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ATM Machine Lease
Are you thinking about buying or leasing an ATM machine to place in your business or as an additional source of income? Before you make your decision, weigh the pros and cons of both leasing and buying. You might find that leasing is a better option for the particular needs of your business.
ATM Purchase Considerations
What kind of things do you need to consider? First of all, what kind of service agreement will you have if you choose to buy an ATM? Are you responsible for all repairs? Is there any kind of warranty? Where is the closest service repair person?
If you buy, you may be responsible for all future repairs. There is generally a warranty period on at least part of the machine, but don't take those things for granted. Make sure you understand your agreement before you buy.
ATM Leasing Considerations
The same goes for leasing. Make sure you understand the lease agreement before you sign off on it. Generally speaking, you may receive more repair assistance if you lease the equipment, but read your contract closely. Are there charges for late lease payments? What if the machine does not perform as you had hoped? Is there a clause in the agreement that will allow you to opt out if necessary?
Look at the total price before you get infatuated with the low monthly payment of a lease agreement.
Example: If you can buy an ATM machine and service outright for $10,000, don't be taken in by a $1000 per month lease. That would end up costing you an additional $2000 more in the first year alone than the purchase. Plus, to continue that lease agreement means you will have to pay that $1000 a month the following year, too. While $1000 a month certainly sounds nicer than $10,000, the lease will cost you more in the long run. Not all leases are the same, though, so you should evaluate your options carefully.
Talk to your accountant to see which would be a better deduction for your business. Do you need a monthly payment to claim as a business expense for your taxes next year? How much of the monthly lease payment can you deduct? Can you deduct more if you buy it outright? Your accountant can tell you if it is more beneficial for you to buy or lease an ATM machine and will also be able to outline a few more pros and cons related to ATMs as business expenses.
Investigate Your Options
Take a little time to investigate your options before you choose to either buy or lease an ATM machine. Making an educated decision now will mean you will likely be more satisfied with your choice months down the road. Don't let a sales rep rush you into a decision. Remember, it's his or her job to sell. Insist on taking your time, asking questions, reading information and talking with other customers about their experiences with the company from which you are considering either leasing or buying.
