For small businesses or home users, buying a photocopier outright may be too challenging financially. If document reproduction isn’t your main field of activity, or for exclusively internal use, leasing a photocopier is a way to benefit from all the advantages of such a machine, while reducing costs. Here are a few tips on how leasing works, and why it may be the appropriate solution for your company.
How does it work?
Most companies supplying photocopiers offer the option to lease rent or lease purchase them. In both cases, you’ll pay a monthly or quarterly fee instead of paying the full price in one go.
Leasing and renting
Leasing a photocopier usually means you will pay for it in instalments. With a rental contract, you must return the unit after a set period of time, generally between 1 and 5 years. On the contrary, lease purchase means that at the end of the contract, you own the machine. Either way, all contracts are renewable, sometimes automatically if you don’t express your desire to terminate the lease. If you want to back out early from the agreement, you will probably have to pay a settlement fee.
Costs and maintenance
It should be noted that leasing a photocopier amounts to borrowing money to pay for it over the time of the contract. Interests will therefore add up to the outright price of the copier. However, most lease contracts include maintenance of the unit and sometimes toner refills. This is a perfect way to benefit from the best service with little initial investment.
When is it recommended to lease your photocopier?
There are many elements to consider before signing for a lease contract, and the overall cost is only one of them. Assessing your needs and defining your company’s profile will help determine if such a system is suitable for you.
How much are you going to use your copier?
If you need a complex, state-of-the-art machine for your company, or if you are specialized in document reproduction, the costs of a lease purchase will soon be amortized. On the other hand, for occasional uses, rental or buying a second-hand or refurbished photocopier may be more interesting. It all boils down to the price per page, which shall in the end determine the best option.
Leasing a photocopier to spread the cost
For a machine costing £1,000 for instance, a 5-year lease contract monthly fee is generally around £20 or £30. That way, leasing a photocopier should not put any strain on your finances. Small businesses can’t always afford expensive equipment, so spreading the cost and benefiting from included maintenance guarantees constant service and peace of mind.
Home users and sole traders
Renting or lease purchasing a copier is the preferred option for many businesses, particularly small ones. Printing invoices and estimates, copying documents or diagrams are everyday tasks for most companies, but buying a photocopier for small volumes of copies might be unnecessary. Likewise, home users who will need their unit for a short period of time, for example to print and copy posters or announcements should use this method, specifically a lease rental.