The success of a pawnshop is reliant on many factors. In today’s world, countless technologies exist that help improve exposure and traffic, encourage professional education, utilize e-sales channels and, above all, empower pawnshop owners to achieve what they set out to do and allow them to be current while maintaining a high level of productivity. Pawnshops that want to stay relevant know that they must incorporate these technologies into their growth strategy. In doing so, they reap additional benefits that keep them ahead of their competitors who fail to embrace technology, including:
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.
Every time a pawn shop writes a loan, a relationship begins. Whether it’s for a new or returning customer, each loan is the start of a relationship with someone who will visit the store over and over, and whose experience will impact the success of the business.
Buzzwords – are they done and have they had their day in the sun? I am sure we have all overused buzzwords especially in early usage settings. They are slick and have an immediate play on emotions. The real issue with Buzzwords is the “buzz kill” that can accompany them if they are used to impress and not to educate. Buzzwords can be very costly to the customer if they don’t do their homework. High quality, reputable and stable vendors are transparent and offer more than just marketing fluff. They would rather deliver substance and depth to assist in helping the customer make the right decision for their business. Dig deep and ask the right questions.
Self Help for BWI Police Reporting
Business Watch International (BWI) is a worldwide law enforcement property recovery system that requires pawn shops and second-hand stores to upload data daily to its services. PawnMaster has an application that makes the process of police reporting very simple. Our BWI Real-Time reporting module will automate the process of sending information to your local police department.
Here at Pawnmaster tech support we strive to give our customers the best experience and customer service they can imagine! In doing so, we want to help increase your knowledge base so that you may be able to resolve some issues on your own, without having to depend solely on tech support! We understand that time is money! Some basic errors that you may run into on a day to day basis can be found below, with solutions to these errors.
Save more, make more.
What is inventory turnover?
Inventory turnover is a measurement of how many times the retail inventory is sold during a twelve-month period.
While total store turn rates are important to know, turn rates are much more meaningful when viewed at the classification level.
Each year pawn shops can expect a spike in sales from Thanksgiving Day and throughout the Christmas season. This is a special time of year indeed, as item and jewelry sales spike on any given day as bargain hunters are out to fulfill their holiday obligations. Are you okay with the status quo or are you looking at last years’ numbers and trying to blow the doors off of them? This is a unique time of year to pull out all the stops; the choice is yours. Shops can generally see upwards of 30% of their total annual sales revenue during the holiday season each year. Do you have the data points available to you to capitalize on this unique opportunity that you have in front of you? Here are a few things to think about as you ramp up for this holiday season.