To accept credit and debit cards as payment for your goods, you need the right equipment. Whether your own a small business requiring one counter top terminal or a multi-location business requiring many terminals and a full POS system, you need the right equipment that satisfies your specific needs.
EFTPOS machines are a necessary tool for businesses today, though many business owners don’t know if they should purchase or lease an EFTPOS machine. In this post, we look at the benefits of both, and which route you should take.
Purchasing versus leasing EFTPOS terminals
The answer to this question is not always simple, as every business (and its requirements) is different. Before making a decision, you need to consider these factors:
● Do you have the necessary budget to support purchasing outright? If cash flow is an issue, leasing might be the better option.
● Are the tax benefits better for purchasing compared to leasing? Consult with your tax advisor on which option is better in terms of benefits or subsidies.
● Do you prefer making monthly payments compared to purchasing outright? If your cash flow is healthy and your business can manage the monthly payments, leasing your terminals can be a good option.
Furthermore, understand that as technology is changing constantly, the same goes for EFTPOS terminals. If equipment becomes de-certified or obsolete, you need to make the necessary upgrades.
Why we recommend purchasing an EFTPOS machine instead of leasing
While we understand that business might have a tight budget, especially during the early stages of the business, purchasing your terminals provides greater benefits compared to leasing.
Over the lifetime of your lease, you will pay more than you would have paid had you simply purchased the terminals you need upfront. This is not unusual, as most things cost more when you pay for them over time versus purchasing outright.
Leasing is offered more as a convenience to merchants. However, EFTPOS terminals are a necessary part of your business and the long-term benefit they offer far outweighs the initial upfront cost. Cash payments are slowly becoming less popular, paving way for mobile and contactless payments. Your business needs to have the necessary equipment to accept all types of payment.
Just make sure that when purchasing your terminals, you are doing so from a reputable supplier with the necessary POS technology and software to meet your needs.
Get your EFTPOS machine from POS Technology today!
If you’re looking for an expert to help you choose your EFTPOS machine or any other POS equipment, POS Technology is one of the foremost experts on EFTPOS NZ has to offer. Take a look around our online shop today to find what you’re looking for, or get in touch to talk to an expert!