Investing in any asset for your office requires consideration of all pros and cons, and when there’s the option to either buy or rent, then there’s even more to take into account. Many office suppliers will rent printers and copiers to companies for a monthly fee, but there are contractual commitments included.
Here are some of the benefits of both renting and buying office printers and copiers.
Benefits of renting printers and copiers
1. Lower initial costs
Particularly important for start-ups or companies that are unsure about their printing and copying requirements long-term, renting a printer or copier means there are fewer upfront costs. The initial expense of buying a printer or copier could be too high, but the company cannot run without it, so renting is the most realistic option. This is particularly true of companies needing highly specialised equipment.
Most equipment providers will rent out printers and copiers with maintenance plans which means the hassles of dealing with equipment malfunctions don’t fall on the shoulders of the lessee. When equipment has served its purpose and needs to be re-sold, the burden of seeking buyers falls onto the supplier.
3. No replacement costs
Similarly, when an office copier or printer has become outdated or is starting to malfunction, then it will need to be replaced – at a cost. Fortunately, for those renting a copier or printer, the unexpected replacement costs will be absorbed by the supplier and not business owner.
4. Flexible payment plans
Investing in a copier or printer is generally a standard procedure which involves big costs from the start. However, when renting a copier or printer, there are often flexible payment plans which can be customised to suit individual business requirements.
Read More: 5 Best Photocopiers for Small Business
Benefits of buying printers and copiers
1. Long-term savings
While there is no doubt that buying a printer or copier is expensive, the rental option does cost more in the long run. The lessee is required to pay interest monthly on the rental, eventually having paid more in the long-run than the market value of the printer or copier. Suppliers may offer maintenance plans, but this will be at an additional cost to the lessee.
2. No contract stipulations
When renting a copier or printer, the business has to sign a contract – usually annual – which can be problematic if copier or printing needs adapt throughout the year. This is a particular setback for start-up companies that can’t always foresee their printing and copying needs ahead of time. Smaller businesses may also get locked into a rental agreement and then find they don’t actually need the copier or printer, so it costs unnecessarily. With an upfront purchase, there are no additional payments and the copier or printer can be sold if not needed.
3. No penalties
In a rental agreement, there will be the option to terminate the contract if the copier or printer requirements change, but this will come with penalties. Some rental agreements will also automatically renew on completion, locking the business into another year unwittingly. When a copier or printer is bought, there is no worry about these costs.
4. No delay in maintenance and repairs
Because a rented copier or printer is the property of the supplier, not the lessee, then all maintenance must be performed by supplier. This is not only an additional cost, but can cause massive delays to production if not attended to swiftly. For companies that own their own equipment, maintenance can be performed without hesitation.
The costs and particular requirements of each company need to be thoroughly assessed before a decision is made on renting or buying copiers and printers. If a rental agreement is in place, the business must understand all the cost implications going forwards, including any penalties they might incur.