Printers are often taken for granted, until they need maintenance! Then it becomes clear how much the office depends on this vital machine. Copiers are more affordable and can do more than ever before. Most office machine suppliers offer the option to buy or lease your copier. There are advantages and disadvantages to both, but if you’ve settled on leasing, you may need a few helpful tips when picking a copier leasing company.
A Good Investment
Copiers are important in every office, no matter how much you lean on digital sharing. There are many things to consider when leasing, but the first thing you should do is research! Keep in mind the needs of your office, the budget allotted and the terms of the contract. Follow these 5 helpful tips when picking a copier leasing company:
1) Assess Your Needs
Look at the production needs of your office, as well as the number of employees using the copier. The size of your business and expected growth are also factors to consider. Once you’ve established your requirements, research brand reviews and user recommendations. Get several copier leasing quotes based on this information so you can feel confident in your decision.
2) Operating Lease
There are 2 types of copier lease. The first is an operating lease, which involves the straightforward renting of the copier. You will get the option to buy when the lease expires, but that cost will include depreciation and wear and tear. This is the most common type of lease, offering low monthly payments. Since you are renting the machine, the asset should not me added to your balance sheet.
3) Capital Lease
A capital lease is less common, but has its advantages. A capital lease is basically a loan, with principal and interest going towards the cost of the copier. With this type of lease the copier will go on your balance sheet, even while you make payments. The final buyout price will have been agreed upon in the contract. This lease is ideal for businesses that don’t have the capital to buy outright.
4) Determine Contract Terms
The contract is very important. Term length will determine monthly payments, interest and depreciation. Most lease terms are between 3 and 5 years. In addition to the copier lease is the service agreement. The terms of that agreement exist separately from the lease and can also be negotiated. Service agreements are usually based on the number of copies the copier will make each month. The more production your machine handles, the more expensive your service agreement.
5) Clarify Everything
If you have any doubts or concerns, be sure to clarify them before you sign anything. Copier leases can be complicated and should not be signed without thorough review. Make sure you understand any hidden fees, damage coverage, and whether or not there’s a renewal clause.
Leasing a copier can be cost-effective and convenient. Assess the production needs of your office and research reviews for various copier models. Determine which type of lease better suits your needs, then make it a priority to understand your contract. Use this guide to get started choosing the best copier leasing company for your business needs.
For help assessing your copier needs and analyzing your options, Contact Us.