Equipment Rentals software’s help rental businesses manage various aspects of their business. Some of the main functionalities are Calendar and scheduling, inventory management, Dispute management, Communication channel (Chat or message threads), Product display, Product Insurance management, Revenue management.
Calendar and Scheduling: This is one of the most important core component of the equipment rental software. The functionality can get quite complex based on the business model of your equipment rental business is based on, for example, hour by hour or minute by minute. These were found to be quite tedious.
Inventory Management: At the heart of a good equipment rental software lies a well integrated rental inventory management system. To keep track of product that gets sold and to make sure a single product doesn’t get rented to different customers at the same time. Inventory management is crucial for any renter to plan for the next steps and take informed decisions for increasing their revenue.
Dispute Management: Dispute are bound to happen, you can’t make everyone happy. As cliched as it sounds, that holds true for any business, particularly in an equipment rental software this proves to be a boon for many business owners who have to deal with unhappy and a very small percentage of miscreant users who like to create trouble for others, just because they can. Dispute management let’s users and sellers communicate with each other to resolve the issues before escalating it to an administrator who will resolve it for them based on the facts that were presented. A rock solid Equipment rental software makes it easy for users to do all that in a very intuitive manner for everyone.
Communication Channel (Chat or message threads): This can be a part of the front end of the equipment rental software, where customers who have pre-sales questions can approach the sellers with their questions and decide whether they can buy from him / her or go to another seller. Once a product is rented by the customers if they still have questions this functionality can help.
Product display: A great product needs a great platform to showcase it’s capabilities. A equipment rental software should be no less than that. It should have a great layout easier for users to navigate and read about the features, view videos, rating, reviews get enough questions answered before they can approach a seller with further questions. When a product page provides ample information about the product and pretty much answer every question the user might have, there won’t be a need to convince him to rent / buy your product. It just happens!
Products Insurance Management: Rental businesses can be very tricky if not handled well. The onus of liability will immediately be on the business operating the Equipment Rental Software directly, than the seller himself. A customer would decide against renting from your service, again if they have a bitter experience. To handle that you can levy an option for Insuring the product to cover cost of any damage done to that.
Revenue Management: Payout day is awesome. Equipment rental softwares should have this well planned, managing the payouts after deducting your share and taxes. Revenue management is one of the key features in the equipment rental business.
These are some of the features of a great Equipment Rental software. Know any software that satisfies all these conditions? Let us know.