Copier Stream of Payments Calculator

Over time I became pretty adept at calculating how many payments were left when I needed to trade up a competitors copy machine/MFP's that were leased.  Problem is I would scribble the start date, today's date, and then figure out how many payments the has made to date.  I also then had to calculate the monthly payment times the remaining stream of payments, and then add a return fee.

After years of making a mistake every now and then I moved to calculating the remaining payments in my pricing worksheet (which is a document that can be downloaded on the Print 4Pay Hotel forums).  All was well and good, but I was still having issues with the start date, today's date, when we delivered new equipment. Plain and simple is was a cluster$%^#.

The other day, I decided to do something about it.  I developed my own "Copier Stream of Payments Calculator.  All you need to do is input the start date, today's date and the amount of the monthly payment and the rest if the information is calculated for you with the remaining number of payments, and the total for the remaining stream of payments and return fees.

Usually this file is reserved for Premium Print4Pay Hotel members, however if you register here and include a note in the BIO field stating "send me the Copier Stream of Payments Calculator", I will email that to you for free.  I showed it to a few reps already and all have stated it's a real time saver and awesome to use in the field.

-=Good Selling=-

Death of "The 60 Month Copier/MFP Lease"

As we still struggle to keep margins on equipment, maybe we need to become better advocates of presenting shorter terms for leasing equipment.  Since I've been tracking all of my sales for purchase and leases, 92% of them involve leasing the equipment with a third party leasing provider.  Of that 92%, 89% percent of the leases I've written is for 60 months.  I would tend to think that give or take a few percent this would be applicable most of us.

60 months or 5 years is a long time, right?  Dang, I'm tired of my cell phone after two years and my car in about three. Technology changes so quickly nowadays that I want the latest and greatest new car features whether it's better gas mileage, more comfort, or new technology. The same is true of my cell phone, after only two years I would like to step up to new technology that may enhance my life style of make me more productive.  Wouldn't our customers want the latest technology with their copiers and MFP's also?

Why are we not quoting selling more 24 or 36 month leases?  

Look at it this way, if you put a customer into a 60 month lease, you'll have to wait at least four years until you or the customer has an upgrade path and 54 months would be the prime time to upgrade.  Even at 4 years the upgrade path may not be the rosey of a picture for your customer.  Putting your customer into a 36 month lease means that the upgrade path is now reduced to two years and 30 months would be the prime time to upgrade.

A lot can happen when you have to wait

Take Advantage of Recent Copier Proposals & Knockout the Competitor

For those of you that read my blog often, I don't want to sound like a broken record with why I believe it's a good thing to review proposals see street pricing from other dealers, and direct branches.

Let me take a recent A4 sale that I secured.  The account was an incumbent, and excellent service and support was issued through out the last three years. However, this account (small account) always wants to check pricing (think of all the time they would save if they did not get additional quotes and focused on their core business) from other vendors.  After many phone calls and a visit to the account I was able to keep the business for another three years.  But this time, I asked for copies of the quotes that he had received from other vendors. Some people tend to be a little wishy washy about this and not give them to you and then others will hand them over without a second thought.  Believe it or not I still get a rush when a customer gives me the quotes from the other vendors. Hey, if you're really in this business to stay you need to see all of the quotes and proposals you can even if they are not from a direct competitor.  There's a lot to learn from each and every one of them.

For example, I noticed on my competitors proposal these points:

Office Equipment Leasing "Who's Stealing the Cheese"

Ethical or Unethical?

Some companies use em and some don't. For those of you who are new to the business, I'll try to make some sense of the "padded" lease rates. "Padding" means to increase the lease rate factor from what the leasing companies published rate is. Meaning, the leasing company will provide the Direct Branch or Dealer with a rate factor of .0276 for a 36 month fair market value lease, thus a $10,000 piece of equipment would cost $276.00 per month to lease. Dollar amount times rate factor equals cost per month.

