PawnMaster Blog

Customer Profile: Earl's Pawn & Jewelry

Rhonda Roebuck, Earl's Pawn & Jewelry, Mobile, AL

Not long after taking over as manager of Earl’s Pawn & Jewelry, Rhonda Roebuck realized how much time and money was being spent sending out hard copy pawn notices. After speaking with her PawnMaster account manager, Rhonda decided to implement the Text Messaging module in order to eliminate expensive, ineffective physical notices. Since she has started sending her customers text messages, Rhonda has recorded a 25-30% redemption rate on pawns.

The Secret to My Success

The first time someone asked me if there was any secret to my success, I thought the question sounded odd. I think that, in itself, is part of the secret to success; being humble. Don’t stay focused on what you’ve accomplished and always look towards achieving that next goal.

What's Your Favorite Feature? Kyle Fenstermaker, Tech Support

We asked our employees what their favorite PawnMaster feature is, and why.  Here's what they had to say: 

I think biometrics is the best add-on as far as hardware goes, because it helps the customer become DOJ compliant. It is also very helpful for the pawn shop operator because the functionality allows them to log in quickly instead of having to type in their password.

Sales Spotlight: The High Road

We take the high road in everything we do.  We are the best in the business so we always act like it.  When it comes to the competition, I assure you, they will sling untruths at any moment. The competition is it in for a quick buck. We are in it to help a client over a very long period of time. Taking the high road will automatically help you distinguish yourself from the field. I am not saying to lay down. I am saying you will pull out the facts, position them against the competition and hammer away on the real value points we deliver. 

Case Study: Bellevue Rare Coins

The Client
Bellevue Rare Coins Eric, Ryan, Daniel and Angela Hoolahan, Owner

The Challenge
Bellevue Rare Coins was running all four of their shops pen-to-pad. The siblings knew that they needed to be able to coordinate their locations, report to the police through Leads Online, and improve their processes to be more efficient.

The Result
• Coordinate Locations
• Police Reporting
• Improved Processes
• Improved Efficiency
• Record Keeping
• Inventory Control
• Compliance

Inventory Metrics that WILL Increase Cash Flow

I’ve seen it more times than I care to remembera room filled with pawnbrokers, and the question gets asked, “How many of you do regular inventory audits?” Only a few will raise their hands. Sadly, fewer yet will attest to using inventory reports generated by their software to MANAGE their inventory. It's safe to say that if someone wanted to increase their cash flow quickly, it would be done on the inventory and sales side of the business. Let’s face it; nothing is going to instantly change the amount of cash coming in from service charge payments and redemptions. Sure, there are long term strategies that can increase those but creating that buying frenzy and getting merchandise off the shelf quicker is the key to making quick cash!  

When "Plan A" is Dead


How much does it cost you when Plan A fails and you are left to figure out how to recover if a vendor goes out of business or a new regulation is enforced? What is your Plan B? 

For many customers in our industry, Plan B was making sure Plan A works, especially when it comes to relying on vendors. As we have seen in 2016, the pawn industry has experienced some unsettling events. With new compliance regulations and new legislations, vendors going out of business or being taken over, you want to make sure your vendors are in your corner to help you keep your business running smoothly. 

What's Your Favorite PawnMaster Feature? Len Summa, CEO

Sales Spotlight: Negotiation Wisdom

Let me start off by saying negotiation is a two-way street. Our mission is to provide a fair and reasonable solution for our customers, but unfortunately we can't give our software away because we still need to continue to build and support their needs on an ongoing basis.

Posted on 12 Oct 2016

Sales Spotlight: Two Kinds of Pressure

There are two types of pressure. There is pressure you feel and pressure you apply. Assuming we are constantly refining our trade, enhancing our knowledge and working smarter, applying pressure in a competitive opportunity boils down to proper positioning and differentiating yourself from the competition.