A recent survey released by our good friends over at GreatAmerica Financial Services provides some interesting information regarding why technology buyers are choosing monthly payments over a traditional cash purchase. Here are the top five reasons!
1- Consistent Budgeting.
This is an obvious benefit to renting or leasing your technology and it’s one we covered in a previous article regarding alternative financing, but I was a bit surprised that it landed in the top spot for tech buyers. It makes a lot of sense though. If you’ve ever been in charge of technology purchases, than you already know that budget is typically what stands in the way of approvals for a new purchase. The consistency in budgeting that renting or leasing provides is not only a positive when it comes time to make new purchases, but it also makes your finance director’s life a lot easier because it provides them with a clear and concise forecast in terms of the current and future costs of your equipment.
2- More Affordable.
This reason is huge, and it makes sense why tech buyers give it high priority. Depending on the individual needs and goals for your business, the technology that you need can potentially come with a premium price tag, and all too often we see a business compromise on the solution for the sake of saving money. Breaking the upfront and long term costs of technology down to monthly payments makes the right solution significantly more affordable.
3-Easier To Keep Technology Updated.
This reason comes as no surprise as tech buyers naturally feel the stressors of maintaining outdated technology, but no matter what role you serve in your business, outdated technology should be a concern. Not having the right technology can work as a major detriment to your overall efficiency and the experience that you provide for your clients. Having a sustainable and affordable update plan for your technology means that your business won’t slow down due to antiquated equipment.
4- Reduces Ownership Risks.
It’s easy as a consumer to overlook the true cost of ownership when it comes to any major purchase but it’s especially vital to consider this when purchasing technology as a business. Whether or not your business is properly staffed to identify and address any technological issue, not having to own that responsibility provides both peace of mind and less downtime in the event of a failure or issue with your technology
5- Not Enough Cash.
Had you asked me prior to my discovery of these survey results, it’s very likely that I would’ve chosen this as the number one reason. I appreciate this making the list at number five though because it shows that while money is important, there are other major advantages to renting or leasing your equipment that your business should strongly consider before making your next big purchase.
Whether you’re looking for a technology solution or you just have a few questions about what leasing or renting may look like for your business, we’d love to have that conversation with you. We have a solid partner in GreatAmerica Financial Services and together we can provide you with a solution that meets your needs and fits your monthly budget.
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