With the many components, from different suppliers, involved in an electronic point of sale system, many businesses find it extremely expensive to get the right equipment. Epos rental and Epos leasing then appear to be interesting alternatives. But besides the economic benefits, rentals also come with their drawbacks. All these should be kept in mind when checking rental rates, and estimating total usage costs of a rented or leased Epos system.
Pros and cons of Epos rental and Epos leasing
The benefits of rental and leasing are well known, but disadvantages must not be overlooked.
Advantages of Epos rental and Epos leasing
Renting or leasing an Epos bring most of the advantages associated with this practice for any other business equipment:
- Businesses juts pay a minimal monthly fee (a little bit higher in case of leasing) and a small upfront payment, their cash flow is therefore only moderately affected;
- This fee usually covers common repair, maintenance and upgrade tasks, which would be costly and complicated to do without the help of a professional when businesses own the equipment.
Major disadvantages include:
- You don’t own the equipment and it is not an asset of the business - unless it is leased;
- Businesses depend on the leasing or rental provider for repairs, upgrades and consumables;
- Deposits are sometimes required, or some kind of guarantee;
- It is often hard to select individual components of the Epos within a rental package and keep a low price, as rentals providers rely on special agreements with manufacturers for their bundles.
Rates - and hidden costs
While rental rates may look very affordable, businesses should really look into exactly what is covered in the rental or leasing plan, and what’s not.
What you get - and don’t get - with the Epos rental or lease
As explained above, a large part of the benefits of an Epos rental plan is the number of services included.
- However, all maintenance and upgrade operations are not always included;
- Real training, actually allowing businesses to fully understand and use the system is not always included;
- Included repairs might be strictly limited to unlikely causes of breakdowns.
Also, bear in mind that an Epos system has many parts, serves many purposes, and is used by many collaborators. Businesses should therefore check the following options:
- Number of users covered, and the cost of adding an extra user;
- Number of chip-and-pin readers included;
- Number of licences for the Epos software.
Typical Epos rental and Epos leasing rates
That being said, rental rates and leasing rates still look attractive:
- Leasing rates may or may not be tied with a contract, and paid on a monthly or weekly basis;
- £20 to £40 leasing rates for a touchscreen Epos system + Epos software + printer + cash drawer are not uncommon.
- For the same configuration, VAT-exclusive weekly Epos rental rates can be as low as £20, and as high as £36;
- Choosing a tablet Epos does not bring these rates higher.