If you’re running a business and you’re figuring out how you can get the equipment your company needs without shelling out lots of cash for it, you should try asset finance. This is when another company fronts the money to buy the equipment and assets you need for your expansion or to continue operating.
Generally, there are two types of asset finance – leasing and hire purchase agreements. The former means renting a piece of equipment for a certain period of time and the business pays a set monthly amount for such equipment. The latter, on the other hand, means paying an initial deposit for equipment and slowly paying off the balance in increments with interest.
The first option lets you use the equipment as long as you pay, but you don’t own it no matter how many payments you make. The second option, on the other hand, may be a bit more expensive than the first choice, but you do end up owning it in the long run.
So, which option is better for you? Should you lease or should you purchase equipment on installment via a hire purchase agreement? Here are a couple of good reasons why you should opt to lease instead of purchase:
Opting for ID badge printer rental instead of buying your own device is a cost-efficient and smart business decision. It has low upfront costs and most leasing companies offer flexible payment schemes. With that said, however, you still need to be picky with the company you’ll be working with.
To help you find the best ID badge printer rental company, here are some questions you can ask:
Let’s say you’ve already rented a specific printer, but, after using it for a couple of weeks, you feel like it doesn’t fit your needs. What will happen in this case? Before signing on the dotted line, clear this matter up with the supplier.
Can you trade in your device for another? Do you have to pay more? Ask questions and get answers, otherwise, you’ll end up paying for something you can’t use.
Imagine using the device, and it suddenly breaks down. When you bring it to the company’s attention, you’re told it’s not insured and you have to pay for repairs.
Find out if the company insures their equipment or if you have to purchase the said insurance yourself. Knowing this early on can save you a lot of troubles along the way.
Another thing you should find out is who will pay for supplies. Toner and replacement parts are examples of these.
Clarify with the vendor if they have programs that allow customers to track supply use. You can easily set up immediate delivery when toners run out of supply through such programs.
Policies vary per vendor, so it’s best to know the specific terms of your lease. Ask how you can send back the printer and if you should expect to shoulder shipping fees. It’s better to sort this matter out at the onset or you run the risk of facing costly surprises when the time comes.
When you run a business, it’s normal to think of profits. In the same vein, it’s also logical to choose options that maximize gains and lower costs. This is why leasing is better than buying your own equipment, in most cases.
