Photocopier Leasing & Renting
Photocopier Leasing and Renting
Leasing and renting is a fantastic way for businesses to save money without compromising on the functionality of their new photocopier. For many businesses, purchasing a photocopier is a huge expense, with the price of a typical office photocopier ranging from around £1,000 up to £15,000+.
Whether you are looking for a long term or short term lease on a photocopier, it is always more cost effective to lease than to purchase. Additionally, when leasing from an established Managed Print Service company, like Midshire, you not only avoid the large up-front cost of purchasing the machine, but additional costs relating to service as well as receiving potential tax relief on your lease. Midshire’s service covers installation and training, general photocopier maintenance, the ordering of toner cartridges, the booking of engineers and the provision of meter readings.
What is a photocopier lease?
Photocopier leasing allows you to spread the cost of your copier over 3 to 5 years. Leasing the equipment means you will pay monthly or quarterly over the fixed term, instead of making the full payment at the beginning of the agreement. Photocopier leasing is beneficial to all businesses, irrespective of size or turnover. Midshire has a huge variety of customers that lease their printing equipment including: schools, local authorities, SMEs and law firms, from start-ups to multi-national corporations.
Photocopier Leasing Companies
Midshire works with a number of photocopier leasing companies, that specialise in leasing for different or sized businesses or industries. These include: Siemens Financial Services, PEAC, Tower Leasing, Shire Leasing and CF Corporate.
Benefits of leasing a photocopier
• Leasing a photocopier provides a company with a high-end MFP for 3-5 years, which is of higher specification than they could afford if purchasing outright.
• Monthly or quarterly leasing fees tend to be cheaper than rental fees, due to the security of the contract.
• Leasing payments schemes may be tax deductible, helping companies better manage cash flows, budgets and funds.
• At the end of the lease, the company may be offered the option of purchasing the photocopier or it can be upgraded for a newer model.
• The company will be able to upgrade their device once they are the majority of the way through their lease, for a small fee.
Disadvantages of leasing a photocopier
• Lease contracts are relatively rigid, so you should expect to sign a 3-year contract.
• It is really important to remember that when leasing the copier, you are effectively renting the device from your supplier. It is therefore illegal to sell or deliberately damage the device.
How does photocopier rental differ from leasing?
The majority of Midshire customers lease their devices, but a small proportion opt for short term rentals. The most common reason for companies choosing to rent a photocopier rather than lease or purchase is flexibility. Photocopier rentals can be arranged for just a few days, so you will be able to access your preferred device, without committing to a 3 to 5-year contract. Some situations can include: exhibitions, large business meetings, seminars, audits, start-up businesses, contract work.
What type of photocopier can I lease?
Midshire offer leases on our entire range of photocopiers, from small desktop devices right up to large, light production machines. So whether you are looking for a small desktop photocopier for one person, a photocopier to service a department or a production device for a reprographics room, you can be sure to get your ideal photocopier on a lease from Midshire.
What do I need to provide in order to be approved for a lease?
In order to lease or rent a photocopier, most finance companies request 3 years trading history as a minimum. However, Midshire understands that businesses which have been established for less than 3 years, will benefit from leasing. In these cases, additional financial information or a Director’s Guarantee will make it more likely for a lease to be approved. As every business has individual circumstances, we can never guarantee that a lease will be approved, though we will always try to get leases through.
Leasing a photocopier for your business can help reduce your tax bill as you may be able to claim the payments as a business expense. Your monthly payments are 100% tax deductible. In contrast, while purchasing outright is also tax deductible, it is in-fact only 40% tax deductible in the first year and 25% in the second.
What lease types does Midshire offer to schools?
The Department for Education rules state that Local Authority Schools and Academies must use a Schools Operating Lease as opposed to Finance/Capital Leases.
An Operating Lease is ‘off balance sheet’ funding. The structure of the lease payments and the terms and conditions of the agreement ensure the Lessor (finance company) carry the ‘risk’ associated with a lease and the Lessee (school) benefits from the use of the equipment. Due to the required structure, the repayments are significantly lower than a finance lease. At the end of the fixed term, the lessee (school) can choose to either return the equipment or continue with the agreement for a further period.
Midshire has offices in Stockport (Greater Manchester), Sheffield, Cardiff and West Bromwich, enabling us to provide photocopier leases to companies across the entire country, including London.
Photocopier Leasing and Renting FAQs
What is photocopier leasing?
Photocopier leasing is an excellent way of allowing companies to have the printing equipment they need at an affordable rate. With many multifunctional devices costing thousands of pounds, leasing can spread this cost across the length of the agreement. In essence leasing the equipment means you will pay quarterly over the fixed term instead of making a full payment at the beginning of the agreement term.
Should I lease a photocopier or purchase it outright?
Purchasing the photocopying equipment can be a big expense for a business, which can run into thousands of pounds. However, if the business is able to commit to a contract length, then leasing can spread this cost over a number of years.
What is the usual leasing term?
The usual leasing terms offered are 3 or 5 years. We try to accommodate your requirements.
What is the cost involved in leasing a copier?
This does vary depending on the type of machine that you choose to lease. At Midshire we supply everything from small, desktop devices, typical office MFPs,all the way up to large print production machines. Leasing costs will also depend on the length of the lease, with longer leases spreading the cost over a greater number of months, therefore reducing the quarterly charge.
What do I need to provide in order to be approved for a lease?
In order to lease a photocopier, most finance companies request 3 years trading history from the business. However, every business has individual circumstances and we can never guarantee that a lease will be approved.
Do you offer leasing options to new businesses?
We try to find a finance solution for every business. In most cases finance companies request 3 years trading history as a minimum. However, newer businesses often can’t provide this history. On occasion a Director’s guarantee will make it more likely that a lease for equipment will be approved.However, every business has individual circumstances and we can never guarantee that a lease will be approved.
What type of lease do you offer for schools?
Department of Education rules state that Local Authority Schools and Academies must use Operating Leases as opposed to Finance Leases. We currently supply hundreds of schools across the country, and use the approved Schools Operating Lease.
Do you include insurance in your leasing contracts?
No. This added cost is not included in our standard leasing costs. Very often, companies obtain their own insurance through their existing insurance provider.