For many merchants who are considering taking card payments on a PDQ machine the decision as whether to rent or hire them is an important one. Indeed, there a range of considerations that will impact whether a person chooses to rent or purchase outright; of course, many of these considerations will revolved around finance, but that is not always the only factor.
To find out more about PDQ machine hire options, simply continue reading the content on this page; otherwise, if you are ready to start comparing rental quotes at once, you should start speaking to suppliers - Approved Index can help here.
Comparing quotes with Approved Index is free, quick and easy, and it can save your business as much as 40%.
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How to Hire a PDQ Machine
If you know that hiring a PDQ terminal is going to be the best option for you the you will need to also consider how many devices you will require, what type of machine you need, what features will need to be included and, finally, what your budget is.
Of course, you will also need to consider how long you will need to rent you credit card machine. A rental agreement can last anywhere from one month upwards, so it is important to try and recognise your need; especially as, after a certain length of time, it will likely make more sense for you to purchase a PDQ machine outright, compare PDQ terminal prices here.
The suppliers that Approved Index will be able to provide all of this information to you, and they will also be able to provide extra details about the fees and technical support that you may need or encounter. To speak to them today, simply complete the quick and easy form at the top of the page.
PDQ Machine Hire Costs
The information in this section covers a few of the factors that might dictate the cost of a PDQ rental agreement.
- One Machine - If you need only one machine, then purchasing one shouldn’t be too much of a problem, but if you want several of them, for instance a counter-top machine and two or three mobile (Bluetooth) machines then those costs can quickly add up.
- Multiple Machines - When you rent several machines the unit cost is discounted, so where you might pay £25 a month for a single machine, you might pay £80 a month in total for hiring four of them. It is something that you will negotiate with your merchant services provider. The cost of purchasing a PDQ machine can range from £200 to £800, while hiring one can cost anything from £20 to £40 a month.
The table below includes a quick price comparison for a low-end and high-end PDQ machine.
|PDQ Level||Purchase Cost||Weekly Rental Cost||Monthly Rental Cost|
|Basic PDQ Terminal||£200||£5||£20|
|Advanced PDQ Terminal||£800||£10 Cost||£40|
The table above compares two PDQ machines - in each example renting makes sense up until a certain point. If you require either basic or advanced terminal for longer than 10 months in either case, then you would probably be better off purchasing outright.
PDQ Terminal Rental Considerations
This section has been put together to compare a few different perspectives, from the financial to the technical - of course, these perspectives may not reflect your own business, but they are worth bearing in mind.
Comparing PDQ Hire Finance Options
If you buy four machines at a total cost of £1,200 your accountant is likely to include the purchase as an asset in your Balance Sheet, while if you hired four at a total annual cost of £800 your accountant would include it as a cost on your P&L account.
You might consider that makes no difference, but it does in the way it is treated for tax purposes. In the first case you would be able to charge only part of the purchase price each year as depreciation, while in the second case you would charge the full hire price to your cost of sales in the P&L account.
Hiring the equipment is the better model in this instance.
Comparing PDQ Hire Technical Options
Once you have bought your PDQ machines you will need to set them up. Doing so isn’t difficult, but it needs a little know-how. You will probably need help from your merchant services provider.
Should your machine break down then you will have all the inconvenience and expense of repair and what would you do while it was being repaired? You might need to hire a replacement, but short-term PDQ machine hire is expensive.
You will also need to consider what will happen when new technology comes along as it inevitably will. Will you replace your old machines for new ones?
If you rent your machines from your merchant services provider they will be essentially plug and play. Setting them up will be easy and you will have all the support you need.
Should one of them develop a fault, then you would expect to receive a replacement the next day with minimum fuss. And when the technology needs updating, you will just swap your old machines for new ones at no extra charge.
Again, depending on your situation the preferred model is hire rather than buy.
PDQ Machine Rental Contracts
Hiring a PDQ machine from your merchant services provider is in many ways similar to signing up to a smartphone contract. You don’t pay for your phone in cash up front, but your phone services provider recoups the cost in your monthly bill over the term of your contract. When your contract ends you can upgrade your phone and start again.
It is the same with PDQ machines. Your merchant services provider recoups the price of the PDQ machine through a hire charge, and provides you with upgrades as needed.
Compare PDQ Machine Hire Options
For most business that take point-of-sale payments using a PDQ machine, the cost of either purchasing or renting the machine is trivial compared with the income it generates in increased sales.
However, unless you have a good reason for buying rather than hiring, hiring is the better model all-round. If you aren’t convinced and would like further confirmation, or you would like to find the best merchant account decisions you can make for your business.
Fill out our quick quote form to receive up to 4 free no-obligation quotes from UK PDQ machine suppliers today.
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