05 Nov How Your Business Can Benefit From Software Payment Plans
The next time that your company needs new software, should you purchase the software upfront or take a Software Payment Plan? This is a relevant question for many businesses, especially those facing cash flow issues and/or looking to maximize their ROI. Purchasing software for your business is a critical factor as the software that you choose will be a key part of your company and your success.
Software financing has become one of the most preferred methods of procurement and for a good reason. It is no secret that software is becoming even more mission critical than hardware, especially with the scalable and intuitive enterprise solutions that are helping companies run faster, more efficiently and productively.
In this tech-savvy environment , you must not fall behind. To achieve that, you need access to the best and latest software in your industry. However, the problem is that business software is not usually available at a low upfront cost, even considering the discounted rates that many vendors offer to companies.
Other challenges with software is obsolescence and right-sizing. It can be challenging to manage a software stack that requires upgrades, new mid-term projects to expand functionality and end user licence true-ups.
As a 100% software financing provider, this is where BidFin can come to your rescue. BidFin can help your business by providing you with the funds required to support your investment in the software needed to transform your business.
Here are some great reasons most companies choose to finance their software purchase through a Software Payment Plan rather than pay for it outright.
Through BidFin customers can pay in line with deployment and consumption of the underlying technology assets, generating significant NPV (Net Present Value) Savings.
You may choose from monthly, quarterly, ramped or even a custom payment term based on what best suits your budget and business needs and preferences. A Software Payment Plan provides your business the best of both worlds. Your company can get access to the latest business software with the security and comfort of knowing that you can easily upgrade the software when needed without accruing any substantial financial loss.
Modern-day CFO’s are becoming a lot savvier than remitting upfront in full, knowing their organization will benefit in the future.
In addition when financing any investment in software you have the flexibility to include other add-on costs into the total purchase price, these could include the licenses, installation, service, training or other partner related services and spread those costs over the term of the payment solution.
By financing your software solution through BidFin, you can easily overcome the challenge of arranging the start-up capital required to invest in the software that you need in order to grow your business.
You spread affordable payments across time, conserving your working capital so that it really works for your business. This avoids the pitfall of using your short-term credit facilities (such as a bank line of credit) for your long-term business needs.
Keep up with your Competitors
This is another benefit of a Software Payment Plan. Financing software can enable your company to acquire sophisticated technology, like a CRM or an ERP solution, which may otherwise be unaffordable. As a result, you are better positioned to launch new products, improve service levels, or stay ahead of your competitors without draining all your financial resources.
While most banks don’t consider software a tangible business asset, BidFin understands that the expensive hardware in which you have invested a huge amount of money is useless without the appropriate software. Hence, financing your next software solution through BidFin is your means of funding the total tech solution.
Software financing allows you to strategically plan for the future. This is because, with a Software Payment Plan, your business has a pre-determined line item expense whether it is monthly, quarterly or semi-annually or annually, helping you budget more easily and effectively. With fixed payments, you know exactly the amount you will have to pay and for how long, which eliminates any payment unpredictability.
Financing a software solution through a Software Payment Plan gives your business the option to act quickly when buying software so that you can keep up with the dynamic and innovative market while continuing to expand your business.
Protect your business organization from being tied to obsolete or outdated software. A suitable Software Payment Plan from experts at BidFin can be your company’s long-term solution to keeping up with its software needs.
Contact BidFin and find out how they can help your organization invest in the IT solution you need today in order to transform your business for tomorrow!