Now, here comes the sneaky part (geez, I hope I do not get phone calls from attorneys with pointy sticks!). The Direct Branch or Dealer will raise the rates to the reps, such as the rate going from .0276 (36 month FMV) to .0289 (36 month FMV), thus a $10,000 piece of equipment will now cost the customer $289.00 per month. The Direct Branch or the Dealer will then "back out" the rate. Meaning,  take the payment and divide by the real rate factor (.0276) which will then equal the total dollar amount that is paid to the dealer by the leasing company. In this case the dealer would receive $10,471.01 or an increased revenue of $471.01 by "padding" the rate! In some instances

10 Tips to Get Your Leased Copier replaced post Hurricance Sandy

The recent aftermath of Hurricane Sandy has left many copiers and office equipment underwater or damaged to the point that the systems can't be repaired. 

Most leasing companies offer insurance for these type  of castastrohic events.  So with the help of Great America Leasing, we've put together some good points to follow to place a claim so you can get your copier or office equipment replaced or repaired.

If you are paying insurance on your copier with your lease payment:

• Call your leasing company and ask for a "claims  information document" , your leasing company may call it something else but at least tell them you need some type of claim form.
• You will need to know where you need to submit the claim form, while you're on the phone with the leasing company make sure you ask.
• Take pictures of the copier and or office equipment.
• If you can turn the system on (which I do not recommend if the system was under water or is wet), you want to see if you can get a meter read from the unit. Getting a meter read is NOT required.
• Submit your claim form and a representative from the insurance company (note most leasing companies use 3rd party insurance companies) will be in contact to discuss if the unit is repairable or needs to be replaced.
• Continue to make your monthly payments to the leasing company until the claim has been resolved.

If you are going to submit to your Business Property Insurance:

• You will need to start a claim with your insurance agent.
• Take pictures of the copier or office equipment.
• Call your leasing company and ask for a buyout quote to submit to your agent.
• The isurance agent will need to work with you to determine if the copier or office equipment will be repaired or replaced.
• Continue to make your monthly payments to the leasing company until the claim has been resolved.

As with all insurance claims you want to have proper paper/communication trail, make copies of the forms, make sure you write down who you spoke to (first and last name), along with the date and time that you spoke to them.

Now, if you're in New Jersey and you need to replace a copier in New Jersey, please give me a call 732.977.1211 or email me art@p4photel.com and I can assist in the claims process and help with the aquisition of a new system.

_=Good Selling=-

Church Leasing a Copy Machine in Central New Jersey

Just this week I was able to help a New Jersey Bayshore Church that was shopping for a Ricoh Copier (multifunctional system).  As with many churches the economy has taken it's toll with lower donations, and higher operating costs. 

The current scenario found the Church with an outdated PC (which they owned), that was slow, and working with an outdated Operating System along with outdated Microsoft Office Applications.  The Church also had an existing copier lease that had nine payments remaining, the copier at the New Jersey Church was performing ok but it was evident that they could benefit from a new system that would offer them color scanning, scan2dropbox, scan2officedrop, scan2email, OCR and fillable forms. Th fillable forms turned out to be a BIG thing, each year the church would upload the new CCD forms to their web site, from there the parishioners would be able to download the forms, fill them out and then return them to the church.  When the office staff reviewed these forms they had to muddle through the handwriting on the forms, granted that 80% of the forms were legible but there were many forms that required a phone call to the parishioner to validate a name, phone number and or birth date.

A great feature that came with the Ricoh copier was the ability for the Church to create a .pdf fillable form from a word document and then upload that document to the web site. Thus when the parishioner opened the document they were able to type the required information on the form, then print the form for delivery or even email the form to the Church staff.  The end result was neater forms, and less call backs for unreadable information.

Even though the software that came with the Ricoh copier was helpful,  the Church had also expressed that they could not pay anymore than what they were already paying on a monthly basis.  I had my homework cut out for me.

