Food + Beverage News

Painless Technology Transitions

Painless Technology Transitions

10/26/2016

Planning for new technology? Many food and beverage organizations are. The great thing about new IT equipment is enjoying the speed, flexibility, and capabilities of the new technology. The downside of it is the clunky transition period between when you dispose of old equipment and install the new ones.

If you leased your equipment, the equipment ownership lies with your commercial leasing company, and for that reason, they can and should help you with the transition.

Here are the three main ways that they can help:

Tip # 1: Decommissioning 

  • These days, even the most mundane technology may contain sensitive data. A Department-of-Defense-level wipe ensures that your sensitive information has been removed before you donate or resell your equipment. A Certificate of Data Destruction should be obtained for your records following the data wipe procedure. 

 Tip # 2: Packing and shipping

  • Choosing a technology-friendly transporter will help ensure that monitors, printers, and other technology equipment is returned safely. Also, before you start packing, find out from your logistics company whether they require stackable pallets.

Tip #3: Use Your Old Equipment to Help Buy New Equipment

  • At the end of the lease term, you generally have three choices: return the equipment, buy the equipment for its fair market value, or continue to lease.


A progressive leasing company like First American can help you recover sunk value by reselling your old equipment, as long as it's not currently on lease, and use 100% of the proceeds toward your next batch of newly-leased equipment. 
 

 

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First American Commercial Bancorp, Inc. is a wholly-owned subsidiary of City National Bank. Deposit products and services are offered by City National Bank Member FDIC. City National Bank is a subsidiary of Royal Bank of Canada. “First American Equipment Finance” is the trade name for certain equipment leasing and finance businesses of First American Commercial Bancorp, Inc. and its subsidiaries. Equipment financing transactions are provided in Canada by FA Equipment Finance, Inc. For California clients: Loans made or arranged pursuant to a California Finance Lenders Law license. All transactions are subject to credit approval. Some restrictions may apply. All trademarks are the property of their respective owners.

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