Many consumers in the market for new office equipment don’t realize the expense of buying a printer for their workplace.
But once you get into the advanced multifunction (print, copy, scan and fax) and production printer categories, the price can range from $15,000-to-$100,000 and beyond.
Of course, not everybody needs a robust printing solution, but even a basic multifunction office printer can cost you upwards of $1,000.
You might have already found the exact printer you want, but how are you going to pay for it? What are your choices?
Fortunately, you have multiple payment options at your disposal, so you don’t have to incur such a hefty short-term business cost if you don’t have the financial means or desire to do so.
As a print vendor that has worked with countless customers on finding the best form of payment for their situation, we are distinctly familiar with the different types of payment methods that are commonplace throughout the industry.
Using our experience as a reference, we’re going to provide you with the four most popular purchasing options consumers opt to choose from when buying a machine.
Not all print providers, or vendors, will be unanimous in the types of payments they can take for their equipment, though, which means not all payment methods discussed in this article will be universally offered.
But the four options discussed today should at least give you a solid idea of what your choices are when it comes to buying a printer, no matter if it’s a simple, print-only, device or a large production-style printer.
4 Common Payment Options for Purchasing a Printer
Here are the four primary choices you have when it comes to paying for your next printer:
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Leasing
The most common purchasing option among consumers in getting the printer they desire is leasing the machine since it serves as a more affordable long-term option than buying it outright.
Leasing a printer is just like leasing a car: You pay a monthly payment determined by the type of machine you choose, how long you opt to lease it, the interest rate you are charged by the leasing company and any additional services you opt to include upon purchase.
As with anything, there are pros and cons to the leasing option, and it will not be a fit for everyone.
A few of the pros to leasing a printer include:
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Easier to budget for expensive equipment since the total cost of the machine is broken down into monthly payments, which keeps your working capital intact.
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Automatic shipment of toner and access to service technicians are usually provided as a part of your lease agreement in the form of a service contract, which starts at around $12 a month plus the price per page cost for the amount you print or copy in a month.
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Flexible contracts that allow you to upgrade or add accessories to your machine.
A few of the cons to leasing a printer include:
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You are in a contract, which means you are committed to staying in that agreement for the term length you agreed to and would have to pay a cancellation fee to break your lease.
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Interest charges do apply and can be higher than rates from your personal bank (more on this later).
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Must meet eligibility requirements, such as the price limit for leasing, which can be $1,000 or more at some print providers.
If you choose the leasing option, you should expect a contract term length of around three to five years, depending on where you decide to lease from.
It’s essential to assess your work environment, including how many employees use the printer and if workgroup growth is expected, and have all your bases covered before entering into a lease agreement.
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Cash Payment
The next payment option doesn’t need much of an introduction. Cash payments are always green and always good.
But when would paying in cash be the best option for you?
Well, if you have it in your budget to purchase a multi-thousand-dollar machine in cash, you should do it every time.
Why? Because it will save you more money if you have the cash flow to purchase up front, you won’t be bound by a contract and you can even recoup some of your initial investment by selling the printer after you’ve used it and no longer need it.
The problem with paying in cash for most companies, especially smaller-to-medium-sized ones, is they don’t have the requisite cash flow to pay out of pocket for a $5,000-plus printer.
Unless you can drop thousands of dollars without blinking an eye, you’re going to want to purchase permanent office equipment by leasing it.
Another downside to the purchasing option, other than the price, is you may choose to opt-out of automatic shipments of supplies, like toner, and be left to outsource maintenance work if your printer experiences service issues.
Because many consumers end up paying too much for toner, and printer service technicians can charge more than $100 an hour, choosing to purchase a machine without a service contract can be risky.
Leasing or purchasing a printer outright are the two most common consumer options when paying for a machine. Read our blog on leasing vs. purchasing a printer to learn which one could be right for you.
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Business or Personal Credit Card
While leasing and purchasing a printer are the most frequent options you’ll see across the industry, there are additional payment options you can inquire about if the provider you’re buying from offers them.
That’s a key “if,” because the next option involves purchasing with a business or personal credit card, which is not always available to consumers.
Vendors differ on the issue of accepting credit cards as a form of payment, and some charge additional fees to purchase with one, but if you’re interested in going that route to finance your printer, many credit card providers offer special financing for large purchases.
You can also earn rewards and reap the benefits of an interest-free period depending on the credit card provider you choose.
Buying with a credit card would be a fit for consumers that need their machine financed but don’t qualify for financing from leasing companies or banks. If you want to earn rewards through your credit card provider, you would also be a fit for the credit card option.
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Personal Financing
The fourth and final option for payment includes receiving financing from your personal financial institution, whether it be a bank, credit union or other.
Many banks and credit unions offer small business loans as investment capital that can be used to finance printers and production equipment, although it may not be a universal option offered by print providers.
If you’re a company that would rather personally finance your new equipment through a bank that you have an established relationship with, it could be a better option for you than going through a third-party leasing company for financing.
The downside is you have to instigate the financing and manage it alongside your bank, which means it takes more work on your end than it would if you leased through an external leasing company.
If there’s a big monetary difference because your bank is offering a lower interest rate, then it would likely be best to go with the personal financing option so you can save on your business expenses.
However, if the difference in cost is small, going with the leasing option could be a better option since you won’t have to do some of the back-end work required with getting equipment personally financed.
Read our blog on how to get the best price for your printer to learn more.
Ready to Purchase Your Ideal Printer?
Paying for a long-term printing solution for your workplace can be daunting due to the price of the machine and the numerous options you can use to pay for it.
Leasing and purchasing are the common purchasing options but print providers will differ on what they offer beyond that. Less frequent types of payment options, like credit cards or personal financing, can be accessible to you, but their availability will ultimately depend on who you purchase from.
We’ve been in the printer industry for over 35 years, and our experience has taught us how arduous it can be to pay for the machine you need in your office.
Go through the four options discussed today, talk with your print provider and figure out the best payment method that will allow you to get the machine you want without having to break the bank for it.
By this point, you’ve likely figured out which machine you want and are deciphering the best way to purchase it.
We partner with Xerox and exclusively sell their products, which means if the printer you’re wanting to purchase is Xerox-branded, we can provide you with it.
But Xerox is not a fit for everybody, and we don’t want to limit our assistance to just Xerox customers. If you’re interested in another brand of printer, like Canon or HP, we can help refer you to somebody that sells the specific type of machine you’re interested in.
Before clicking the “Buy” button, though, it’s best to consult industry experts to make sure you’re getting the most out of your investment.
If you know which printer you want and are ready to purchase it, or you need help in finding the right machine for you, reach out to us and we’ll help you find the solution that is best for your situation.