After reviewing their maintenance and supply costs, and the monthly lease cost we were able to put a package together that include a new DellOptiex PC, Mircrosoft Office Professional, and a new Ricoh SP5210SR multifunctional copier that included delivery, installation of the Ricoh copier, and installation of the Dell OptiPlex PC.  The cost?  The cost per month was the same as the current copier lease (zero increase in cost), the benefit was new equipment, time saving software and a new PC with all of the extras that they were hoping for.

If you're shopping for a new Ricoh copier in New Jersey, or you may need some new PC's, IT support or Managed Network Services. We'd like to speak to with you to present our award winning New Jersey support and to see if we can lower your total cost of operation.

-=Century Office Products-

Why RFP for Copiers don’t work anymore. Who’s buying just copiers?

Vince McHugh is our guest blogger for this month and he kinda doesn't know it yet!  Vince McHugh has been a Valued Premium Member of the Print4Pay Hotel forums for some time now.  Along with that he also has a blog where he enlightens end users and those of us in the indsutry with some great articles.  Please read his blog below and please make sure you click through to his blog at the end for the remaining article.

Actually if all your company needs is a “copy Machine” then an RFP (Request for Proposal) WILL work for your company.

But when was the last time your company or organization purchased a “Copy Machine” – a machine that JUST MADE COPIES?

Don’t you buy MFDs or even Smart MFDs? Do they Scan, Print, and do Network Faxing? Are you leveraging the power of your Smart MFDs by loading software on them that extends and enhances their capabilities to connect into your network infrastructure or back end servers? If not than you are missing out on the REAL SAVINGS that a Smart MFD can bring to your company. Have you ever heard the phrase “strain at a gnat, but swallow a camel” that describes the process as it relates to a traditional copier RFP. Because the focus is on trying to make all of your vendors look exactly alike, so you can force the cheapest price for the dumb down comparison that the RFP requires. There is a better way to do an RFP.

If you work in purchasing and you are responsible for the “Copier RFP” and your biggest concern is replacing like for like features (50ppm and duplexing) at the cheapest price then you really need to update your process, and broaden the input you receive from other departments like IT, Compliance, Governance, Security, and Operations. If you don’t get their input as to what they need then you will buy the cheapest “copy machines” that will NOT meet any of these departments needs, so they will need to go out and purchase other devices that will cost your company more than necessary because your Copier RFP did not consider their needs. Or worse yet, you actually thwart their projects or requirements because the bargain copiers you bought can’t do what they need.

Please go here for the rest of the article

-=Good Selling=-

Weekend Copier & MFP Industry Threads

Thought I'd just take the time to share some of the interesting threads that have been posted on the Print4Pay Hotel forums in the recent week. If you're not familiar with the site, the Print4Pay Hotel forums designed for the Imaging (copiers, mfp, printers, mps) Professionals to seek information, gather knowledge and collaborate with Industry Peers in a secure setting.  To date we have over 2,300 registered members from all almost every country in the world.  Visit the Print4Pay Hotel and then click on the link for forum access (it's FREE).

Most Viewed Threads
Monocomponent vs. Dual Component
Comments on the Canon 1730/1740/1750 Models
Sharp MX-2310U/MX4111N
Western Digital Factory Under Water
Question for everyone..... with leasing are any of
Kodak & Possible Buyers?
Rumor has it.....
New Rep needs encouragement

Most Popular

Ricoh SP5200 Brochure
Top Color Production Systems?
Check this ^%$^ out!
Cloud Poll
HDD Wiping/Reformatting
Toner Save Software to Get MPS CPCs Down
Q. How does your company handle networking charges?

Request for Proposals

Purchase of one (1) unit Taskalfa Kyocera-Mita
Pennslyvania
New Mexico
South Carolina
STATEWIDE IT PROCUREMENT OFFICE (NC)

Selling Copiers & MFP's "5 End of Year Sales Tips"

Before you know it, we'll be in 2012.....funny how it all goes so fast.  My Mom once told me that life is like a roll of toilet paper, the closer you get to the end the faster it goes.  True....

