Us Bank Pos System
There are many leasing companies that will provide funding based on a 12, 24, 36, 48- or 60-month term with just the first payment in advance. As the term increases so do the credit requirements. For a new restaurant most, leasing companies require a personal guarantee from a corporate officer with a strong credit rating. Leasing companies are not interested in recovering the collateral, they want their payments, so good credit is a must. Most POS system leasing is handled by an independent leasing company, not by the company providing your Us Bank Pos System .
Bank financing is an option, but usually requires great credit, a sizable down payment and the loan term will probably not be as long as with a lease. Recently it has become very difficult for small businesses to obtain bank financing, but if available it will be less expensive than leasing.
Credit card providers offer a couple of alternatives. Some have programs with their resellers that let the restaurant make fixed weekly payments from their credit card deposits. Check with your POS reseller, as this is not a very popular option since the reseller is paid as the restaurant pays. The credit card processor is not advancing any payments to the POS reseller.
Another option is a cash advance which is usually calculated with a six month pay back. Cash advances are based on your Master Card and Visa deposits with a percentage of the daily deposit used to pay down the cash advance. Since these transactions are an advance and not a loan, they are relatively easy to obtain. There is no collateral in these transactions and the premium charged is extremely high. Most cash advance companies will require a personal guarantee and the restaurant will be required to process all credit card transactions with the cash advance company See More Here.
I've also seen Guest Rewards Programs used for help in financing your point of sale system. The rewards company advances the restaurant cash for discounted future purchases by their members. This can be a good program if the members they attract are new customers to your restaurant.
Give us a call 800-223-8603 or visit www.bcspos.com to get our Highly Secure POS System installed at your Restaurant/Café
Bank financing is an option, but usually requires great credit, a sizable down payment and the loan term will probably not be as long as with a lease. Recently it has become very difficult for small businesses to obtain bank financing, but if available it will be less expensive than leasing.
Credit card providers offer a couple of alternatives. Some have programs with their resellers that let the restaurant make fixed weekly payments from their credit card deposits. Check with your POS reseller, as this is not a very popular option since the reseller is paid as the restaurant pays. The credit card processor is not advancing any payments to the POS reseller.
Another option is a cash advance which is usually calculated with a six month pay back. Cash advances are based on your Master Card and Visa deposits with a percentage of the daily deposit used to pay down the cash advance. Since these transactions are an advance and not a loan, they are relatively easy to obtain. There is no collateral in these transactions and the premium charged is extremely high. Most cash advance companies will require a personal guarantee and the restaurant will be required to process all credit card transactions with the cash advance company See More Here.
I've also seen Guest Rewards Programs used for help in financing your point of sale system. The rewards company advances the restaurant cash for discounted future purchases by their members. This can be a good program if the members they attract are new customers to your restaurant.
Give us a call 800-223-8603 or visit www.bcspos.com to get our Highly Secure POS System installed at your Restaurant/Café