The exact number of companies that offer equipment and event rental-specific software changes as companies enter and exit the market, but today there are more than 30 companies to choose from.
To help readers navigate through the variety of options when it comes to equipment and event rental-specific software, Rental Management is producing this Rental Software Series, which will provide profiles of software suppliers on a regular basis. This month, we profile Eqpme, Toronto and Naples, Fla.
Company location(s): Toronto and Naples, Fla.
Number of employees: 5 to 10
Year the company was founded: 2020
Founder(s): Alex Mascarin and Stephan Peralta
Current software products available: Eqpme Storefronts (Essentials, Advanced & Business Pro)
What makes your product “rental-specific”?: “Eqpme originally began as an online rental marketplace with the sole purpose of serving equipment rental businesses globally by minimizing revenue loss due to collections. We’ve stayed true to our roots, and have evolved our offering to focus on enabling these businesses further with technology that would typically only be reserved for the larger rental companies,” says Anton Savytski, vice president (North America), Eqpme.
What do you believe are three key reasons an equipment or event rental company should be using rental-specific software?: “Number one: Compared to an alternative, using a rental-specific software lowers your total cost of ownership since it cuts out the need to build out and maintain a nonrental solution. It’s ready to go out-of-the-box. Number two: Easy-to-use tech allows rental businesses to focus on what sets them apart most from their competition, which is their customer service. Number three: Rental-specific software is built from the ground up with data structures and workflows specific to how rental businesses operate. As the rental industry evolves, so does your software, which complements your growth,” says Stephan Peralta, chief product officer, Eqpme.
How does your product make a rental company more efficient?: “Where Eqpme shines is in its ability to give you an online store where you can automate the entire rental process from the moment your renter is on it, to secure payment collection, identity verification (in-app), electronic signature and booking. This not only frees up time for your rental and sales managers to focus on other deals and relationships, but ensures you’re not following up on payment and credit applications. In an industry where your chances of losing a rental deal increases by approximately 80 percent if you take more than five minutes to respond back to a potential customer, Eqpme aims to make sure you don’t lose out on this revenue and keeps you competitive,” Savytski says.
Currently, how many rental companies use your software?: “More than 100 rental businesses and divisions across North America,” says Savytski.
What is your most-used new feature available with your software package?: “Our latest release of identity verification has been a game changer for our customers. Collecting as many data points to validate the identity of a customer has never been more crucial, especially with the cost of equipment rising,” Peralta says
View the Rental Management Software Series library
Rental Management will profile a rental software company in each issue. This profile will include basic information about the company, a written article and a video. Click here to view the entire Software Series library of articles and videos as they are published. The videos are also available on Rental Management‘s YouTube channel, which you can find by clicking here.
ARA Rental Software Reviews available to ARA members
The American Rental Association (ARA) has created ARA Rental Software Reviews, an online tool available exclusively to ARA members via ARArental.org.
The tool is generated from an ongoing survey of ARA members, which asked members to rate their current rental software system as well as the importance of common rental-specific software features.
The tool includes survey results detailing features ARA members are using, features ranked by importance, market share according to reviews, software comparisons, software reviews and software feature comparisons.
Reports also can be filtered by industry segment and by the size of rental company.