So, for all of us that need or want to finish the year strong, yup the carrots been dangled, we bit and we need to reach the monthly, quarterly and year end bonuses.  Here's a few tips to use, to help close and find business.

1.  Find those companies that have made a profit (gee, is there really some of those left), for those that have, they need to reduce their tax burden and one of the best ways is to purchase office equipment.

2. Customers on the edge?  Looking to lease however they are holding back?  Inform them of Section 179 of the IRS Tax Code, it just may be enough to put them over the edge or better yet have them buy from you!

3.  The harder you prospect NOW, will pay off in December.  Typically in December we'll hear statements like this "Call us back after the New Year", "We're just to hectic to make any decisions right now", " My boss got ran over by a Reindeer last night".

Selling Copiers & MFP's "1 Awesome SellingTip"

"Sell Quarterly Payments….today"

It's with great pleasure that Scott Murr allowed the Print4Pay Hotel to share "Sell Quarterly Payments....today".  It's a good read and has it's place in our talk tracks about financing.  Enjoy!

In today’s market we have seen gross profits shrink and every deal is extremely competitive.  Price is a key component of every solution.  Sales reps often come in with similar solutions and look to win a deal based on being the lowest price.

The majority of sales professionals out there offer a custom solution in terms of products but then offer a cookie cutter lease product to go along with it.  While the product is critical, how the payments are designed can be the deciding factor on who wins the business.  You listen to your customer when it comes to the applications they need from their business solution, but do you ask the questions and craft solutions based on how they would like to pay for your solution?

What is a customer’s biggest pain point aside from an asset not performing to the customer’s expectations? The answer is billing.  If you sell a 60 month lease, that means you are taking 60 chances for your customer to have a bad experience with your solution.  60 times for cash to be applied wrong.  60 times for a customer to be billed incorrectly and incur late fees.  60 times for a bad experience with the lessor’s customer service department.  You can cut that down by simply selling quarterly payments.  If you go quarterly, now you only need the lessor to bill it correctly 20 times.

"What I Like About" Leasing MFP's & Copiers

In the previous blog, I had a response from a reader that he could not find anything on the Print4Pay Hotel forums in reference to a Bakers Dozen lease.


Back in the Eighties I got hooked up with one of the best leasing reps in the business, he taught me the in's and out's of leasing and I haven't forgotten them. Kudos to Dennis G, at the time he was working for Hertz Commercial Leasing (HCL), and pretty much every couple of months he would pay a visit to our office to teach us on how to sell leasing. Dennis is now with LCA (Lease Corporation of America) and I highly recommend him and his company.

Today’s reps are handed rate sheets and shown how to figure out a payment and how to write the lease and that's about it! You know..., that’s BS, there's so much you can learn from qualified veterans like Dennis and others. Such as the Bakers Dozen lease, which was very popular in the late Eighties and early Nineties. I mention the Bakers Dozen lease in the office every once in awhile and all I get is "whoa, what's that", you mean there's other types of leases other than FMV (Fair Market Value) and a 60 month term? Sad but true, there's not many dealerships of leasing companies that teach leasing to their new reps and even keep up with the old reps.

Here's the Bakers Dozen for you:

1,000 Ways to Increase MFP Sales

Really, did I say 1,000 Ways to Increase MFP Sales.  Yup indeed I did.  Over at the Print4Pay Hotel forums there are over 100,000 threads related to MFP's from the top sales people in the world.  The Print4Pay Hotel forum was founded back in 2002 and to date we have over 2,300 registered members from around the world!

Now, I didn't say that I had them categorized in a list, however if I did, I'd be getting BIG BUCKS for them. The idea of the forums is for sales people to share information that will help them close additional sales. Let's face it, I've been a down the street rep for 31 years and I still don't have all the answers and even though I work for a large dealer we still don't have all of the answers alss.  However, on the Print4Pay Hotel forums there are expert reps that are willing to help and share information with others.  Let's say that I need  help with a fiery question, I know that I'm not an expert and there are very few resources I can turn to from the dealership that I work for. Realistically some of the answers you get back from the manufacturers don't make a bit of sense either.  This is when I turn to the forums to post the question or questions and in turn can get the responses I'm looking for or get some real world advise as to what will work, will not work or someone else has found a creative workaround!

