PawnMaster Blog

Q: What is Mass Update of Pricing?

A: This is another powerful and often overlooked tool in PawnMaster. This utility can be used to adjust the sale price of all items, specific types of items, items in a specific location (Bin), aged inventory and precious metals that do not include stones.

Pawnbroker Safety Programs and Your Bottom Line

According to the Occupational Safety and Health Administration (OSHA), workplaces that establish safety and health management systems can reduce their injury and illness costs by 20- to 40 percent. Safe environments also improve employee morale which positively impacts productivity and service. When it comes to the costs associated with safety, consider the following statistics from OSHA:

Posted on 17 May 2017

How to create a bulk item in PawnMaster

One of the most frequent questions I get when doing training on inventory management is, “What’s the difference between a “Bulk item” and “New item?”

Q: What does the “Return Ratio” mean in the customer screen?

A: This is a percentage representing the return on total investment for each customer. When we make a loan or a buy with a customer, we are investing in their likelihood of redeeming the loan or at a minimum, the value of the collateral. When the loan is redeemed, the shop will see a 100% return on investment plus the interest.

Stone Digestion

When I first started in the Refining Industry in 2000, gold was at $237 toz. Business was good, I guess (I was with another company at the time, not GEIB). We melted gold, silver, platinum and gold with stones. Record scratch. What did you just say Peter?! Gold with diamonds??

Yes. We melted gold with Melee and other little stones. I think that's just the way it was. No one cared, no one wanted little "frozen spit" back. Over the years, someone, somewhere, realized there was a lot of diamonds being burned up and ruined and most importantly there was money being thrown away in not getting the value of the diamonds out of the material.

If you're not doing stone removal on your karat gold with diamonds, you're doing a disservice to your business and your bottom line. You should absolutely be doing this process. As long as you work with a reputable company, you have nothing to be concerned about.

The benefits of stone removal in your karat scrap outweighs any small costs associated with the process. I promise you.

You can keep stones for a rainy day, for repairs, maybe a car and so much more. I have clients that do stone removal on every lot shipped in and I have clients that do it before Las Vegas NPA or regional shows coming up to sell their stones to a reputable diamond buyer like Palak Diam Inc. (Ankur Savani).

My suggestion is take out any of the larger stones (1/4 ct +) and leave the Melee and smaller stones for the acid. If you try to take the smaller stones out at the bench you run the risk of chipping or breaking the stones which now makes them perfect only for diamond saw blades (smiles) and a lot less valuable per carat.

Keep in mind that anything organic like opals and pearls will typically not make it through the acid process. They will dissolve. We, at GEIB, also frost our stones lots after the process to cloud the cz's in hydrofluoric acid. If you like HEAVY frost just ask and we'll leave it sit for extra time. This makes it easier for you to pick out the bad or no value stones while sorting. We will always give you white (diamond) goods packaged separate of the colored stones.  We will send everything back to you.

Stone Digestion. It's affordable. It's easy. It allows you to concentrate on so many other things you have going on in your business and life. Talk to your rep or refining company or call me personally anytime with questions, concerns and needs. I've included our process below from our website, www.geibrefining.com.

Posted on 10 May 2017

My Favorite Interview Questions

As part of my various daily responsibilities, I am the company’s recruiter and interviewer. It’s my job to use all the questions at my disposal to determine whether the candidate is right for the job or not. In fact, I have two favorite questions that I never waiver from. I use them in order to see how the interviewee will react and what may make them great team members. We all know that a person’s skills and abilities, no matter how impressive they may be, are just part of what makes a person tick. When you hire someone, you’re not just acquiring whatever that person can bring to the table, you’re hiring a real person with strengths and weaknesses that will inevitably affect how they perform.

Secrets to Successful Posting: Craigslist Edition

Craigslist gets about 30 million visitors each month looking for products that might be available in their very own backyard. If you own a brick and mortar shop, where customers come in to touch and feel the product, then this marketplace is a great way to drive foot traffic into your store. A free local classified advertisement website where you can post your products and target buyers in your local neighborhoods.

Are You Backed by a World Class Support Team?

What's your lineup look like when it comes to support at your software vendor? Do you have live representatives standing by to assist you with your questions? Do you have to wait hours, or even days for a response?

Your alarm system only plays the first part in protecting your property; you, as the business owner play the second part

Getting a good alarm system installed in your shop doesn’t guarantee that you won’t suffer a burglary loss. 

Recently, one of our customers in the western part of the country suffered a large burglary loss. The customer had a very good alarm system, (UL Certified Central Station Grade AA, Safe Complete), which covered the entire perimeter of his shop and his safe. One evening he received a phone call from his alarm company notifying him of an alarm condition at one of his stores. The customer sent one of his managers to the store to meet the police.

Business Adaptation

There are many similar traits and characteristics when comparing sports and business. I'm not a fan of Coach Belichick’s team, but I am a huge hoodie fan and follower. This is one of the best and longest interviews he has ever given and when you sit back, listen, and absorb, it just makes sense. His approach to the sport is business-like, and his strategies and tactics can be transferred into any business practice, especially around leadership; Getting the most out of your team and the ability to constantly employ situational awareness involves adapting and overcoming.

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