Credit Card Processing Experts - Credit Card Processing: Should You Buy Or Rent Credit Card Processing Equipment? -

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Credit Card Processing: Should You Buy Or Rent Credit Card Processing Equipment?

By Trisha Echols You decide to get a credit card processing for your business. For days, you compare different credit card processing companies and finally selected the one that best fit your needs. After signing the contract, the personnel asks you, “ Will you be buying or leasing credit card equipment?” Before you could answer, he goes on with his sales pitch, “ Leasing costs a minimal amount of only $25 a month. If you buy , it could cost you an outright purchase price of $700. I suggest you just rent to reduce financial burden. “ With this sweet talk, most merchants would then opt to for a lease agreement of credit card equipment. After all, the figure sounds so easy and affordable. But is it, really? Let's examine the facts: First, credit card equipment does not cost $700. That price quote is simply absurd. Conduct a bit of research among top credit card equipment dealers. Call them by phone and inquire. It's price ranges only from $180 - $350. With a little mental calculation, a lease contract of $25 for an average of three years would cost roughly $1100. That's thrice the amount if you buy the equipment! And the sad part is, you do not own the equipment after your credit processing contract expires. You still have to return back the equipment to the company. Then here's the additional double whammy: the credit card processing company will continue charging you for the equipment lease in the event that your business dips down to bankruptcy. In most instances, you continue paying rent for the equipment you no longer use long after the contract expires. To sweeten the bitter pill, sales people will tell you that leasing is tax deductible. True. But so does any business equipment purchase. Bottom line, you lose a lot with a lease contract. Now what if you decide to purchase the credit card equipment? It's a good decision, mind you. You spare yourself from a lot of worries and headaches. While it could cost you some hard-earned bucks, you get to own the equipment. In other words, it's yours to keep.   Here's the pros and cons of renting the credit card processing equipment. PROS <ol><li>You pay a only a nominal monthly fee of $25. This works fine for the cash-strapped merchants. </li><li> You enjoy a free, 24/7 maintenance service. </li><li>When one equipment breaks down, your processor will immediately replace it with a functional unit. CONS </li><li>The total accumulated rent cost would be several times over than its purchase price. </li><li>After paying the rent for months, you do not get to own it. You have to return the equipment after your credit card processing service expires. </li><li>You can not just cancel the rent anytime if you decide to buy your own equipment. You are bound to pay for the rent through the duration of the contract regardless of whether you use the equipment or not. </li></ol> Benefits of purchasing the equipment: <ol><li>You get to own the unit. It's yours to keep. </li><li>You make significant savings in the long run. </li><li>You are free to switch to other credit card processing company any time without hassle. </li><li>No monthly fees to worry. </li><li>You get to choose the best credit card equipment for your business. </li></ol> Anyway you look at it, you gain a lot when you buy credit card processing equipment.     ( Trisha Echols currently is a long-time financial consultant with established consultancy offices in Amsterdam, Halifax, Malaysia and other key cities. Her clients belong to the top 500 companies in England and in the United States. She does lectures on strategic business practices and also writes for various magazines on business matters).<a href="http://www.onlywire.com/submit?u=http://www.creditcardprocessingexperts.com/credit_card_processing_should_you_buy_or_rent_credit_card-equipment.html;t=credit%20card%20processing;tags=credit%20card%20processing" target="_blank" title="Add this Article to Onlywire"><img src="http://www.onlywire.com/i/onlywire.ico" alt="" />Add to Onlywire!</a>

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