Feeling Trapped by Your Vendor?

Posted on 03 Aug 2018

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Choosing the correct vendors for your shop can seem like a daunting task, but you shouldn't feel like you're trapped when making your decision. We know that it's a lot to take in, that's why we at PawnMaster put together resources for people in the market to make a switch. When you're entering into a SaaS agreement for the first time, you may have some questions or concerns. That's normal. According to CIO Review, "The best means of protecting yourself is to carefully read and understand the terms of the contracts with your data vendors. Often these provisions can be negotiated--for example, you can require that your data to be anonymized when it's used by the vendor."

Here are some things you'll want to know before entering a contract

  • Is your data going to be shared with a third-party?
  • Who owns your data? Ask them flat out who owns the data and get it in writing. 
  • Can you export your data?
    • If you export your data, in what formats are available?
  • Ensure you have access to all of your data and define what "all" your data means.
    • You should have access to everything you've had a hand in entering.
Have them walk you through the process of how you will be onboarded and how your existing data will be imported into your new software system for you to use. 

You'll also want to protect yourself by requesting the following

  • An uptime guarantee of at least 99.9% for every month
  • Compensation for failing to meet uptime guarantees

If you're unable to export your data yourself, make sure you request it from your vendor before your contract runs out, otherwise it can be a lot harder to get access to. 

Any reputable vendor should never:

  1. Tell you another vendor is responsible for extracting your data from them (this could indicate some major security breaches and loopholes) 
  2. Ask you to pay an additional fee for your data

What to do if your data is being held hostage:

  1. Consult an attorney 
  2. Use the power of social media

PawnMaster has always been the one-stop-shop for pawnbrokers looking to take their business to the next level without having to rely on empty promises and double talk. When we hear the horror stories of shops coming over to PawnMaster, it validates the belief that our competitors' products don't stand up against the value we deliver. We've heard time and time again from our customers that they depend on our product daily, and I have never been prouder of what Data Age/PawnMaster has accomplished in creating so much value for its community.

With the addition of TxTPay, Facebook Integration, and PawnPortal, we are the destination for new and existing businesses of all scopes and sizes. We take pride in providing a quality product backed by years of expertise and supported by the best technical team in the industry. We don't play games with our customers, we just offer the best experience for our brokers with a top-of-the-line product at an affordable price.

Len Summa

Written by Len Summa

Len Summa joined Data Age Business Systems, Inc. in 2012 and currently serves as Chief Executive Officer (CEO). Before becoming Data Age Business Systems’ CEO, Mr. Summa was Chief Operations Officer (COO) for four years. He has 26 years of experience in executive software solution sales and operational management for both early stage and well-established firms. Prior to his Data Age service, Mr. Summa was the General Manager of global sales and operations at Persystent Software, an industry-leading enterprise recovery software. Mr. Summa has also served as the Director of North American SMB sales and operations at Learn.com, the preeminent software firm in the learning management space. Mr. Summa has a vast business and entrepreneurial background and was the co-founder of Lou Ferrigno/Fitness Showrooms, a highly successful retail and wholesale chain located throughout the Northeastern United States.

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