Printers and copiers are necessities for most businesses. But investing in office equipment can be a major capital expense, especially for companies that need a fleet of multifunction printers. Even for a small business owner who's just starting out, purchasing a single machine can take up a sizable chunk of working capital.
A more cost-effective way to address an organization's office equipment needs is by leasing. For most, the benefits far outweigh purchasing equipment outright. Most notably, it allows businesses to more accurately forecast their budgets, build business credit and even out cash flow each month.
In addition, leasing not only helps in preserving capital but also enables businesses to stay current with the latest technological advancements without the burden of obsolescence. Furthermore, leasing offers the advantage of predictable monthly expenses, which aids in more accurate budgeting and financial planning.
This flexibility is particularly beneficial for businesses experiencing growth or those with fluctuating equipment needs, as it allows them to scale their technology infrastructure up or down as required.
Here’s the basics you’ll need to know about leasing agreements for office technology:
For many businesses, leasing office technology just makes financial sense as it enhances their operational efficiency and helps them maintain a competitive edge in their industry.
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There’s a wide variety of office technology that businesses can lease. Multifunction printers, copiers, scanners, large format printers and production printers are commonly leased devices. However, computers, software, phones, security systems, video surveillance, mailroom equipment, automation control, digital signage and more are all workplace items that can be leased. Searching for more options? Check out our guide on 20 types of business equipment you can lease.
Leasing allows businesses to access the latest technology without the need for a large upfront investment. This can be particularly advantageous for companies that rely heavily on up-to-date technology to maintain efficiency and competitiveness.
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While leasing agreements appear similar, there are differences. For instance, there are three common end of lease options:
For a detailed explanation of various leasing options, check out our guide on available leasing options for office equipment.
Several factors go into calculating the cost of leasing multifunction printers or copiers. These include the type of machine, the number of devices needed, the amount of images printed monthly, the length of the lease term and if any ancillary options are chosen such as output management software, a contract for maintenance & service or just-in-time (JIT) toner delivery.
RELATED: 4 Compelling Benefits of Leasing Equipment vs. Buying
Some office equipment suppliers, especially those offering managed print services (MPS) with in-house financing, provide flexible lease terms and customer service excellence. In addition, they often have options to bundle maintenance service agreements into one convenient monthly lease payment, covering parts, repairs, labor, toner, travel time and preventative maintenance. This can significantly reduce equipment downtime and ensure your equipment operates reliably. To learn more about how MPS can benefit your business, check out our article on the business advantages of managed print services.
To get the best possible lease options, make sure you first choose a reputable leasing company. Choosing the wrong MPS and leasing partner could result in hidden fees, inflated end-of-term buy-outs or renewals or the wrong technology solutions for your company. For guidance on selecting the right provider, read our guide on choosing a managed print provider.
Some key questions to ask include: How do you structure your leases? Who does the financing go through? How experienced are you in my industry? Additionally, inquire about their experience with similar firms, the types of lease products they offer and whether the lease terms are flexible and customizable to your needs.
Gordon Flesch Company (GFC) is your expert Managed Print provider, with flexible and convenient in-house leasing services. GFC Leasing currently services more than 10,000 leases on a variety of workplace equipment assets. GFC Leasing is fully managed in-house by GFC associates, leases are available for a variety of business assets from 12 to 63 months and there’s no hidden fees or surprises for end-of-term buyouts. Contact us today to learn more about leasing options for your office technology!
