{"id":2001,"date":"2014-09-08T11:15:58","date_gmt":"2014-09-08T15:15:58","guid":{"rendered":"https:\/\/www.nationaltransaction.com\/credit-card-merchant\/?p=2001"},"modified":"2014-09-08T11:15:58","modified_gmt":"2014-09-08T15:15:58","slug":"leasing-or-renting-a-credit-card-terminal-should-not-be-an-option","status":"publish","type":"post","link":"https:\/\/www.nationaltransaction.com\/credit-card-merchant\/leasing-or-renting-a-credit-card-terminal-should-not-be-an-option\/","title":{"rendered":"Leasing or renting a Credit Card Terminal should not be an Option"},"content":{"rendered":"
\"Card<\/a>

“>Credit: Flickr<\/a><\/p><\/div>\n

One of the greatest mistake\u00a0any merchants can do is deciding to lease or rent a credit card terminal rather than getting one for FREE. While the practice of leasing has declined in recent years in the US it is all they are doing in Canada whether the merchant is renting from a bank or leasing from a sales rep. In both the US and Canada some sales reps will still strive and persuade you that leasing is the perfect choice for you. You\u2019re not obliged to pay any cash up front, or You\u2019re assured a substitute terminal if yours breaks. Those selling statements may sound decent, but they\u2019re not. A terminal lease will end up costing you hundreds, if not thousands of dollars more than what it\u2019s worth. With the fees you\u2019ll end up disbursing to lease a terminal, you could buy that same terminal in a matter of months. If you lease a terminal you could also be forced to buy equipment insurance, which is an additional expense. You may even have to give back the terminal at the end of your lease!<\/p>\n

Why Purchasing a Credit Card Terminal is a Good Choice<\/strong><\/p>\n

A terminal lease brings with it a 48 month lease contract. That is a lengthy time to be giving for a terminal that doesn\u2019t cost more than $300 today. Why not just buy one entirely? The cost of the purchase is absolutely tax deductible. Even if you can\u2019t come up with the money to pay cash for your terminal, you can just put it on a business credit card. The interest given is still tax deductible, and let\u2019s says you have a 19 percent credit card rate, if you pay the same amount of $\/month toward your credit card balance that you would have paid toward your lease, you\u2019ll have the terminal paid off in less than a year. That\u2019s a savings that can be better channelled into budding and growing your company.<\/p>\n

FREE Credit Card Terminal<\/strong><\/p>\n

For those of you, who feels that because of the ever changing technology, they do not want to continue buying new terminals, there are FREE Terminals offers all across Canada. So, with your FREE terminals, there is no out of pocket set up expense and your current processing rate can be the same or reduced significantly.\u00a0 If your terminal breaks or if there is a better technology that develops, the company automatically ships to you at no charge an upgraded terminal. So, if you can\u2019t buy one, see if your credit card processor will give you one for FREE.<\/p>\n

If you\u2019re stuck in a lease, you most likely won\u2019t able to end the contract. A lease term is usually 48 months, so you\u2019ll have to look up when that term terminates before you can leave without a consequence. As an alternative, do your own research and analyze the total expense of leasing vs. purchasing. Better yet, strongly consider the benefits of not having to worry about anything, at one point is that FREE terminal usually has $25 minimum expense to the merchant. Mom taught you there was no free lunch didn\u2019t she? If you decide to return the FREE terminal, you may find a RETURN EQUIPMENT FEE or an EARLY RETURN FEE of that FREE EQUIPMENT.<\/p>\n","protected":false},"excerpt":{"rendered":"

One of the greatest mistake\u00a0any merchants can do is deciding to lease or rent a credit card terminal rather than<\/p>\n

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