As your business scales, so does the need for larger-capacity office equipment. Office printers are typically one of the first investments that companies consider when growing their staff or moving into a larger office building. However, many companies struggle to decide whether they should purchase a multi-function printer (MFP) or lease the equipment from a managed print services company.
Here are some considerations when deciding whether to rent or buy a multi-function printer for your business.
Pros: Leasing a Printer
Business technology continues to transform at an incredible rate. This is true for both new operating software and the hardware required to run it. When making a new office equipment purchase today, it is important to recognize the rapidly approaching shelf-life.
Leasing a multi-function printer offers a variety of cost-saving benefits. Purchasing a large-scale printer for your office can be a big expense that takes away from your business cash flow. However, when leasing the equipment, you’re able to spread that expense over several months through smaller payments to avoid big upfront costs.
Another important benefit of leasing your equipment is the ability to upgrade or add additional capability whenever is convenient, ensuring that you’re only paying for the equipment and services you need and when you need them.
Cons: Leasing a Printer
Depending on your situation, leasing office equipment isn’t necessarily always the most economical choice.
While leasing your multi-function printer can help you save considerably upfront, if you’re not careful these expenses can cost you down the road. For example, if you lease a printer for two years or more, you could end up paying enough interest to exceed the total value of the product.
While every managed print services company is different, most of them have lock-in periods when signing any long-term contracts. This can be an issue if you reach a point where you no longer need that specific technology. Depending on the terms of the contract, it may still require you to pay a monthly service fee or pay an early termination fee if you have no need for the equipment anymore.
Pros: Buying a Printer
Even though purchasing a printer is a large upfront expense, it can sometimes prove to be a better economical decision over the long term. For example, making large-scale purchases for your business may have significant tax benefits, allowing you to take deductions off of total taxes owed at the end of the year.
Cons: Buying a Printer
One of the major downsides of purchasing a printer is that you eventually must upgrade.
Whether it’s because your office is growing or you need to resolve hardware compatibility issues, eventually, your office equipment will become obsolete. While you may get a good few years of usage with your office equipment, you’ll have to decide if the value you get from a direct purchase will be more than if you were to lease that same equipment.
The largest downside of purchasing office printers upfront is the significant initial investment required. Depending on the size of your organization, high-capacity multi-function printers can cost thousands of dollars to purchase and require dedicated internal resources to manage.
There is no right or wrong answer when deciding to purchase or lease your multi-function printer. But by considering the pros and cons of each scenario, you’ll be able to make the decision that’s right for your business.