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Telephone System Leasing

Leasing is a very popular option for business owners that want to have state-of-the-art equipment for their offices. Leasing office equipment was not an option before but today, many manufacturers and suppliers are offering leasing plans for their equipment. Leasing has many benefits. It allows one to have the latest technology, it’s great for the environment and gives several tax and cash flow benefits.  The telephone system is one product business owners can lease.

Why lease a telephone system?

There are several reasons why you should. Here are some of them.

Get the best system 

If you are purchasing a new system, price is a big factor. If you are cash strapped, you usually go for the lower models or the cheapest models. With leasing, you will be able to afford the best solution for your needs. You can compete effectively in your industry. With leasing, you don’t need to settle for a quick fix that can ultimately cost you more in the long run.

No big initial cost

There is no need for you to dig deep into your capital to acquire a new system. With leasing, you only  pay a small monthly fee.

Pay as you earn

Companies acquire machines to either save or earn money. If you lease, you don’t have to pay a huge upfront cost so you can invest in a solution that will give you savings right away or make the equipment work for you immediately. You can use your savings to invest in other things.

Fixed payments

Because you already know how much you will be paying each month, you can budget your finances accordingly. You know exactly how much your telephone system is costing you.

Tax benefits 

All payments made under a lease contract are treated as operating costs so you can reduce 100% of your payments from your tax bill.

Protect your credit lines

Since you don’t need a huge cash outlay, you don’t need to apply for a loan or max out you credit card. Leasing will help ease the strain on your working capital. You can conserve your money and other lines of credit for a more profitable investment.

Flexibility

You can choose the payment scheme that matches your business flow. You can pay either monthly or quarterly. You will avoid bad management of cash flow.

Stay with the latest trends in technology

You can upgrade your system at the end of the lease. Just inform your supplier immediately so that your contract can be adjusted right away. You don’t have to worry about your old model. The supplier will just take it and replace it with the latest model.

Respond quickly to your business needs

Some suppliers allow for an upgrade or downgrade in the middle of the lease contract. If you plan to do this, inform your supplier at the beginning so they can make adjustments. This aspect is important especially if your business is project-based. When the demand for copier goes up, you can get a high-end model. After the project, you can go back to a basic machine.

100% financing after credit is approved

You don’t have to worry about capital. Just pay the monthly lease. The financing company will take care of the rest.

Stretch your budget

Now that you no longer have a need for a big cash outlay, you can stretch your money and invest it in more profitable projects. If you are a small business, you don’t have to worry where to get the next payroll especially if things are just starting to get stable.

Frequently Asked Questions

How much is the down payment?

There is usually no down payment. You will be asked to pay for one month’s lease or the first and last month’s lease payment.

Can I lease new equipment or is it just for used ones?

It really depends on your size and your approval. Start-up businesses with no revenues are given “small ticket” leases. For phone systems, they will usually get a basic one that will complement their personal credit.  You will not be given equipment that you cannot afford.

How can leasing companies afford all that equipment?

There is an abundance of institutional investors out there that supply billions of pounds into the capital markets monthly. A good chunk goes to these leasing companies. They use the money to purchase equipment. As more money flows into the market, the more capital these leasing companies have. This results to lower monthly rates for customers.

What other costs can I include in my contract?  

There are “soft costs” that can be included in your financing. Examples of these soft costs are training for your staff for high end models and installation. As long as it is associated with your equipment purchase, you can probably ask it to be financed.

Is it hard to obtain a lease for a second-hand phone system?

No, not at all for small ticket leases. It’s as easy as applying for a credit card. If you require a high-end model that costs thousands of pounds, you will be asked to give more detailed financial information about your business. The leasing company will also conduct a more thorough credit analysis to make sure that you can afford the lease.

How do I find a leasing company?

With the use of the Internet, finding a supplier is easy. Just type in ‘telephone systems leasing company’ in your favorite search engine and you will be given results. Make the list shorter by putting your location.

You can also use comparison sites so you avoid the hard work. You simply fill up a form and they will match your requirements to the top 3 providers in your area. You can then set up a meeting with them.

Another way of finding a good vendor is through referrals. Ask your friends and colleagues about their experiences with their own vendors.

What are the lease options available?

You can get the following terms:

  • 24 months
  • 36 months
  • 48 months
  • 60 months

Is there a purchase option at the end of my contract?

Yes, there are several options:

Buy Out

At the end of your agreement, you may purchase the equipment for £1. This is the most popular option because in the end, you get the machine for a small price. For this type, the monthly payment is slightly higher than the other 2 options that will be discussed next.

10% of the Purchase Price

You may purchase the machine at the end of your agreement for 10% of its original price.

Fair Market Value

This is the most flexible option to avoid obsolescence. At the end of your contract, you are given 3 choices – you can continue to lease the copier, return it or purchase it according to its fair market value at the time the lease ends.