Small businesses are always looking for ways to stay ahead of the game—be it by offering unique products and services or using creative marketing tactics to attract new clientele. One of the most crucial ways of staying ahead is having a reliable and efficient POS system that helps your customers process transactions easily.
However, investing in a POS system can be heavy on the pocket, especially for small businesses who are just starting out or have limited resources. Fret not! Many business owners don’t realize there's a cost-effective solution that can help your business save money without the price tag that comes with hardware ownership — renting a POS terminal.
Benefits of renting a POS terminal
Today, businesses have many options available to them, including the possibility of renting a POS terminal. This enables a merchant to obtain more cash flow in the short term, increase their purchasing power, and increase return on investment. Let’s dive deeper into the benefits of renting a POS terminal.
Lower Upfront Costs
One of the most significant advantages of renting a POS terminal is that it allows you to lower your upfront costs. What does that mean? When you rent a POS terminal, you're essentially renting the equipment for a set period of time. This means you don't have to pay the full cost of the terminal upfront, freeing up more of your cash flow to be used for other expenses.
Fixed Monthly Costs
Renting a POS terminal also allows you to predict your monthly payments. When you rent a POS terminal, you'll typically pay a fixed monthly cost for the use of the technology. This means you'll know exactly how much you'll be paying each month, which can make it easier to manage your expenses and plan your finances more effectively.
No Maintenance Costs
Another advantage of renting a POS terminal is that you won't have to worry about maintenance or repair costs which can be very expensive. When you rent a POS terminal, the renting company is responsible for maintaining and repairing the equipment. This can result in significant cost savings for your small business, and you can ensure that your POS system is always up-to-date and functioning properly.
Access to Latest Technology
Renting a POS terminal gives you access to the latest technology, allowing you to stay ahead of the competition. POS systems are constantly evolving, and new features are being added all the time. By renting, you can upgrade your system more frequently and keep up with the latest trends without the high costs of purchasing a new system outright.
Renting a POS terminal can also provide tax benefits for your small business. Rent payments are considered a business expense, which means you can deduct them from your taxable income. This can help you reduce your tax liability and improve your overall financial position.
Renting a POS terminal provides you with flexibility. You can customize your renting agreement to fit your specific needs. Whether you want a shorter or longer rent term or a renting agreement with a lower or higher monthly payment, the options are endless. This way, you can have a payment system that works for you and your business.
We understand that as a small business owner, it can be challenging for you to manage your expenses and find ways to cut costs without sacrificing the quality of your products or services. Moneris is proud to offer renting options for our newest terminals, Moneris Go and the Moneris Go Plus.
Renting is a smart and savvy choice for small businesses looking to save money without sacrificing the benefits of modern payment processing technology. Upgrade your payment system to a Moneris POS terminal today and watch your business thrive!