Apply Now

Blue header

Ascentium Capital Blog

Informative topics to help small businesses thrive

Can I Finance Software Purchases & Implementation for my Business?

June 1, 2023  - Technology & Software

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.

Evaluating a Software Purchase

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.

business people discussing software purchase and implementation
  1. Define your business needs: What exactly is the problem to be fixed or the benefit you’re bringing to the end user? The more precisely you can define your needs, the easier your decision making will be.
  2. Identify the stakeholders and get them involved: Who will use the software, who handles its operation, and who reviews or analyzes its data on the back end?
  3. Determine your budget: Your budget should include the initial cost to acquire the software while also considering the cost of future ownership, licensing and renewals.
  4. Identify and research possible vendors: Consider using your current network, the Better Business Bureau, LinkedIn, or an independent consulting firm to discover potential vendors.
  5. Identify your short list of vendors: Consider the cost, quality, and reputation of the vendor.
  6. Ask for demos: Are your current pain points resolved with the new solution? Does the software meet the needs you first identified? Will any new inefficiencies be created by implementing the new software?
  7. Make a final decision: Forget about which salesperson you prefer and identify the solution that best meets your needs. The final decision should focus solely on what is the best investment for the future of your business.

Funding Your New Software and Implementation


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:

  • Make other technology upgrades
  • Purchase consumable supplies
  • Increase inventory
  • Pay taxes
  • Expand advertising and marketing
  • Bridge payroll

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.

blue arrows pointing opposite directions

Which is Right for You?

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:

  • How important is business control?
  • How fast do you need the funding?
  • What is the total cost of the financing option you’re considering?
  • Do you have access to a reputable lender? Depending on your creditworthiness, are they willing to work with you?
  • Can the lender streamline the financing process?
  • Do you need the ability to customize financing solutions?

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.


Find Flexible Financing Options for Your Small Business

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.

The mention of or links to third-party information, services, products, or providers does not imply endorsement or support by Ascentium Capital. Individual research should be done before use of any product, process or service mentioned.
blue background

Ascentium has provided businesses with over $12 billion – capture your opportunities with flexible financing today!

Stay Connected with Ascentium Captial