HPE Financial Services Rolls Out Relief Programs

HPE Financial Services (HPEFS) is out to help the customers and the channel partners that support them. On Tuesday it announced relief financing to the tune of more than $2 billion. The new HPEFS initiatives target liquidity and cash, a concern of utmost importance to business customers in the midst of the COVID-19 pandemic.

HPE Financial Services’ Payment Relief Program aims to help customers buy new technology today. It also offers other financial initiatives.

HPE Financial Services’ Paul Sheeran

“We’re very much open for business,” Paul Sheeran, vice president, worldwide channel and SMB business at HPEFS, told Channel Futures. “HPE Financial Services has very strong relationships with the partner community, worldwide. We work closely with our partners and customers in making sure that we can support them through these terrible times.”

The new program allows customers to get the new technology they need today. Customers will pay only 1% of the total contract value each month for the first eight months. This allows them to defer more than 90% of the cost until 2021. Beginning in 2021, each monthly payment will equal approximately 3.3% of total contract value.

HPE Financial Services Programs

• Generating cash from existing assets. Customers can convert value from the IT assets they own into capital that can be applied to purchase new, upgraded technology. This incremental capital resource can help close the gap with IT expenditures. Or, it can give customers the flexibility to support other parts of their business. HPEFS can also buy back excess newer technology that customer’s no longer need. For the past two years, HPEFS has infused more than $642 million back into clients’ budgets this way.
• Deferring or reducing expenses. The team is offering a 90-day delayed payment structure in addition to the HPEFS Payment Relief Program. The goal is to help ease customers’ tight budgets. The payment deferral option is available on new technology purchases. It is eligible for a range of HPE hardware and select software, software appliances, services and installation packages. 
• Matching payments to production. HPEFS offers customers a phased deployment program. This allows them to acquire compute and storage capacity now so they have the flexibility to configure, test and stand up systems before paying. The deployment schedule can extend out one year.
• Relieving capacity strain or delivery delays. HPEFS is offering certified used technology to address a variety of situations. A full portfolio of data center equipment, such as components, parts, subassemblies, feature upgrades and whole systems, is available off the shelf or custom-configured to meet customer budget or circumstance. This technology meets HPE OEM standards and comes with a standard 30-day warranty, eligible for additional maintenance and support. 
• Short-term rentals. HPEFS will rent used HPE technology from three months to one year, and new PCs for one year. The goal is to relieve capacity strain or delivery delays that some customers may face. This technology is factory-configured to customer specifications, available with warranty and eligible for HPE Pointnext Services support.

While HPE Financial Services targets customers with these new initiatives, it also demonstrates that HPEFS is standing behind partners as well. And end users can reach HPEFS directly or through the channel. HPEFS offers rewards for partner assistance.

“These initiatives will provide partners the extra confidence to go and approach customers and continue doing business where possible right now,” said Sheeran. “The main message that we’re hearing from partners and customers is, ‘How can we conserve our cash and protect our balance sheet and PLO as we navigate through uncertain times?’”

The majority of HPE’s business worldwide is via channel partners. Partners can position these programs for their customers. The HPEFS Technomics portal is a quick and digital route for partners to transact business with HPEFS. It offers digital or electronic signatures.

“By leveraging these programs, partners can use our cash instead of their own lines,” Lee Eberding, global director channel and SMB go-to-market at HPEFS, told Channel Futures. “That’s in terms of paying for the product and the inventory. By processing the business through these programs, it can help partners manage their own financial situation as well.”

HPEFS will do business as usual using the same underwriting criteria. Minimum deal size is $5,000 covering SMBs through global accounts.