Point of sale equipment financing
Your success starts at the point of sale
Your business needs a trusted POS system to ensure a smooth checkout process for your customers and track incoming revenue. Whether you need to upgrade your terminals or purchase more equipment, you’ll find right-fit financing for all your needs with SmallBusinessLoans.
Point of sale equipment loans made easy
Anything that stops a customer from checking out costs you money. That’s why making sure you have up-to-date software, modernized POS terminals, and a backup solution ready to go should be top of mind. When things break, time is money, and that is why business owners like you trust SmallBusinessLoans to find the best point of sale equipment financing.
You can spend hours filling out forms and waiting for lenders to respond, or you can use our platform to expedite the process. Simply fill out the quick online form and our platform will match you with POS equipment lenders that meet your needs—and who can fund you fast. All you have to do is select the recommendation you prefer and apply directly with our partner.
The sooner you get POS terminals up and running, the faster your business makes money. Click here to get started today.
If you have questions, look below to learn how point of sale equipment financing works.
Is point of sale equipment financing a loan?
Yes, point of sale equipment financing is a business loan that can be used to cover the costs of buying new POS terminals and accessories, upgrading hardware and software, and hiring a technician to make repairs.
It is similar to a small business loan in that you’ll be getting a lump sum of money and you’ll make scheduled payments with interest. But, unlike a traditional small business loan, this type of financing is specifically for POS equipment.
POS terminal financing can be used to pay for:
- Mobile units
- Register connected terminals
- Kiosks
- Peripherals including barcode scanners, receipt printers, and tablets
Note: Similar to general equipment financing, POS equipment financing involves using the equipment itself as collateral for the loan. Once you pay off the loan, you own the equipment outright. Check with your lender for specific terms.
How POS equipment financing can be used
Point of sale equipment can be pricey, especially as you expand operations. There’s the cost of the equipment and peripherals, software subscription fees, transaction fees—not to mention repairs and maintenance. The good news is that there are options for each of these situations.
Beyond traditional POS equipment financing, here are a few examples of the other types of business loans we can help you get through our partners.
- Working capital loans can cover the repair and monthly subscription fees as you grow, and it can cover any cash flow gaps. They’re designed for short-term and immediate expenses, so they can also be used for hiring a repair person or covering monthly expenses while you ramp up your operations. You could also use it to hire and train new staff on the POS terminals and accessories.
- Equipment financing loans are a perfect fit if you need more than the terminals and peripherals. They can also cover new registers, conveyor belts, ovens and mixers, forklifts if you have a warehouse, display units, and other types of equipment, making them more flexible compared to POS equipment-specific financing.
- Business term loans are a great option if you want to spread the payments out over a longer period of time. They’re flexible enough to cover salaries, POS equipment, and stocking inventory, making them ideal for businesses that are comfortable with longer-term financing.
Point of sale equipment loans are a great option if POS equipment is the only thing you need to finance. If there are other expenses or needs, you may consider the other options above. Click here to fill out our quick online form and we’ll match you with all your best financing options based on your unique business needs.
Which types of businesses can qualify
Any type of business that uses POS terminals and accessories (and has the minimum requirements) can qualify for financing including restaurants, retailers, ecommerce stores, service providers for HVAC, plumbers, builders, and contractors. While each lender is different, most will require the following for you to qualify for point of sale equipment loans:
- At least $250,000 in annual sales
- At least six months in business
- Fair to excellent credit
If you haven’t been in business long enough to qualify, you may consider other options like an SBA startup loan.
The financing options available
Loans are not the only type of point of sale equipment financing available. It all depends on the amount of equipment your business requires. Here are some other options that could work based on your situation.
- Business credit cards are perfect for repairs and small purchases like replacing tablets. You don’t need to wait long for approvals, and you’ll likely earn the revenue back within the month to cover the cost, so you can avoid interest fees.
- A business line of credit is a good choice if you need to replace machines and peripherals quickly and you’ll be making the money back before the balance comes due. This type of financing gives you access to cash when you need it and only charges interest on the funds you use.
- For replacing expensive systems, a small business loan will be a good choice as it spreads the cost over a longer period of time. This allows you to begin making money so that the systems can help to cover the cost of the payments, decreasing the pressure on cash flows.
- A traditional business loan is good for enterprise-level systems, large franchises, and substantial expansions, as the amounts can typically go higher.
No matter what your point of sale equipment needs are, we’re ready to connect you to a financial partner who can help.
How to apply
To apply for a point of sale equipment loan, follow these steps.
Determine the amount of terminals or pieces of equipment and peripherals needed, and factor in their cost along with additional expenses like processing fees or software fees. The final figure should be the amount of financing you take out.
Click here to fill out our easy online form and get matched with your right-fit financing solutions.
Select the partner that you would like to get financing from and apply with them directly.
It’s that easy to apply for POS financing. Once you’re approved, some of our partners can release the funds within 24 hours.3 Don’t wait around for traditional lenders and forget about red tape. Apply for POS financing with one of our partners and get your system up-and-running quickly.
