Medical Aesthetics Equipment Financing

Quick Links

1. What Kind of Aesthetic Equipment Financing Can You Get in Canada?
2. Pros & Cons of Financing
3. Leasing Aesthetic Technology and Machinery in Canada
4. Pros & Cons of Leasing
5. Choosing the Right Medical Aesthetic Equipment
6. Where Can I Buy Aesthetic Medical Equipment in Canada?
7. Frequently Asked Questions About Medical Aesthetics Equipment

What Kind of Aesthetic Equipment Financing Can You Get in Canada?

The medical aesthetics industry relies heavily on a variety of devices and tools that enable estheticians and consultants to perform their work to perfection. But the cost of buying every device upfront can be prohibitive, which is why many businesses choose to take advantage of loans, leasing, or financing plans.

By financing or leasing what you need, you can enjoy immediate access, without needing to make large one-off payments.

There are a lot of different financing and leasing plans available in Canada, and choosing one may seem overwhelming at first, but it’s all about finding the suitable system for your needs. The main options can be distinguished as follows:

Credit Based Financing

This is a great option if your business has a positive financial history, as it does not require any upfront payments. However it is not relevant for new businesses or those with poor credit.

Cash Flow Based Financing

If your business has lower credit but can prove steady cash flow, this is the option for you. It’s ideal for existing businesses looking to upgrade or grow their machine numbers.

Collateral Based Financing

This option is great for those with low credit scores or starting a new venture; it involves a large downpayment or form of collateral in order to secure a loan.

Pros & Cons of Financing

Pros

• You own the machine and may use it as you wish
• You can sell it if needed
• Tax deductions may be available
• Machines can be used as collateral

Cons

• Devices may become outdated before you’ve finished paying them off
• Can be harder to obtain a loan than a lease if you have bad credit
• Upfront money may be required
• Repair costs are your responsibility

Leasing Aesthetic Technology and Machinery in Canada

Not every salon will want to go down the financing route. It’s worth considering whether your company might be better off leasing. This depends on the exact circumstances of the business.

The main difference between leasing and financing is that when you lease something, you’re effectively only ‘borrowing’ it. Your monthly payments allow you to make use of the device for the period of your lease only, and when the lease expires you must return it.

A financing or loan plan, on the other hand, means you own the device in full, and are simply paying it off gradually.

Pros & Cons of Leasing

Pros

• Allows more flexibility
• Lets you upgrade equipment more easily
• No downpayments

Cons

• You don’t own the equipment and cannot resell
• Less chance of tax breaks
• Have to keep the equipment until the end of the lease

Choosing the Right Medical Aesthetic Equipment

A multitude of aesthetics treatments are now widely available in clinics across the world. Before you can start down the road of financing or leasing, you have to know exactly what you will most benefit from.

The most popular offerings in Canada are hair removal and skin treatments, but even this narrow specialty requires careful consideration. Which technology is right for you (and your customers) requires understanding of a few key areas:

1. Device-Specific Considerations

Let’s consider a business specializing in laser hair removal; the hair removal field is competitive, even just within laser hair treatments, and there are plenty of laser devices available – so which do you choose?

You may be interested in a laser hair removal machine powered by a diode laser or radiofrequency, or an IPL hair removal device. Or, you may not know exactly how a laser machine will integrate into your clinic moving forward.

To narrow your list of options down, you’ll need to consider:

And so on. Each and every purchase decision requires this level of usage analysis.

2. Business Considerations

Now let’s look at the questions new technologies need to answer in a wider business sense. Consider:

Tips for Picking the Right Machine in Canada

While you can get financing or a lease on many different types of medical aesthetic machinery, we can see that choosing the right product is no small feat.

So here are some tips to make sure you’re investing in the right tools:

1. Ask whether a machine (offering laser hair removal, skin treatments, IPL or other) offers a free demo
2. Visit nearby locations equipped with the technology you’re considering, and ask for a consultation to see it in action from the perspective of patients
3. Contact partners, consumers and engineers from within the beauty world for their opinions on whether the machine can achieve the success you’re seeking
4. Find out how easy it is to contact the manufacturer in case of issues, and whether they’re based in Canada or not
5. Do some research on which service is most in demand by customers (either in your clinic or at another site)
6. Keep an eye open for a sale to help keep the price of new devices down

Where Can I Buy Aesthetic Medical Equipment in Canada?

There are hundreds of different brands that manufacture medical aesthetic devices, all around the globe, so here’s a quick run-down of some of the major providers in the Canadian market:

Venus Concept

Venus Concept has one of the most extensive ranges of machines on the market, covering everything from lipolysis to hair transplant, skin tightening to diode laser based hair removal. They have multiple machines that combine functions, making them cost effective, and boast long-term partnership benefits to ensure salons using their products are optimized financially, strategically and technically.

MedeLink

Medelink offers cosmetic and dermatological devices, both for testing and treatment, and as such are one of the more medically-minded companies offering tools that have aesthetic applications. They will work with clients to customize devices, offer full training, and have their own financing program as well.

Xcite Tech

Xcite Tech offers mainly skin-related devices based on microneedling or ultrasound technology to produce fast, positive results for skin tone, tattoo removal, wrinkle reduction, and so on. They also offer one of the fastest working hair removal devices on the market.

In addition to the products themselves, Xcite offers full training, free demos, support and even financing packages!

ADSS

ADSS specializes in laser hair removal, and their range includes both salon-based and portable devices using diodes or IPL.

Dermaglow

As the name suggests, Dermaglow focuses on microdermabrasion devices and in this field are one of the main providers in Canada, despite having a limited product range. The company offers training for all buyers of their devices.

Frequently Asked Questions About Medical Aesthetics Equipment

Can I Use a Loan to Buy a Laser Hair Removal Machine?

Yes! Laser hair removal is very popular and there are many types of laser treatment that can be obtained via one of the companies listed above. Laser hair removal machines or IPL is a smart investment area for those seeking to increase their treatments in the hair removal sector.

Are Other Hair Treatment Devices Eligible for a Loan?

Yes. Although the majority of aesthetic tools relating to hair focus on laser hair removal, there are plenty of options for those with other hair treatment needs (such as hair growth). And it’s not all lasers – IPL hair removal treatments are also very popular and do not require an expensive laser machine.

What Kind of Laser Hair Removal Machine Can I Buy with a Loan?

Almost any kind! Whether you’re seeking technology to address hair or skin needs, via lasers, a diode laser, IPL, collagen, or really anything else, you’ll be able to find a loan to fund the medical devices you need. Better skin and hair removal treatments for your customers are within reach!

Do You Need Training to Use a Laser Hair Removal Device?

Yes. Even the most basic laser hair removal machine requires training on its operation, for the safety of patients and service providers. Lasers can be dangerous. The same is true for many skin treatments.

What Skin Types Can I Buy Beauty Equipment For?

There are so many different skin types, and treatment technology is available for all of them! If you’re hoping to treat patients with a variety of skin needs, consider a versatile device that can adapt as required. Wrinkles don’t stand a chance, no matter the skin!

Is Laser Hair Removal Covered by Insurance in Canada?

In a word: no.