Increasingly, new asset financing alternatives are becoming available that reflect the creativity and flexibility needed by businesses today.
Now, injection moulding machinery manufacturer Engel is catching the trend. The company has announced it will be offering a pay-per-use financing model, next to the current options available to customers in the market for new machines, as the first in this space to do so. The new model will serve to reduce the investment risk for processors while at the same time boosting their production flexibility.
According to the company, the payment is calculated as a function of the machine utilisation rate, and charged per unit produced or unit of machine operating time based on an agreed unit price. In this way, processors avoid having to tie up their capital in machinery or seek approval for substantial new investment. It also makes the procurement process easier and faster.
In addition, all production cells delivered within the scope of the pay-per-use model feature come with the online support and remote maintenance tool e connect.24, which also provides the utilisation data on which billing will be based. The machinery will also be regularly serviced by Engel technicians.
When the contract ends, the customer can opt to purchase the machine, or it will be taken in by Engel’s pre-owned machinery business Engel Used Machinery, ensuring that hat the potential service life of the injection moulding machine is ‘utilised to the max’, said Engel.
The financing partner backing the new pay-per-use solution by ENGEL is Vienna-headquartered linx4 GmbH.