Photocopiers are still essential for business processes to run smoothly and for employees to become more productive. This is why it is not surprising that this device is a must-have in many offices. But acquiring one is not easy for many business owners mainly because copiers are expensive. The thing is that buying is not the only option available if you need this device. Nowadays, you can either lease or rent a photocopier.
What Is Photocopier Lease?
Leasing a photocopier allows your company to have a copy machine without making a large upfront payment. In order to use the copier, you need to pay a fixed amount monthly for a period of time. There are different types of lease arrangements. In some cases, the lease may have a duration of 24 months; others may be for a period of 60 months. There are agreements which allow the lessee to purchase the unit at the end of the lease based on its Fair Market Value at that time. Also, some lessors permit their clients to upgrade their equipment during their lease; others only allow it at the end of the contract term.
Basically, with leasing, you can get a photocopier without worrying about spending a huge sum of cash outright. It also allows you to get the device when you need it. There’s no need to wait until you’ve raised the money needed which is usually the case when you’re buying one.
The challenge with leasing a photocopier is that you are often required to fulfil the entire duration of the agreement. Hence, if you choose to terminate the contract before the term ends, you may be asked to pay a hefty amount. This can be financially burdensome, especially if your business is not doing well.
What Is Photocopier Rental?
Renting a photocopier is similar to leasing except that the duration is much shorter. While most leasing contracts have an average length of two to five years, photocopier rentals run on a month to month basis. Moreover, rental agreements are much more flexible when it comes to termination. Typically, a 30-day notice is all that’s needed when you cancel the agreement.
Another advantage of a photocopier rental is that, since the contract is on a month to month basis, you do not have to wait that long if you wish to get a higher copier model. If you expect your copy volume to shoot up in the coming month, then you don’t have to worry about getting stuck with a machine that won’t be able to meet your requirements. You can upgrade your photocopier at the end of the month. With this, you ensure that your office continues to operate efficiently.
Which Should You Choose?
Both leasing and renting have their own advantages and disadvantages. Hence, when choosing between the two, it all boils down to your needs and financial capability.
How long you would need the printer should be a primary consideration. If you need it for just a few months, then renting is your best option. Your company’s stability must also be factored in. If your business is a start-up and you’re still worried about its survival, then leasing a photocopier can be a risky choice.
In terms of price, keep in mind that renting costs more than leasing since the duration is shorter. So, if you know that you’d be needing the copier for two to three years, then leasing may be more cost-effective.
Think about your copy volume, too. If it is not anywhere near 5,000 per month, then getting into a long-term contract is not a smart move. It may be better if you rent a copier. You can also just opt to buy one, especially if you just make a little over 700 copies per month.
In summary, rent a photocopier if you’d be using it for less than a year. Meanwhile, if you need it long-term and want to minimise expenses, leasing is the best option for you.
Want to know more about photocopier lease and photocopier rental? Call us at 01 460 4444 today!
Photo by Rose of Academe_