At Helcim, we’re committed to making it easy for you to accept payments, and that extends to the options we have for choosing the right terminal for your business.
We don’t believe that leasing a terminal provides any values to merchants, so we simply don’t do it. Canadian merchants have the option to rent or purchase the terminal of their choice, and US merchants can purchase their terminals outright for one low one-time cost.
Why you shouldn’t lease a terminal
The reason why we don’t encourage terminal leasing is very simple, it’s not a cost-effective option. Because leases are often for long periods of time and include steep penalties for early cancellations or breaking your lease, you will be stuck paying the same inflated monthly fee for years.
Helcim lists the purchase prices for all our terminals on our website so you can see what the total cost of the unit would be. When the purchase price is compared to leases which are often $30-40 a month for three years you’ll see that you would end up paying for the unit up to five times over again. That is an expense that your business simply does not need to incur.
Because terminal leases are a large source of income for many payment processors they often do not offer a choice to do anything but lease a terminal, so it’s important that you’re aware there are better options available.
Should you rent or purchase?
Now you know that you definitely should not lease your terminal, should you rent or purchase instead? If you are a US based merchant, then you can purchase your terminal for a low one-time cost. All the prices for our terminals are listed on our website, and the terminals come with a one-year warranty, after which they can be replaced through our exchange program for a low fee if something happens to them. The one-time purchase cost will save your business a significant amount of money compared to leasing the terminals.
Canadian merchants have the option to rent or purchase their terminals when they sign up with Helcim. Because Helcim doesn’t have long-term contracts, the Helcim Guru’s recommend trying out a terminal for a month or so to ensure it’s the right choice for your business. Then, once you know you're happy with the terminal, you can purchase it for a low one-time fee. Canadian terminals also come with a one-year warranty and can be swapped out with the exchange program if something happens to them after a year.
Find a payment processor who gives you options
Ultimately, terminal leases should be avoided at all costs. Although the monthly fee might seem manageable initially, over the course of your lease, you will end up paying for the cost of the terminal several times over. If your payment processor doesn’t offer rent or purchase options for hardware, then it may be time to shop around.