How do I choose my software provider, and what is the best software for Rent to own?

This is not an easy choice. First of all, what software you need will depend on your business size, volume, number of locations, and your particular business practices. For example, do you have only one store? Or, in the case of multiple stores, do you operate each location as an independent profit center or stand alone location? Let me touch on that a little bit since it can be confusing.

If the location operates as a stand alone, then the location’s manager has total control over this location. He/She does the ordering and receiving for all their merchandise. They operate their location independently of all other company locations and send the information to the home office. This is referred to as a stand alone location.

On the other hand, an independent profit center is a location where the store front operates under the umbrella of the home office. All decisions regarding that store from PO’s to advertising, receiving and accounts payable are handled by the home office. The store has assets and expenses as well as income. In this case we look at the store as a profit center store.

The second decision that you will be faced with is how much control do you want the home office to have over the operation of your locations. By control, I mean data control; New hires, employee’s security, PO’s, store control records, and so forth.

I have previously named the big three software companys in the RTO industry, however it is only fair to say that there are a numbers of other software companies out there that are smaller, but they may be sufficient for a smaller operation. RTO Pro and RAM come to mind, also MSI and RCMS.

I am not advocating or soliciting any software vendor. I am attempting to help you choose your software vendor based upon your business needs.

You must face some other facts about your choice of software including cost, reliability, and customer and tech support.

It's a good idea to contact other RTO companies and talk to their IT personal. You can also get feedback from others at trade shows or association meetings.

Call as many software vendors as you feel comfortable with and ask for a demo. Explain your needs and be clear about how you intend to use their software. Before you call, jot down a list of questions that you need answered and prioritize them by their importance to your operation.

Clearly understand your cost of purchasing that software, including any charges or recurring monthly/yearly fees for support. It is critically important for you to understand their price structure, so there are no surprises.

Ask the software company if you will need additional personal or how they are going to handle training and implementation.

Remember, cheaper does not necessarily means better. You will also need to consider future expansion and growth for your company.

Finally, if you need to, you may want to find an RTO IT consultant that may help you identify your needs and negotiate with your future software vendor.

Myth:

The best software company for RTO is the biggest company.

Fact:

Even though the bigger the company, the more resources and expertise it will have to offer, it may not be the one for you. The best software for you is the software that you understand, use well, and are able to utilize all of its features. What is good for me may not be good for you.

In conclusion, software is only as good as the operator. It is similar to a musical instrument. A well tuned and balanced instrument in the hands of a good capable musician will produce a fine tune that is music to the ear. But the most expensive instrument in the hands of an amatuer or bad musician will produce nothing but noise.

I would like to thank my close friend Kelly Ireland, who edits what I write.

Contact:
Raouf Bishay
812-331-5514
rbishay@americanrentals.com
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