Renting POS equipment used to be the only or best option for your business due to a lack of choice and high cost of POS providers. Times have changed, however; the world and business has modernised and digitised, with new payment methods becoming indispensable for doing retail business. If you are a merchant or service provider, you will probably need a POS system installed on some kind of POS machine, which you can own or rent. Is a POS machine on rent a viable option? Let’s take a look.
How POS machines function and where to get them
A POS machine on rent works in the same way as every other POS machine. It normally allows you to process credit or debit cards, contactless payments and cash, with newer POS systems such as Elly POS also enabling you to accept cryptocurrency payments. The majority of rental POS systems is cloud-based, so they need a stable Internet connection. Some POS systems enable you to work in the offline mode, but offline payments can cause problems in the system or incur additional costs. Different POS providers offer short-term, monthly or long-term POS rentals.
The rental costs depend on the length of the rental period. The rule of thumb is that the shorter the rent, the higher the price. The rental price depends on many factors, such as the type of business, the equipment required, online or offline functionalities, card payment solutions … By contacting a POS provider and asking for an estimate for a POS machine on rent, you can make an assessment whether it is more cost-effective for you to rent or buy a POS system. Some POS devices, such as those by Elly POS, can either be bought or rented, so take your pick!
The pros of POS rental
A rented POS machine can be used for a single day, a week, or on a month-to-month basis; it all depends on the type of business that you need it for.
- Ideal for one-time events
A POS machine on rent is a perfect choice for smaller events, pop-up shops or one-time events such as cultural or music festivals, concerts, conventions, farmers’ markets, fundraisers, fairs, conventions …
Renting a POS machine enables you to keep up with the latest technologies and payment methods. The latest equipment ensures you maximum productivity and efficiency, and allows you to keep up with your competition on the market. Furthermore, in the case of rental, the responsibility for system upgrades, repairs and replacements lies with someone else.
The cons of POS rental
- High costs
If you are planning to do business at a one-time event, renting a POS machine is probably the only option. However, if you are a business with regular and steady daily operation, a POS machine on rent is also very common and can also be quite cost-effective.
- Renting large numbers of POS machines
When you decide to rent a POS machine, you sometimes have to rent a large number of them, not just one. For this reason, renting may be optimal for bigger, one-time events with more staff, where you can calculate the rent fee into your organizational costs. Nevertheless, some POS systems such as Elly POS offer very convenient month-to-month rentals, whether you would require just one or many POS devices!
- Reliable Internet connection
Rentable POS systems are usually cloud-based, so you need a reliable and fast Internet connection so that your business can run smoothly; a strong connection, however, can be an additional cost for your business.
So, is renting a POS machine a viable business solution?
If you are planning to sell at a concert or will be accepting payments only for one day, then yes, it can be. But if you do business more often, you should calculate whether renting is more suitable than buying. Elly POS offers both rental and purchases of their POS terminals, and you can explore both options with our sales representatives. If you want to know more about Elly POS, contact us here.
Would you like to find out more about the advantages of Elly POS for your business? Contact us for a quote tailored to your company needs!