Here are 5 pitfalls of leasing equipment that you should keep in mind before you sign a lease.
1) Overall cost for the equipment is actually higher, higher even than borrowing the money at a set interest rate to buy it outright.
2) You are often tied to their merchant process systems.
3) That means you can’t take the equipment with you – even after you pay off the lease – to another processor.
4) The equipment may not do what your business needs – in other words, there are other systems that can do what your business needs, but you are not being presented with those options (what you are getting might be too much functionality, or not enough features to serve your business.)
5) Paying a higher rate.
There are even more reasons that may be specific to your business, but these 5 reasons are the most important ones that we wanted to share with you today.
Keep in mind, we do not manufacture equipment, so if we find a solution for you, we are going to offer you the options from a wide range of equipment solutions. If we are able to supply equipment to you, we pass through our best cost to you so that you can use better processing tools.
We keep our eye on the latest technology for our clients, from blue tooth chip card readers to classic terminals, and from high powered, data driven POS systems to virtual, online terminals that can be accessed anywhere you are – even on vacation – if that is what you want to do.
~ Mary Ann