Investing in an EPOS system is a big decision, and choosing how to finance it can make all the difference. Whether you’re running a busy retail shop, a growing hospitality business, or a chain of restaurants, it’s important to know your options.
Let’s break down the three main ways you can finance your EPOS system – purchasing, leasing, or renting – and how to decide which one works best for your business.
1. Buying Your EPOS System
This option works by buying the system outright, paying the full cost upfront, and is best suited for established businesses with the budget to invest long-term.
Why it could work for you:
Full ownership: The system becomes entirely yours with a one-time payment for the hardware and software, with ongoing maintenance costs to ensure optimal performance.
Cost savings: No interest fees or rental costs make this the most affordable option over time.
Business asset: Your EPOS system becomes part of your business assets, adding value and efficiency.
What to keep in mind:
Upfront cost: Buying outright gives you full ownership of your EPOS system but may not suit tighter budgets.
Future updates: Technology evolves quickly – budget for upgrades may be needed.
2. Leasing Your EPOS System
This option works by paying for your EPOS system in fixed instalments over 3-5 years, with the option to buy it at the end. It is best suited for businesses that want the benefits of ownership but need to spread the cost.
Why it could work for you:
Affordable payments: Spread the cost over regular instalments to conserve capital.
Upgrade flexibility: Stay ahead with upgrade options to keep your system up to date.
Tax benefits: In most cases, lease payments are tax-deductible, helping to lower your overall tax bill.
What to keep in mind:
Total cost: Leasing can cost more in the long run compared to buying upfront, but it spreads payments over time. However, there may be tax benefits to leasing business equipment that could offset the costs.
Contract commitment: Leasing ties you into an agreement, though it often includes upgrade options and tax advantages.
Ongoing maintenance charges: From year two onwards, Cunninghams applies a maintenance fee to ensure continued system performance and support.
3. Renting Your EPOS System
This option works by paying to use the EPOS system for a short period under a flexible rental agreement, making it best suited for start-ups, seasonal businesses, or short-term projects.
Why it could work for you:
Low upfront cost: Keep initial expenses minimal with an affordable monthly plan.
Flexibility: Rent the system for a season, event, or project with the option to extend or return as needed.
All-in-one solution: Includes hardware, software, support, and maintenance, plus optional payments with our merchant services.
Stress-free maintenance: Enjoy peace of mind with servicing, updates, and expert support included.
No additional maintenance costs: Everything is included in the rental package - setup, programming, installation, training, and ongoing software licensing and maintenance.
What to keep in mind:
Cost considerations: Renting long-term may cost more than buying or leasing, but it offers flexibility and no large upfront payments. However, there may be tax benefits to renting business equipment, possibly allowing you to offset some of the rental costs.
No ownership: While you won’t own the system, you’ll enjoy stress-free maintenance and ongoing support included in your rental.
Plus, if Windows changes its operating system, or your hardware or Windows software becomes outdated, Cunninghams will, of course, upgrade your system free of charge as included in the rental contract.
How to Decide Which Option Works Best for You
When deciding how to finance your EPOS system, consider your budget and whether you can pay upfront or if spreading the cost is more manageable. Reflect on the stage your business is at - whether you’re a new start-up, seasonal, or well-established. Finally, think about your need for flexibility, such as whether you will require upgrades or short-term options.
Ready to take the next step? Get in touch with our team today on 0330 024 5014 or email info@cunninghams.co.uk.
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