Why Printer Leasing is the Ideal Option for Small Businesses
For businesses dealing with the demands of large-batch printing and copying, owning a high-end laser printer or digital copier makes sense in terms of flexibility and productivity. However, these cutting-edge office machines come with a hefty price tag — ranging from a few thousand to more than $10,000 for an outright purchase.
For a small or medium-sized business, that kind of investment represents a large chunk of capital — one that many businesses can’t afford. Plus, the price of initial investment doesn’t consider the collateral costs of owning the machine — printer or toner costs, cost of paper, and repairs and maintenance.
With this in mind, many organizations are making a choice to lease rather than buy their office equipment. Leasing not only takes the strain off the budget, but offers enhanced flexibility, reliability, and control over downtime.
The Advantages of Printer Leasing for Small Businesses
Whether you need a stand-alone inkjet, a heavy-duty laser printer, or large multifunctional devices, there are many advantages of leasing your office equipment.
Leasing allows you to stay on the cutting edge of technology for better reliability, higher uptimes, and increased productivity, along with providing expert technical support. In addition, leases allow for:
- The flexibility to scale up — or down — quickly
- Improved data protection and security with constant updates, patches, and authentication control
- Improved maintenance for fewer downtimes
- Better workflow efficiency
Leasing a machine can also improve printing cost transparency and helps reduce cost by automating the purchase of necessary supplies.
How to Choose the Right Printer Lease for Your Small Business
Before you choose a lease partner, you must first define your business’ needs by determining your print load. Calculate how many pages per month you print in order to choose the right model for your usage. Then:
Research the Possibilities
Take time to research printers or copiers and their functionality to determine which will be able to handle your business’ workload. This is an excellent time to begin a relationship with a company that provides managed print services, as they have experts on staff that can help you pinpoint the correct brand and model.
Compare Lease Versus Outright Purchase
After you’ve chosen your model, you’ll want to compare lease versus purchase price. Ideally, you’ll want the monthly lease price to equal the retail value of the machine when multiplied by the number of months you expect to use it.
Choose the Correct Lease
There are two ways you can go about leasing business equipment — through capital or operating leases.
These are the less common of the two leasing choices since the monthly rate is higher because the entire cost of the equipment is being financed.
Generally, a capital lease is considered more of a loan that a strict rental because the equipment goes on the balance sheet of the lessee. This is because the principal and interest (P&I) being paid is put directly toward the cost of the machine.
Capital leases are an excellent choice for organizations looking to eventually buy and own the equipment, as a buyout cost is outlined in the lease contract. Capital leases are also known in the industry as $1 buyout leases.
An operating or fair market, lease is the most common leasing options due to the low monthly payments. Because the business is, strictly speaking, renting the equipment, the cost never gets added to the balance sheet. There’s still an option to buy at lease end, but the lessor calculates the cost based on several factors like market demand, wear and tear, depreciation, etc.
Whichever lease you choose, be sure to read the terms of the agreement carefully before signing. Most organizations run leases through a risk management department or outside counsel to be sure there are no onerous terms.
Ready to Get Started with a Printer Lease?
If you’re spending too much on your office technology, it’s time to consider the benefits of printer leasing to update your fleet, manage your technology, and expand your resources for greater productivity, functionality, and cost savings.
At Office Technologies, we have 27 years of expertise supplying our small and medium-sized business clients with the highest quality office equipment — and service — in the industry.
If you’re ready to explore the many benefits of printer leasing for your organization, get in touch with Office Technologies today!