Rent vs. own: this is what you need to know to decide

Equipment rental versus ownership

The equipment rental industry, like the retail industry, is offering strategic goals by providing services online. Companies that are doing so have a significant advantage over their competitors. But what are the key features that online rental businesses absolutely must offer customers? Consumer surveys in the equipment rental industry show that modernizing your online capabilities improve customers’ experiences. This data helps set a benchmark for consumer expectations and technology usage.

The following are key points to focus on:

• The customer should be able to view the inventory of the equipment online.
• The rental agreements should be available right away and ready to sign.
• Online payment methods is an absolute must.

Since nearly three-quarters of the respondents to the survey said that online reservation capabilities have an overall positive impact on their rental experience, it’s essential to offer this option. If you’re not offering online reservations, you run the risk of falling behind your competitors. Of course, the customer should have the option to browse through an online inventory first. And that also allows the customer to choose a different item than they were planning on renting at first. Therefore, a good overview of what you have to offer is mandatory.

The rental agreement

Before acquiring their equipment, the renter must sign a rental agreement. These agreements should list specific details, such as:

• The details of the actual equipment
• The on- and off-rent dates
• Pricing per time unit and price tiers
• Parameters for delivery

Generating these agreements online and signing them electronically is the second-most important point for a customer. Online payments improve the customer experience.

So, in the end it all comes down to a simple three-step procedure:

1. The customer wants to browse through and reserve equipment.
2. The rental agreement is signed digitally.
3. The payment is completed electronically.

The new system should enable a better experience across all of the steps in the process—both externally for the customer and internally for yourself and your team. Make sure you bring this up when reviewing different equipment rental software options to make your selection.

If you have any more questions about our rental software or if you’d like a presentation or a demonstration, please don’t hesitate to contact us at info@to-increase.com