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Should I Rent or Buy my EFTPOS?

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Should I Rent or Buy my EFTPOS?

"It is best to rent your machine because EFTPOS machines are always changing"

The truth is that EFTPOS machines (Hardware) do not change that often. There are two elements to an EFTPOS machine, these are
• Software - Changes frequently as new features and security measures come into play.
  Software upgrades are done automatically on new eftpos machines.
• Hardware - Changes are rare. We don’t always know when x machine will need to be replaced due to the hardware expiring.

 

"Eftpos machines are always breaking down"

The actual failure rate of EFTPOS machines is actually very low! Most EFTPOS failures happen because of external factors such as lost internet, power spikes and impact damage from machines being dropped.
Whether you rent or purchase a machine from us you will get the same great service.
If in the rare occasion that your machine needs to be swapped out, we will arrange a loaner terminal and program it with your merchant number so you can continue as business as usual. 
Purchased machines come with a one year warranty but even after the year is up, we will still lend you a replacement EFTPOS machine while yours is getting fixed.
If you rent or buy, damage caused by physical force, liquid, insect infestations or power spikes is not usually covered by manufacturers warranties.

 

"If you rent your machine you can claim back the tax"

Rental costs for EFTPOS machines are 100% claimable for NZ tax purposes. These would be claimed over the rental period.
If you buy your EFTPOS machine you can claim back 100% for NZ tax purposes. If its cost is less than $1000, you can claim it as an expense in the year that it was bought as they are now classed as being a low value asset.

 

"Renting an EFTPOS smooths cash flow"

Renting is a great option if you don't have the money up front to buy a machine.
It allows you to know what your ongoing costs are and it is easier to plan for knowing that a set amount of money is coming out each month.

 

"Software upgrades can be expensive"

If you rent, the ongoing licence fee is built into the cost you pay monthly. 
If you buy to own, the licence fee is charged monthly, or if you wish, you are also able to pay annually. 
When it comes to downloading the software upgrades, there is no additional cost. There may be occasions where the machine must be sent away for a software upgrade. This is out of our control, and small costs do apply if you have bought your machine to own.  There would be no charge if you were renting.

 

Renting vs Owning your EFTPOS

Based on a rental price of $50+GST, after 18 months of paying rental you could have bought the EFTPOS unit. 
On the total lifespan, of our current eftpos machines you are likely to save up to $3000 (based on a nine year life span)

One of the biggest advantages of buying a machine over leasing is that with a lease you often have to sign up for a set amount of time. 
If you own your machine and you want to sell it, you can! It is probably the most risk free way of having an eftpos machine.

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