Many leaders at banks and credit unions have never fully explored the advantages of purchasing refurbished banking equipment. However, in today’s business environment, this option must be considered, especially as you strive to keep your branches running smoothly and stay on track with new technology rollouts, conversions or upgrades that modernize your financial institution and enhance its competitiveness.
For every bank or credit union, having the right hardware is business critical, whether it’s scanners, teller printers or signature pads. You need to make sure every device functions effectively every day so that customer interactions happen seamlessly. Malfunctioning or insufficient quantities of equipment can frustrate tellers and customers, taking the focus away from the customers’ needs and hampering operational efficiency and growth.
However, with supply chain challenges caused by the ongoing pandemic and inflation, it might be harder to acquire devices that were easy to find a year ago. Plus, prices and surcharges are increasing at dizzying rates. Competition for new equipment is heating up, with some organizations hoarding equipment by acquiring a “just-in-case” supply. The good news? Buying new is not the only option.
Explore the Benefits of OEM-Certified Refurbished Banking Equipment
Refurbished banking equipment from a trusted authorized dealer or manufacturer can arrive to your branch in a “like-new” condition. It will have been thoroughly tested by experienced technicians, who intimately understand how the equipment works, can identify potential points of failure, perform preventive maintenance, and strategically replace parts to extend the item’s useful life. Your refurb supplier may have even done cosmetic upgrades, such as a fresh coat of paint, to bring your equipment back to “showroom,” branch-ready condition.
With the routine testing and certification refurbished equipment from a trusted provider undergoes, you can be assured that it will perform up to your standards over the long term.
Get Equipment That’s Available Now and Budget Friendly
One of the best things about refurbished banking equipment is that it’s immediately available if it’s in inventory. There’s no excessive lead time for delivery. It can arrive to your branch via next-day delivery.
Refurbished hardware also gives you the flexibility to continue with your strategy. You can often find the most advanced equipment on the refurbished market. This equipment may have become available after a merger or acquisition. So, if you find you’re over budget for a technology upgrade, you might be able to obtain refurbished hardware to dramatically reduce project costs.
Additionally, if your branches don’t have modern equipment and your goal is to maintain your organization’s current technology footprint, you can find discontinued items on the refurbished market. That means that if your discontinued scanners go bad, you might be able to obtain replacements that are in excellent working order.
Ultimately, the refurbished market lets you maximize your IT budget with equipment that’s readily available, significantly less expensive, and performs just like new.
Have Peace of Mind With Turnkey Support Contracts and Warranties
The best refurbished equipment providers offer tech support for installations and troubleshooting, as well as manufacturer warranties for every piece of equipment they sell. The length of the support contract and warranty can be an indicator of the quality of the device. For example, if the support or warranty contract expires in 3 to 6 months, this piece of equipment may not perform up to your expectations. It’s best to seek out providers who offer at least a one-year warranty.
When working with a trusted supplier, you shouldn’t think twice about outfitting your branches with refurbished gear. You’ll get the same technical support and parts availability as with new equipment.
Live Up to Your Sustainability Goals
Everybody is talking about sustainability these days; and banks and credit unions, like businesses across all industries, are taking action to make it part of their strategy. Acquiring refurbished equipment is a tangible way for financial institutions to demonstrate their commitment to reducing technology waste and protecting the environment. Additionally, organizations can make an impact on sustainability by selling used equipment within the refurbished market.
The next time your financial institution is upgrading to new equipment, consider the best practice of selling the used equipment on the refurbished market rather than having it end up in a landfill.
Find Your Way to the Refurbished Equipment Market
As your branch transformation partner, we can help you navigate the refurbished market and share how you can make buying and selling used equipment a best practice at your organization.
We have been supplying refurbished equipment to banks and credit unions since 1985, and we’re one of the industry’s most trusted sources for both new and used equipment. We also have excellent relationships with original equipment manufacturers. As a certified partner, we know the ins and outs of the equipment and can confidently offer our customers warranty and support contracts that often go above and beyond that of the manufacturer.
This video introduces you to the value we offer.
Contact Us today to start exploring the refurb market.