Considerations for Financing your Equipment Purchases
Certain pieces of equipment can accelerate your business operations and streamline your production or services. However, there’s no need to drain a significant amount of money from your business for your next equipment purchase. You should be able to acquire the pieces of equipment you need without the heavy upfront cost. Consider financing your equipment and pay smaller chunks of money over a certain amount of time.
Before financing your equipment, you must consider the cost vs. the benefits. How will this piece of equipment benefit your company? What purpose will it serve? Is it something you can do without if you do a little planning and coordinating? If you find that the benefits outweigh the cost, equipment financing is right for you.
Financing Terms and Costs
Carefully read through any financing terms and carefully calculate the cost of your payments. Can your business afford the payments, or will they put unnecessary financial burden on you? Will you have to cut costs in other areas? Will your payments increase over time? How much principal will you pay vs. interest?
Does the Financing Company Care about your Bottom Line?
It’s no secret that companies do what they do for the money. However, this doesn’t mean that there aren’t companies who truly care for their clients and want to advocate for their success. It’s important to understand the mission of your financing company, and how they intend to help you succeed vs. how they intend to help themselves succeed. Do a little exploring to find your perfect fit, and don’t be afraid to look up potential companies’ past customers to find out more about their individual relationships with their clients.
Benefits of Choosing to Finance
If you decide that financing is the right decision for your company, there are several benefits. First, you can strengthen your financial position by slowly paying your financing costs over time rather than the expensive upfront cost. Financing allows you to reserve cash each month for smaller, more convenient payments, continue to grow your revenue, and further save for unexpected costs and emergencies. Many financing companies offer affordable and fair interest rates, and are willing to offer you deferment programs, as well as seasonal payment programs.
Use Vision Payment Solutions to finance your new equipment, accelerate your business, and better your operations. We offer instant financing up to $100,000, unparalleled client services, finance terms from 12-60 months, and the opportunity to upgrade your equipment with a simple, one-page document.
Contact Vision Payments to find out more about our financing services and apply for your Vision Payments merchant account!