PawnMaster Blog

It’s Your Data After All!

 

What rights do we have to our data? When we sign up with a vendor and go over contracts, do we really drill down into the specifics of this question?

Mix vs. Separate

 

Posted on 26 Apr 2017

Time Management

Time management is an issue for many of us, especially as a small business owner who puts the key into the door of their business every day. It seems we get pulled away from what we want to do every day because business is very fluid and somewhat unpredictable. This seems to be even truer at the entrepreneur level where everything falls into your lap. 

The Software Contract

Our industry has been thrust into acquiring a fast education on things to look out for when signing a software contact. I am sure it is a topic many never thought they would have to address. In business, contracts are a necessary evil. Reverting to them and getting into heated debates over them is usually unnecessary because the contract is put into place to benefit BOTH parties -- not only the vendor. Quality providers won't have to fall back on the fine print of a contract, that you probably never knew was there in the first place. Quality providers are up front with the terms of the agreement. 

Keeping Good Talent

No matter what business or industry you're in, retaining top sales talent or talent in general is always an on-going challenge. Investing a lot of time and resources to find, groom and mature top talent only to see them leave is an ongoing concern for many.  This is especially true for the small business owner. This topic caused me many sleepless nights when I was in business. I needed more sales people on the floor to handle the growth of the business. I needed good delivery people who know what the phrase "on time" means. If I wanted to grow, I no longer could be the best sales person and delivery person in the company. I needed to find good talent and committment to get me to the next level. Does this sound familiar?

10 Steps to Harden the Target

With all of the economic uncertainty going on in this Country and with unemployment still high, we have seen an increase in violent robberies and burglaries across the Nation. We thought it important to provide the Pawnbroker community with a few reminders on some best practices for security.

Scrapping

"I'm waiting on $1,250 price."

"I've only got 500 dwt."

"I'm flush with cash now from tax time."

"I need diamonds back for National."

When is it time to scrap? It's time to scrap when it's right for you. Everyone has LOTS going on in their lives and shops but if your gold or silver is not selling, you need money, metals have come out of pawn or the price is right; it's the right time.

I have personally always told my clients when it comes to price, "You're never going to hit the absolute high in the market - take the price when you feel like you want/need to move on materials and go on to the next thing on your daily to do list." You'll have more gold in the future, it's what you do. Remember, metals markets are like an elevator, they'll go up and they'll go down.

Don't be afraid to call, text or email your Rep... Communication is always key. Keep in mind, no one will ever know what the price will do from minute-to- minute, day-to-day. Sometimes you have to go with your gut. Sometimes you have to follow the dollar, activities overseas, etc. I watch metals by the second, most hours of the day and I am constantly reading articles and watching reports on TV. My responsibility is my clientele and advising as best I can but with regards to the market, sometimes you just have to get lucky.

This is an important point I'd like to go over. When you lock or hedge or price (gold, for example) and "shake hands" on a price with your refiner, that is a binding deal. If you hedge gold, silver etc. with your refiner; know that it can and does go down as easily as it goes up. Commitment and trust has to be mutual with every transaction. If you lock 10 toz at $1,250; your first 10 toz of your lot will be priced at $1,250. If the market goes up - your first 10 toz are still at $1,250. If the market goes down to $1,200; your first 10 toz are still going to be priced at $1,250. The balance and what to do should be discussed with your Rep. You can price at settlement, consign or even take bullion back - you should always have options and you should know them.

Firearm FAQs

Lately I have fielded a lot of questions about pawning and selling firearms.  If you have an Federal Firearms License (FFL) or have been thinking about obtaining one, there are many things to know about the compliance requirements and how PawnMaster can help you manage them. For some shops, pawning, buying and selling firearms are a significant part of their business model, which comes along with many rules, procedures and paperwork. Therefore our PawnMaster software and support staff must stay current on the laws and best practices in order help to keep shops in compliance. 

Signs Your Vendor is Floundering

The 2016 unrest in the market at the vendor level has spilled over into 2017.  Many have burned Plan A because they were forced to. This trend is continuing and even though our market is comprised of some very intuitive people we felt it important to tool them with even more solid information on how to spot inevitable vendor failure to avoid some of the recent pitfalls. 

Posted on 17 Apr 2017

How to undo a payment in PawnMaster

One of the most frequent questions I get after a shop has been using PawnMaster for a while is, “How do I undo a payment?”

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