Equipment availability and reliability comes first when you are in a rental business. Equipment rental management can be pretty tough for businesses. Not only must they ensure all their tools and equipment are well maintained with optimized working efficiency, but they must also have a fail-safe system to keep track of asset availability and customer history. Above all, businesses need to manage all costs and expenses efficiently.
One way SMBs are saving money is by looking at their capital and operational expenses and considering the purchase of different tools which could help smooth out their workflows and streamline their processes. A great way to cut expenses and increase ROIs in this sense would be subscribing to an all-rounder equipment rental software.
As per a recent survey conducted by ARA (American Rental Association), the latest 5-year forecast for the equipment rental industry projects a stark increase in annual revenue growth. This is estimated at approximately 4.9%, to reach $57.3 billion in the US by 2020.
“This forecast shows the strength of the industry and the ability of those in the equipment rental to quickly react to market changes to maintain growth and reinforce the value of renting to their customers,” says Christine Wehrman, ARA’s CEO and executive VP.
Who can use it? Equipment Rental software is available for just about every industry out there. Some of the highlighted industries include construction, furniture & staging, sports & wellness, tourism, AV (Audio Visual), education, assistive technology, event & party rentals, etc. In 2017, North American equipment rental revenues are expected to top 51.8$ billion, so there’s a lot of money to be made in rentals! Industries that top this chart include construction and industrial equipment, general tools and supplies, and party and event rentals.
REASONS YOU SHOULD HAVE AN ONLINE RENTAL SOFTWARE
Subscription and web-based rental solutions are growing in popularity, and for all the right reasons. They save you money and bring in new projects for your small business. Managing rentals through spreadsheets or desktop software is a relic of the past. There are a number of reasons why the trend of using web based equipment rental software is growing among small businesses.
Increased Customer Retention
An effective equipment rental management solution shouldn’t be restricted to just tracking and managing equipment but should account for improved customer satisfaction and customer loyalty. Loyal customers are worth up to 10 times as much as their first purchase. Based on the same number, substantial financial gain can be made from building customer loyalty. A CRM baked right into an online rental software can help businesses meet customer focused goals a lot more effectively. This simplifies communication channels, levels of access, and booking schedules.
Customizable Online Storefront
Gone are the days of brick-and-mortar storefronts, restricted not just in their geography but also in their reach, pricing, and convenience to the customer. Web stores have stepped boldly into this vacuum, revolutionizing the very way the sales industry operates and enabling businesses to lower their overheads. Having an online storefront incorporated into an online rental software enables you to amplify your digital presence, streamline cataloguing, speeds up real-time inventory updates, enhances error-free equipment availability, and increases customer satisfaction. If you’re tech savvy, the fact that an online rental software also integrates with Google Analytics to track your webstore’s traffic and statistics will be appealing for you.
Lower Upfront Costs
Typically, an on-premise software can require an upfront investment, which can be particularly challenging for cash-strapped small businesses. An online equipment rental software, on the other hand, allows immediate access to the system for much less money compared to perpetual licenses. You can even sign up for trial sessions, getting an additional safety net for your business. This because a trial version helps you experience the app the same way as the paid version does and this way rental software companies enable businesses to reach a decision based on the app’s performance during the free trial. The benefit of using a web-based rental software is that you don’t have to spend a substantial amount of money and time on setting up the app e.g. installation, workforce training, and system updates.
Flexible Payment Options
Small businesses are often project focused. An Equipment Rental software provides greater payment flexibility to access software solely for the duration of a project. In other words, you have the flexibility to pay for software when you need to use it and not pay for it when you don’t. Also, these apps enable businesses to make and collect transactions via different payment modes mainly cash, cheque and credit card swipe. Some of the most popular payment gateways include Stripe, Authorize.net, Paypal, etc.
Seamless Integrations
With an online rental software, you have an “all-inclusive” solution that does not require any additional software, although it is compatible with a variety of third-party applications. It makes sense when you can integrate third party software including accounting, CRM, cloud storage, LDAP, and SAML servers. A robust rental equipment software not only helps businesses manage equipment and customers but also manage the many complexities that come with running a business.
Decreased Losses and Reduced uncertainties
What better way to create value for your business when an online rental solution enables you to lower your burdens in a significant way. This may include financial burdens owing to continual loss of equipment or ensuring everything operates as it should. Imagine your employees are unable to keep track of equipment being rented out or don’t have an efficient solution to log and track maintenance and servicing of equipment which results in renting out faulty items to the customers. To target the same pain points, rental management software comes with maintenance and service modules making sure that rental businesses only rent out equipment in its best state. This helps add value to your business with decreased losses and reduced uncertainties.
No Hidden charges
One of the benefits of signing up for an online rental software is that you typically get access to the latest versions (or product enhancements and quick fixes) without having to pay additional upgrade costs. Depending on the cost and frequency of upgrades, a rental software could even represent longer-term savings for small businesses. You can also benefit from extra discounts on annual subscriptions.
Choosing EZRentOut as your equipment rental software?
There’s no denying that the big picture has changed for the rental businesses and the need to have a solid rental management system is inevitable. SMBs need to be able to amplify equipment optimization, improve customer relations and ensure flexibility within the organization. EZRentOut (also a member of ARA) offers a cloud-based solution to any equipment rental business facing rental management woes. It is an online rental system that requires no hardware or software setup, providing a complete end-to-end solution that offers increased customization, control, and data management. EZRentOut can help your SMB make customers happy and be the very best at what it does!
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