PawnMaster Blog

What First Impression Are You Making?

“You only get one shot at making a first impression.” I’m sure we’ve all heard this statement over the course of our lives, from the time of our youth, to preparing to enter the workforce.

Customer Profile: Gold-N-Guns Pawn Shop

Mark Strother, Gold-N-Guns Pawn Shop, Gonzales, LA 

Mark Strother, owner of Gold-N-Guns Pawn Shop in Gonzales, LA has been in business for 32 years. He learned the value having a point-of-sale and inventory management software early in his career.  The owner of his previous software passed away suddenly, making technical support, future updates and upgrades non-existent. Mark was forced to find a new software provider. He was looking for a stable company that would provide technical support and continual upgrades. That’s when he found PawnMaster.

Posted on 18 Feb 2017

7 Habits of Highly Successful Pawnbrokers

 

  1. Keep Compliant Using Required Fields: In most areas of the world, collateral lending is highly regulated, and failing to abide by those regulations often results in heavy fines and punitive actions. One of the easiest ways to ensure that your employees are gathering all of the data needed for police reporting is to set required fields so a pawn or buy cannot be completed without all of the required customer and item information.
HOW TO: Setting the parameters is as simple as going to Admin >Store Setup>Customer Required Fields and Item Required Fields.

Truth and Lies in the Marketplace

With the election not long ago, we all know that negative advertising exists. But what if it happens to you? How do you combat a competitor who is telling lies about your business?

Make More Money Using Your PawnMaster Data: Customer Snapshot

PawnMaster has a tool that helps pawnbrokers get the most from their customer data called the Customer Snapshot, that little box on the right of the New Pawn screen that is displayed after selecting a customer. It lists the number of active loans, number of redeemed and defaulted loans, as well as the number of buys, redemption ratio, return ratio and total sales in dollars. This is important information. This is a quick-glance record of how your customers are treating you.

Built to Scale

When you set out to build software that will service thousands of customers like we do here at Data Age, you have to concentrate on the foundation.  Building to scale is something you hear all the time but what constitutes accuracy in this statement? Building the platform on infrastructures that are inadequate for growth is the main mistake that software developers make. In an effort to keep their own costs at a minimum, they may host your data at the nearest facility that they can get a cheap price at instead of leveraging the best possible solution for their customer base.  Also, not keeping up to date with the latest technology is a major issue for many software providers. Remember, cloud technology is constantly changing so anything past 5 years old in technology is already outdated.

Customer Profile: Parlour Pawn

Bill Daigle, Parlour Pawn, Moncton, New Brunswick, Canada

Bill Daigle is the general manager of Parlour Pawn, overseeing almost 30 employees in several different departments. After initially having a difficult time finding a pawn software that could keep up with their expanding inventory, Parlour Pawn turned to PawnMaster. With PawnMaster’s bin location system, Bill and his staff are able to safely, securely, and easily manage their 15,000+ pawns.

What's Your Favorite PawnMaster Feature? Nick Braden

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

"I have a diamond I want to sell"

How YOU can get the Most $$ Money when Selling
GEMS to Dealers!
 
 
SELLING COLORED STONES
 W hy its so hard to sell  back  color?
 
My friend Ankur tells me that the market is flooded with TREATED stones. This has causes the price of most colored gems to drop dramatically. It costs more money to sort them, than to cut new gems. 
 
Matt Winward of MD Diamonds buys OTC (over the counter) color, but he says it is very difficult because gemstones that have been in rings are most likely damaged.

Matt says the cost and time fix a gem makes it cost prohibitive. Also, it is capital intensive to buy color. Not just the initial purchase, but also expensive in terms of education, equipment, and trustworthy people.
 
 
 
Who Buys Color?
 
MD Diamonds (801) 628-4785
 
Eric buys nicer color

Johnny ABBGS (314) 517-3606
buys mostly nicer break out
larger sizes.  pays about $1/ct 
 
Bartier Lapidary Service 
Damaged goods ONLY
 
Arun Gems, Bangkok Thailand
 
"I used to come to 
work and think
What can I SELL today?
Now I come in and think 
What can I BUY today"
 - Bob jeweler, FL
  Why Aleah can get you the MOST MONEY when you are Selling a diamond?
  • I'm GENEROUS. I truly want to give you the absolute highest possible price for your diamond.
  • I SHOP IT AROUND. If I'm not the buyer, I find someone who is. 
  • I CAN GIVE OFFERS OVER THE PHONE! Just email me and I can give you a ball park price even without seeing it.
 
 
How to get the Most Money for Your Diamond Melee
HOW TO SELL
 DIAMOND MELEE

 

STEP #1 GET THE CZ's OUT

If you can frost your CZs out, you can get more money for your melee.

 

STEP #2  SIEVE IT

Sorting is very time consuming, but sieving is easy and helps you get more profit! There are three main plates you need. Sizes 16, 11 and 6. Each size is a different price point. You get more money by separating the price points.

 

MELEE BUYERS 

Try these melee buyers  

 Viraj     917-907-3522

 Verma  404-995-6782

 

 

Here is a Fun VIDEO for you to share to get 

MORE people to SELL TO YOU!

 


HOW TO SELL MELEE  DIAMONDS TO DEALERS

 

Take your parcel and

do one of two things.

 

1. If there is a trade

show, take your

parcel there. Shop it

to different booths.

Find the dealer that

pays the most, and send them your future melee.

 

2. Split your parcel into 3 sections.

Send 3 smaller parcels to 3 different buyers. Take the highest offer.

 

 
HOT TIP!
CLEAN MELEE GETS 
TWICE AS MUCH MONEY AS DIRTY!  

Amit did the research.

He showed THE SAME

 parcel before and after cleaning it and got very different offers! 

 

$70 for dirty verses $140/ct just for cleaning it. Be sure to clean your melee in the

ultrasonic before you

sell it.

 

     BEFORE     

AFTER

 

 

SIGNS 

YOU WISH YOU COULD PUT UP IN YOUR STORE!

 

 

Make More Money Using Your PawnMaster Data: Inventory Turns

In my next post, you'll read about the Seven Habits of a Successful Pawnbroker. One of those habits is the effective use of the PawnMaster data. The first item I want to drill down on is running the Aged Inventory Report. This should be done at least quarterly, if not monthly. To view, this report, go to Reports and select the Inventory category. Select report #1, “Items in Inventory” and click print. On the first filter select “Aged Inventory”, on the second filter choose all items or select an item type to display. Generally, on the next filter, it is preferred not to include “Bulk Items”. Now enter your start and end days, such as 365 and 730, to display items in the shop more than one year but less than two.

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