Purchasing pharmacy software is a big deal!
Partly because it’s a big decision. The software you choose will be an integral part of your business and your success. And partly because you’re about to spend a large amount of money. The experience is similar to buying a new car, and like when you’re new car shopping you have multiple options for paying for pharmacy software.
Many pharmacy owners choose to pay cash for their pharmacy software, but sometimes that can be a hard pill to swallow. The cost of a new pharmacy software system is a big expense. With the continual lowering of reimbursements by PBMs the cash outlay for a new system or updated hardware isn’t always readily available.
This is why the top pharmacy software providers in the nation work with companies like Bankers Leasing. If you’ve never considered leasing as an option for updating your pharmacy technology, you should.
Here are 5 reasons financing could be a viable solution to your pharmacy software needs.
When financing software and hardware you can take advantage of Section 179. This allows you to expense 100 percent of your equipment and software acquisitions the year that they are financed, eliminating depreciation of the equipment. Also, you can deduct a portion of your monthly payments from your taxable income.
Companies like Bankers Leasing often offer flexible payment options. You can choose a term based off what fits best your budget. Additionally, if things change and you want to pay it off sooner than your term agreement you won’t be penalized.
Financing allows you to strategically plan for the future. With fixed payments you know exactly how much you’re going to have to pay each month and how long the term will last. Sometimes, they can even roll fees associated with your software purchase into the lease so it’s one easy payment. This removes unpredictability from the scenario.
Obtaining a loan for your small business can be difficult and require business projections and other paperwork. You will most likely be asked to pay a percent of the total loan cost as a down payment. With a traditional equipment finance option, you can skip over all this hassle and finance 100 percent of the cost of the equipment and software conversion expense
In the ever-changing pharmacy industry you don’t want to be chained to an old system that can’t keep up. Leasing gives you the option to act quickly when purchasing software and hardware, so you can keep up with the innovative market and continue to grow your business, from replacing an entire system to staying up to date on your hardware investment.
While purchasing pharmacy software and updated equipment is still a big deal, knowing that you have multiple options for payment can relieve some of the financial pressure allowing you to focus on choosing a system that best fits your needs.