Whether it’s power tools, construction tools, or tools meant for landscaping, tracking your rental inventory can be a very challenging job. Without the right tool tracking software features, you may be forced to pay additional money for maintenance, support and insurance.
Wouldn’t it be great if you could just run a report to provide you with all that information? Or just open up an app and have all that data at your fingertips? A tool rental software can help you eliminate expensive manual processes, locate all your tools without any hassle, and allow your users to update tool details including requests for support and maintenance. It also allows you insight into who rented which tools, what condition they are in, when they are due for return, and so much more besides.
Let’s dive into five amazing tool rental software features which can streamline all your rental business processes!
Tool inventory management
What can be more important to your tool rental business than managing your entire tool inventory? With the inventory management feature of a tool rental software, you can have an instant overview of what tools are available for future date ranges for your next customers, which tools are actually out being rented, and a list of tools already out for maintenance. You don’t need any guess work anymore!
Track your tools and always know their availability status.
Tools often come in the form of sets, kits, accessories and cases. Tool rental management platforms are flexible enough to keep track of individual items, as well as kits and packages. The main tool and equipment screen allows you to easily group your items into sets or other combinations and quickly add them to your projects. Tool availability can be seen in a dynamic timeline, letting you know their current status. The software automatically notifies you whenever an item is due for maintenance. After all, your customers expect to receive tools in a good shape!
Flexible price management
Being a tool rental business, your rental rates are probably flat, tiered, or based on time intervals. Tool rental software features flexible price management which enables you to set your own dynamic rental rates and pricing. You can pre-configure deposit amounts, late fees, credit card pre-authorization, etc., on the basis of your unique business pricing policies. What’s even better is the fact that you can easily bundle tools and equipment and create multiple rental tool categories and subcategories for different types of tools, letting you set multiple price points!
You can also quote customers additional charges and offer them a clear cost summary and breakdown. And this system is all about customization! You can easily generate and send invoices, project-based quotes and contracts with a few taps. With an online confirmation function, your clients can easily confirm your quote, and have your rental orders get processed that much quicker!
Marketing and promotions
Customer loyalty is the next big thing in marketing, in a world where your competitors are only a click away from all your potential customers. Your rentals customers have access to endless information and they are only going to stick to you if you create a fantastic customer experience for them. Generating and keeping loyal customers loyal is a priority for any business, especially if you want to grow. Tool rental apps are certainly going to help you with that. They can boost rental order processing times, and enhance customer loyalty with their promotions and marketing features.
These features let you leverage great offers, send out promotional emails, and even categorize customers by tiers so you know who to favor for discounts. You can take advantage of referral traffic to pave the way for new and repeat orders, or extend discount promotions to customers – all from one platform! In addition to this, you can offer coupon codes to keep up interest in your business during lulls in the rental season.
Real-time reporting features let tool rental businesses make better decisions year-round. This provides you with so much real-time data to leverage! For example, you can determine where the bottlenecks are, and what seems to be going particularly well. This allows you to strategically capitalize on the best opportunities by adjusting your prices accordingly so you can profit more. You can figure out which tools to purchase, maintain, and retire, and prevent unnecessary additional costs.
The statistics offered by tool rental solutions let you analyze your rental company’s performance and predict future trends. You can also find out which clients bring in the most profit for your business, analyze your most profitable tools, and check out the most frequently rented tool. On the basis of this data, you can prioritize future jobs in order to get the most out of your rental items.
Online booking and payments
Tool rental businesses around the world are reaping the benefits of a diversified customer base by allowing customers to browse and rent tools and equipment online. It saves them the hassle of physically going to the store and taking so much time to rent a tool when they can do it in just seconds online.
Give your customers the convenience of an online payment option.
Customers are able to view, rent and compare tools and equipment around the clock. They can even request for extensions of rented tools, see availability schedules, and access support documents. Making online payments is the most convenient option for customers. A robust tool rental software can offers integrations with payment gateways like Stripe, PayPal, Authorize.net and Stripe. This allows you to track payments and invoices with ease. You can also use the same platform to share data with top accounting software like QuickBooks and Xero, making book-keeping even more convenient!
Tool rental software features: Set yourself up for success
Automating rental reports, rates, maintenance, and more while offering constant visibility into your tool rental inventory surely meets the needs of any tool rental company. The right mix of technology and knowledge can help you grow faster, allowing you to better manage your tool rental business.
Learn More About EZRentOut
We’re an equipment rental software that helps rental businesses tag and track tools and heavy machinery. You can run reports, carry out audits, and receive online payments, all from one platform!