Buying vs leasing a printer: which is best for your business?
It may seem like many businesses are going down the paper-free route, but for many industries, such as the legal and financial sectors, hard copies of documents are still very much a necessity.
Although many companies are trying to save money this year, printers can actually be relatively cheap, especially when it comes to leasing.
In this blog, we’re going to break down the differences between the two and how they can each benefit your business.
When you buy a printer, it completely belongs to your business. You typically pay one total sum for the device and then it is yours.
One of the main advantages of buying a printer is that due to the single transaction, there is less paperwork to deal with in comparison to paying a monthly fee through leasing. This can save a lot of time, which is especially important for smaller businesses who may be stretched. Another benefit is that it becomes an asset on your accounts and can be written down year by year.
You can still have a managed print service (MPS) with a purchased printer, too. An MPS enables a remote team to manage your device, keeping an eye on ink and toner levels and installing more cartridges when you run out. Again, this saves time and means that you won’t be in a sticky situation where you urgently need to print but have run out of ink!
One of the main downsides of owning a printer is that start ups or smaller businesses might not have the funds to purchase a device upfront. It also means that the equipment can become outdated and a new model will need to be purchased once it stops working effectively.
Leasing a printer is when you pay a set amount each month, allowing you to use the printer as usual without having to pay a large sum up front.
The main benefit of this is that it has monthly, affordable costs – some businesses won’t even take payments until after the first three months. The payments are also fixed and will not change, even when inflation occurs. This essentially means you are getting more for your money!
You can also tailor payments in accordance with your cash flow, so you can choose the amount you pay as well as the length of your contract. When your equipment becomes outdated, the leasing company will upgrade the device for you as part of a new leasing package, which doesn’t happen when you purchase a printer.
Leasing is much more flexible compared to buying. If you need to save money, or find yourself no longer needing a printer, you can cancel or change your device and lease.
A downside of leasing is that the printer is never really yours. It can also be difficult to arrange a lease if you do not have a good credit score or are a new start up with not much collateral to show for. It’s also very important to look at the fine print before signing anything as there could be additional insurance and yearly admin fees.
Whether you buy or lease a printer is completely down to you and your business needs. If you are happy to pay a large sum up front to own a printer yourself, this may be the option for you, but if you would prefer monthly payments as well as technology upgrades this may be the better option! Considering your needs and getting in touch with printer and leasing experts can help you to decide the best fit.