Buy or Lease Your Terminal?

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There are many considerations that factor into a merchant’s decision to buy or lease their credit card terminals. This video presents the pros and cons of both options and will help you make an informed decision that’s right for your business.

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    If your business accepts credit cards and you use a point-of-sale processing terminal — like one of these — you’ll need to decide whether to lease this equipment or purchase it outright.
    There are advantages to both leasing and buying your equipment, and the decision about which to choose is really based on the needs of your business.

    If you buy your equipment, it will cost in the hundreds of dollars, maybe over one thousand, depending on the type of equipment you’ll use. But you will own that equipment outright. No worries about being held liable for damage or theft. But owning the equipment means paying for repairs out of pocket, and replacing damaged or obsolete equipment yourself.

    If you lease your equipment, you’ll generally have the option to replace damaged or obsolete equipment as part of the lease terms at an additional cost. And you may pay as little as twenty-five dollars a month for your lease fee. However, you will be tied to a contract that could bring your total equipment costs well over the cost of purchasing the equipment.

    If you decide to purchase your equipment, be sure to ask your salesperson to provide you with a list of PCI-compliant terminals and make your choice only from that list. Ask your salesperson to explain any fees related to the purchase over the cost of the equipment. If you decide to lease, ask about the terms of the contract: Can you cancel without financial penalty? Does the contract cover replacement costs? Can you opt to purchase the equipment and get credit for lease payments?

    Keep your financial situation in mind as you consider whether to buy or lease your equipment. And whatever you choose, the best decision you can make is to work with a payment processor that offers you choices, support and all the information you need to help you save money and grow your business.



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