How Valuable is Your (and Your Employees') Time?

Posted on 18 Jul 2017

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For a busy pawnshop, the speed at the counter directly translates to dollars earned. Customers expect to walk in with an item of value and walk out with cash in the absolute minimum amount of time. The faster the shop can write loans, take payments and make sales, the more customers they will be able to serve per day.

Lately, it seems like pawn software companies have been putting hurdles in place to slow you and your employees down when writing a loan only to benefit themselves. They make you enter information for items that isn’t needed. You have to describe every item as if it is expected to default and be posted to an online auction.

As you already know, less than 30% of loans default. If the customer has a 100% redemption history and only needs to borrow $50 for two weeks using a nice ring for collateral, why would anyone want to enter ALL of the information necessary to post the item live to e-commerce?


You often spend more time evaluating the value and condition of the collateral than you do writing the loan. In most instances, an experienced employee can write a pawn for a single item in less than a minute using PawnMaster. I have personally written loans in as little as 12 seconds from clicking the pawn button to printing the label.

 

Where do you fall? Is your pawn shop software working for you or against you?

 

 

 

 

Richard Lutz

Written by Richard Lutz

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