Whether your business is focusing on growth initiatives or adding efficiency for your customers and workforce, having the best-performing technology is critical to your eventual success. In addition to providing a better user experience, newer technology can improve security, fix bugs, prevent malware, and decrease downtime, but it can be expensive.
Having a solid, repeatable plan to navigate your future software purchase is essential to ensuring you make the right selection. Use the 7 steps below to guide you in your decision.
If you don’t have cash on hand to pay for your software purchase and implementation upfront, you’ll need to know whether you can finance it. There are two popular funding options: Small Business Loans and Business Equipment Financing.
Small Business Loans
With a small business loan, you can borrow an amount of cash to use for business growth. Many small business loan providers offer a simple application process with fast approval. Some even offer same-day funding, giving you quick access to cash. This makes them an ideal option when you need to upgrade software immediately.
Small business loans have the advantage of providing flexible funds for a wide range of business needs. Besides contributing to your software purchase, you can use the loan to:
Another benefit of small business loans? They often offer flexible terms and have lower interest rates than credit cards, especially if you have a decent credit score. And even if your credit score is low, many lenders will work with you to provide you the financial assistance you need.
Commercial Equipment Financing and Leasing
Software purchases sometimes require upgrading other technology, too. With equipment financing, you’re able to acquire new or used equipment, and can often bundle software, installation and other costs into your monthly payment. Many of these services offer 100% financing and can be customized to suit your unique business needs. This includes payment options, allowing you the potential to structure payments with potential tax advantages.
Equipment financing often provides lower rates than small business loan options and flexible end-of-term options, depending on whether you want to return the equipment or own it outright once you’ve finished paying on the contract.
Whether you choose small business loans or equipment financing, your choice will depend on a number of factors, such as the total cost and the availability of the financing option. To help you make a decision, ask yourself the following questions:
It's essential to explore your options before committing to a business financing option to purchase software. Choose a lender you trust who focuses on delivering an optimal financing experience.
Ascentium Capital is an award-winning commercial lender that specializes in technology financing for small and mid-sized businesses. Experience fast, flexible technology financing when you need it, low-to-no upfront costs with deferred payments and up to 100% financing options.
We offer fast approval and flexible repayment terms tailored to your needs. Fill out this quick form today for a no-obligation quote.