By presenting competing offers to Banyan Security, you can create leverage in your negotiations. Make it clear that while you prefer Banyan for its features and services, the price difference with competitors is significant, and as a requirement from finance, you need to ensure a competitive deal is made. This tactic will highlight the urgency to offer you more favorable terms.

When negotiating with Banyan Security, focus on eliminating any proposed uplift during the renewal of the Enterprise Edition. Highlight that you did not anticipate an increase owing to current market standards and that a flat renewal or decreased cost for the continued usage of their services is essential for your finance department.

Advocate for a short-term commitment like month-to-month or a limited-term renewal while expressing that your organization needs time to evaluate ROI effectively. Since Banyan is providing critical services, but your finance teams are cautious about long-term contracts, this tactic can push Banyan to adjust rates favorably.

Insist on removing the auto-renewal clause from your agreement with Banyan. Position this as a necessity from your finance team, stating that they require contracts to be negotiated and agreed upon annually, rather than automatically extending. This tactic can strengthen your negotiation position while ensuring you maintain control over future contracts.