They find that many of their clients require a more robust asset tracking system than they have in-house. They can track assets by jurisdiction, county, state, and zip code, taking the burden from their clients while providing added value.
NEC Financial Services goal is to support their clients’ ongoing business growth through long-term relationships. They make great efforts to understand client’s business requirements and growth strategies so that they can structure finance options to meet their needs and successfully implement their plans.
Technology is in NEC Financial Services DNA – especially since they are a division of NEC which was named as one of the 50 most innovative companies in 2016. They are truly committed to providing excellent service to their clients to ensure they are able to get the technology they need to remain competitive.
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