Photocopiers can be an expensive outlay, especially the models equipped with the latest technology and functionality. The good news is that it’s not necessary to stump up the funds all at once thanks to photocopier leasing.
Photocopier leasing arrangements are an increasingly popular way for businesses to avoid bulky upfront costs without needing to compromise on the machine’s quality or functionality. It can also be a great option for businesses that would prefer to ‘test’ a machine for a period of time before deciding to purchase or those that may only need a machine temporarily.
What is Photocopier Leasing?
A photocopier lease spreads the cost of a photocopier over a long term financial contract. The contract is usually based on maintaining regular payments over a specified period. For long term leases the payments are usually due on a quarterly basis. In return you not only have full use of the machine but also ongoing maintenance, supplies, technical support and even machine upgrades in some cases. When the lease comes to an end some agreements include the opportunity to purchase the machine at the Fair Market Value.
By entering into a photocopier lease you could benefit from:
- Efficient delivery and installation
- Service and maintenance (included in your quarterly fee)
- Professional setup and training for you and your staff
- Machine upgrades as new models become available
- A tailored financial arrangement that enables you to spread the cost and access the latest technology.
Types of Photocopier Lease
There are two main types of lease arrangement: lease rental and lease purchase.
A lease rental agreement tends to the cover a fixed, long term period of more than a year. You are tied into the contract until completion (even if you no longer require the machine anymore) and obligated to make all the monthly or quarterly payments. The key thing to consider in this type of lease arrangement is that at the end of the contract the machine is still owned by the leasing company. In the case of a lease purchase you make all the payments in the same way but at the end of the contract you are given the opportunity to take on ownership of the machine.
Advantages of Photocopier Leasing
By taking out a photocopier lease you avoid the need to find a large quantity of money upfront. Spreading the cost via quarterly payments enables you to manage your business’ budget more effectively. Payments will not be affected by interest rates and with maintenance included you won’t need to confront surprise costs down the line. Leasing also tends to involve lower regular payments than rental costs.
While purchasing a photocopier for your business outright would give most companies 100% tax relief in year 1, with leasing 100% of the lease payments would be deductible each year.
The sophistication and functionality of the photocopier you choose need not be dictated by a restricted budget. This means you can access the modern, multi-functional machines that can photocopy, print, scan, fax, write PDFs and manage / accept documents via email. Some providers will also give you the option of upgrading your machine during the contract but this will usually incur a fee.
Disadvantages of Photocopier Leasing
While photocopier rentals tend to be month to month agreements that can be cancelled, a lease is a much more concrete, long term arrangement that usually spans at least 3 years. If you want to end your copier lease contract early you will usually need to pay a fee. In addition, if your company were to close for some reason, you would still be contracted to maintain payments for the remainder of the contract.
Making the Right Choice for your Business
Before agreeing to a photocopier lease for your business there are some key factors to consider.
Many modern Multi-functional photocopiers (MFP) are capable of scanning, binding, faxing and more. But, as you’ve probably already guessed, this functionality costs extra. You should also give some thought to whether you need colour printing or if black and white will be enough, the speed of copying and / or printing, the range of paper sizes it is compatible with and possibly even energy efficiency.
If you are unlikely to produce more than 700 copies a month then a ‘business’ sized photocopier could turn out to be an unnecessary financial commitment. A smaller model that you may be able to afford to buy outright could be perfectly sufficient.
Demonstration and / or print samples
Before entering into a long term contract you really should give your chosen machine a ‘test run’. The provider should be able to arrange a demonstration of the machine and / or provide samples of the copies it produces.
Compare like for like
It’s important to compare quotes from multiple providers but when doing so make sure you’re comparing like for like. The brand, model and functionality will all have an impact on price so you can only make a true comparison if the quotes are evenly matched.
End of lease
For the duration of the contract the photocopier will remain the property of the finance provider. However, at the end of the agreement you may be given the option to purchase the photocopier at the current market value.
Costs of Photocopier Leasing
Depending on the functionality, size, speed and capacity the cost of a photocopier can start from a few hundred pounds ranging into tens of thousands. The cost of the monthly lease will also vary from provider to provider so it’s important to compare multiple quotes so you can be sure you’re getting the best deal.
Interested in leasing a photocopier for your business?
The simplest way to find the most competitive quotes for a photocopier lease is to send us an enquiry today. We will be in touch in a matter of hours to confirm a few details about your business and requirements. Up to 4 providers will be in touch to provide you with their most competitive quotes. All you need to do is choose which quote, if any, is right for your business. There’s no obligation to accept any of the quotes and no fee for using our service.