Payments and Billing is a feature within Settings in the Hofy platform allowing organisations and their Hofy managers (with Finance permissions) to easily indicate and control the most desired default rental duration or purchasing terms and billing frequency.
Within your Payments & Billing settings, you will select your global defaults for orders. Here, you can opt to purchase all IT peripherals and pay upfront, while also choosing to rent devices for 36 months and pay monthly. (Monthly and annual payment frequencies are contingent upon successful credit checks; the credit limit issued is at Hofy's discretion.)
Most organisations will have started with Hofy on our bundled rental and terms, meaning that our service fees, for all of our equipment, were baked into the price of your rental fees.
However, we want to ensure that our customers have the option to make decisions that serve their unique needs. We now offer the flexibility of unbundled rentals or purchases, allowing you to pick and choose which services you want to include with your devices.
To set up your preferred payments and billing terms, please head to your profile in the bottom left corner and select 'Settings' and then go to the 'Payments & Billing' tab.
Bundled rentals
(Choose from 6, 12, 24 or 36 month rental options, including full Hofy services, for all equipment.)
Hofy owns the equipment and you rent it. Configure your settings for every category of equipment we offer.Upfront payments unlock greater discounts!
For accessories and peripherals rented on our bundled model, you may purchase these items at the end of the rental term for £1, €1, or $1.
Unbundled Rentals and Purchases
(Unbundled rental options of 12, 24 or 36 month rentals for devices with flexible add-on services or opt for unbundled purchases of devices with 12, 24 or 36 months of global hardware support. In our unbundled model, all accessories and peripherals are for purchase only.)
For a more tailored, flexible ordering experience, we offer our new unbundled model to allow you to dictate how you'd like Hofy to step in with hardware support packages that suit your budget and individual team requirements.
For devices, choose between:
- Device rentals or purchases
- 12, 24 or 36-month global hardware support package durations
- Standard or Standard & Loaner global hardware package options
- Extended Warranty options for 24 and 36-month contracts
Accessories and peripherals are offered for purchase on upfront payments only but without added services included, so the prices are on average 20% lower than the bundled model.
Learn more about customising orders with unbundled rentals or purchases.
You also have the option to override your organisation's default settings in a specific team's settings - useful for teams where you prefer to set up different arrangements than your default.
Note: Purchases are currently available on our upfront payment scheme only. Hofy does not own purchased equipment, however you do have the opportunity to add it to our asset tracking feature which you will have access to with no additional fees.
Renting vs Purchasing
Are you considering renting versus purchasing? There are great benefits to both. One key difference is that rentals from Hofy can be categorised as an operational expense, whereas purchased equipment is a capital expense.
Still not sure? Reach out to Hofy!
Note: Change these default settings at any time. After changes are made, new orders or requests will adhere to settings in place as the order is submitted. Existing equipment contracts remain on the rental terms from the time they were placed. Organisation managers with finance permissions are able to also customise rental or purchase terms ad hoc when placing orders by overriding the organisational settings described above.
Credit limit
As mentioned, Hofy offers customers the option to apply for credit to allow options of monthly and annual payment terms. Your monthly credit allowance is determined by the results of your organisation's credit check. Monthly or annual billing may not be available to every organisation and when a credit limit is reached, your organisation may be defaulted to upfront only. Please contact your Account Manager to discuss these options or review our help centre article: Your organisation's credit limit.