The most visible program is discussed on Epicor Software's home page under the heading: "Competitive Through New Financing Solutions". Those are not spelled out other than to say deferred and extended payment options are available through Epicor’s financing partners and customers are urged to contact their account representatives. Acumatica has some formal programs such as "moving from annual payment to monthly to help manage cashflow, that some customers are picking up in response to the COVID outbreak,” CEO Jon Roskill said this week. There is also work with customers one-on-one with approaches such as extended terms and price breaks to help keep “the business running in the Cloud until they are ready to re-emerge,” he continued. There is also work with customers one-on-one with approaches such as extended terms and price breaks to help keep “the business running in the Cloud until they are ready to re-emerge,” he continued. During an interview for the compilation of Bob Scott’s Top 100 VARs, David Faye, owner of Faye Business Systems Group, noted a SugarCRM client with 500 licenses asked if it could pay half its bill now and then half later. “Sugar is allowing the customer not to pay it all when it’s due,” says Faye, who said both SugarCRM and Sage had been flexible. Sage did not spell out specific terms during this month’s webcast for results for the first half ended March 31. But CEO Steve Hare noted it is “talking to customers where they have difficulties or where they've contacted us to say that they want to cancel. And we are offering support through short-term payment holidays and other means of supporting them.” Blackbaud somewhat ducked the question from an analyst this month during its webcast for earnings for the first quarter ended March 31. CFO Tony Boor phrased the approach as moving customers from one-year contracts to three-years with a discount built in. Boor pictured business as doing well. “Our retention rates have actually been better than we expected, pre and post. And so it's interesting, right now, renewal rates are doing very well, even compared to plan,” he said.Last modified on Friday, 22 May 2020
FLEXIBLE TERMS EMERGE AS TOOL Featured
The challenges brought by the COVID-19 virus and business shutdowns and remote operations has put a focus on payment terms. While there is no consistent report from financial software vendors, formal and informal changes to payments are being offered by many to help cash-strapped customers.