So, I'm gonna list a few of them here and I urge you to follow this link to be a Print4Pay Hotel member, btw, it's FREE, no charge, nada, all we ask is that you register with correct info and none of the BS info like Mickey Mouse, or 908.555.1211 for a bs phone number. I personally approve every member to make sure we have people in the industry on the forums and not end users. On to....1,000 Ways to Increase MFP Sales!

1. You gotta give it time and stay in the industry for more than three years, this will allow you to upgrade existing accounts.

2. You gotta make at least 100-200 touches per week. A touch can be anything from an email, a phone call, a drop in, or a meeting, the sales will come believe me!

3. You gotta eat, sleep and breath the industry! It will show when you meet with clients and discuss hardware or software solutions.

4. Be creative, think out of the box for hardware and software solutions, just because the customer wants a (5) 45 ppm systems does not mean those are the right systems.

5. Eat, sleep and breath ROI, nothin is finer that being able to save a customer money and be able to place hardware and software solutions without increasing their costs (matter of fact we have ROI spread sheets posted on the forums).

6. Stop with the 60 month leases!! Sell the shorter term and SELL the finance savings, proposing 36 month leases will have you back in the door in the 30 months instead of 44 months!

7.  How about this one, the customer does not want to lease for 36 months, wanted to buy, however they don't have the funds to BUY now! Well suggest a bakers dozen lease (more on this in the forums)

8. - 1,000 That's all I'm gonna give you here, go to the forums get registered, log in and I'm sure you'll find at least 1,000 Ways to Increase MFP Sales.

Print4Pay Hotel Registration

-=Good Selling=-

MFP Weekend Industry Notes 5/1/2011

Can you beleive it we've posted leads for over 2,500 copier in the Print4Pay Hotel forums!

What's Hot!!  Scan2Cloud, and Scan2Shorepoint MFP's!!  Click one of the threads below and learn how to turn your MFP into a "SMART" MFP!
Below are some of the threads that were posted for discussion on the Print4Pay Hotel forums. Enjoy!

Announcements & Discussions Forums:

Tohoku Earthquake Wreaks Havoc on Printer Industry Supply Chain

Average Monthly Page Volumes
Xerox Marketing Campaign April2011
List your favorite funny copier moments
The Office Copier turns 50!
Rumor has it.....
Invitation Webinar from UDOCX

Print4Pay Hotel's Document Library:

Sharp Dealer Meeting
MPS White Paper
Copier Security Booklet
HP Cost Per Page Chart
Toner Page Cover Examples

Print4Pay Hotel's Industry Proposals & Quotes:

Anyone have any contracts/pricing info for Ricohs new color A4s?
mp6501 c
Ricoh Aficio PRO C901 "Pricing on the Street"
Ricoh Pro 720S
KonicaMinolta bizhub 360
savin 9240SP lease n sales order

RFp's, RFQ's & Leads:

Copier Lease Agreement
76 plus MFP's in Southern Cal
School District
Arizona
HARPSWELL


Copier Stuff We Found on the Web:

Arkansas Politics Secretary of state lowers copy charges
Buonomo to collect pension while serving time
According to an article in “The Imaging Channel” magazine, Canon’s Precision, Chemica
In 2009, it refinanced that lease, providing new copiers and lowering the monthly
State Legislation to Address Privacy Risks of Digital Copiers


The Print4Pay Hotel forums are closed to the public and only accessible for industry professionals. To date we have over 2,300 registered members that consists of Dealer Owners, Dealer and Direct Sales Managers, Dealer & Direct Account Representatives, Manufacturers Direct Reps, and Industry Analysts. Log in here to become a member of the largest social group of imaging professionals in the world!

-=Good Selling=-