For any business, one of the most important aspects of being successful is managing their budget to maximize profits. For companies that use large amounts of solvents, reducing solvent costs can have a significant impact on their bottom line.
One of the most effective ways to do that is by solvent recycling and recovery. Instead of simply disposing of solvent waste, organizations have an opportunity to recycle solvents and save significant amounts of money on the purchase of new virgin solvent.
To do this, many businesses opt to invest in solvent recycling and recovery equipment. But what is the best option, should your business purchase this equipment outright or finance it?
What is solvent recycling equipment financing?
Financing is a form of payment that allows your business to pay through credit, rather than needing to pay large sums of money upfront for solvent recycling and recovery equipment. This allows for more companies to be more flexible with their budgets, paying smaller sums per month rather than the entire payment in its entirety up front.
Financing has become a viable option, especially given the state of inflation and how the price of machinery and equipment has risen over the past two years.
What are the pros of financing?
#1 - Convenience
One of the biggest advantages of financing is convenience. There is more ability for companies to plan around their future with a larger budget on hand. Paying for less upfront can help companies plan financially in the future for other investments and help further the development of the organization.
#2 - You don’t have to worry about upkeep
Because the business does not own the machinery directly, they do not have to worry about the expenses related to upkeep and other maintenance related costs. For a lot of businesses, a considerable amount of budget is dedicated towards the maintenance of their facilities and machinery, and this can narrow the opportunities for the company's future. With less money being paid upfront, organizations can venture into new projects and other business plans.
#3 - It’s less expensive to upgrade
When looking at financing machinery, you must also remember that needing to upgrade is also important when deemed fit. This can be difficult for organizations if they are purchasing the machinery, especially if the price of newer models are exceedingly more expensive than their previous ones. With financing, to upgrade all you would have to do is to pay a little bit more than you are already paying in your finance agreement. This means you don’t waste money by buying multiple pieces of equipment and you still save money from avoiding those upfront costs.
How your business can save more with financing
By just answering four simple questions, you can calculate how much you would save on factors such as annual solvent purchasing, waste disposal, total savings, and how many drums you would be reducing per year. After calculating these results, you will notice how much more flexibility your company will have in its future through renting from Maratek.
You can potentially save up to $250,000 annually on certain costs per year by choosing to finance the machinery rather than purchasing it when working with us. Drums that are typically used for waste operations are also seen being reduced by at least 500 drums per year as well.
Use our ROI calculator and find out what your company can potentially be saving annually as well.
Interested in learning more?
Making the transition from purchasing your equipment to financing can bring various benefits that all contribute towards helping your company save money and build a more flexible budget. Not only that, but there are many different perks to deciding to finance your equipment, including being able to save more money on avoiding purchasing equipment outright, not needing to worry about maintenance fees, and being able to analyze different options for your companies industrial or manufacturing needs since there is not as deep a level of commitment for the purchase itself.
With Maratek, you can look at potentially saving upwards to $200,000 annually in various expenses that your business has to be responsible for. To discover how we can help you and your organization, contact our team of solvent recycling specialists today.