How Does Software Leasing Work?

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Keeping pace with your competitors requires staying technologically current. Unfortunately, that can leave you feeling like you are constantly rotating out your software for something newer and more efficient. In addition, some business owners may find that they don’t have the cash flow to invest in products that become obsolete so rapidly. Software leasing is the answer to these problems, allowing you to remain competitive in your industry without requiring a significant investment upfront.

 

How Does Software Leasing Work?

Leasing software allows you to reap the benefits of using current technology without being responsible for the hefty purchase price. Instead of buying the software outright, you will borrow it from a lender and pay them a pre-determined fee to use it. They will retain ownership over the technology and shoulder the total expense, allowing you the financial freedom to move on to something new when your agreement is up.

 

Your lease will have a set length and specific terms that you agree to before you sign the contract. However, these terms are often flexible, allowing you to purchase the software outright if you would like or return your current rental and select something else. In addition, Noreast Capital Corp can complete the credit submittal process needed for lease approval in half a day so that you can begin using the new software as quickly as possible.

 

Types of Software Available for Lease

Nearly every software iteration can be financed, making this method of acquiring technology suitable for every industry. Some types of software most frequently leased are:

  • Scheduling software
  • Point of sale software
  • Advertising software
  • Business management software
  • Help desk software
  • Inventory and supply chain management software
  • Computer-aided design (CAD) software
  • Customer relationship management (CRM) software

 

Benefits of Leasing Software

Minimal Financial Investment

Most leases do not require down payments or expensive upfront costs. This leasing feature is valuable for small businesses or any business without the overhead to pay the total purchase price for the software. A small monthly leasing fee can be worked into your IT budget, while a large bulk payment may not be possible.

 

The Ability to Plan for Change

Many businesses use purchased software long past its ideal lifespan due to its exorbitant cost. Whether this choice is due to financial necessity or the desire to be frugal, you and your team are left using outdated equipment. In addition, most companies rely so heavily on technology that not having the appropriate software can drastically impact the company’s overall performance.

 

Increase Employee Efficiency and Customer Satisfaction

An aged inventory management program that doesn’t allow employees to work as effectively as the newer version may require employees to spend their time on data entry when a recent version would auto-populate. Likewise, customer-facing programs must stay up-to-date, or else their obsolescence will reflect poorly on your company. E-commerce and user support software needs to be replaced as technology evolves to provide a positive customer experience.

 

Stand out in your industry by staying technologically relevant. Utilizing leasing programs for software ensures you have the equipment you need and that you’ll never be left owning obsolete technology.

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