No product or service – or end user – is perfect. This is especially true when it comes to hardware and software. Most entrepreneurial-dominated industries are successful because the people who make up the industry focus on what they do best. In the collateral lending industry, PawnMaster users are heads down with their customers, loaning, buying, and selling. They don’t have the time to focus or be concerned if an issue arises around the technology they depend on to help operate their business. Should they have an issue, they know that they can make a call and get an answer, and never have to worry about getting their vendor on the line to help them.
There are several schools of thought when going to market with software and technology. Many companies pick the market they want to go after. The “upstream” market consists of the larger enterprises and public space. This market, albeit very lucrative, places great strain and demand on a technology company in a host of ways. Specifically, round the clock support, custom development, hyper-specific service level agreements, and of course, special reduced rates. If a technology firm is primarily seeking this kind of business and does not want to scale, the model works-but it is very tedious to sustain. This model can’t sustain the smaller downstream clients because of the lack of resources to succeed at both. Companies who are constantly shifting their focus and toggling from one client model to another are doomed to implode, and the client base on both ends suffer. Not as damaging for the larger customers who may have the resources to go out and build custom software for themselves, but for smaller customers these events can be catastrophic.
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:
Having issues with your pawn software? You always need reliable software to run your shop, however, it is especially critical during the holidays. After all, 21% of annual retail sales came from the holidays in 2015, according to the National Retail Federation. This is why it is absolutely critical for that your software company invests in the most reliable services to protect your business.
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.
We don’t see too many new vendors throwing their hats in the ring to service the pawn broking industry. Why is that? It seems lucrative, right? Pretty straight forward? The loan payment calculations seem easy enough... It's quite the contrary. As far as software goes, this is a very niche or vertical market. That is to say that this market is very finite in the number of possible customers and very specialized in terms of operation and calculations. Not only that, there are also specific requirements state by state when it comes to regulatory mandates, controlling the rates that are charged and how they are calculated over a period of time. In the nearly 30 years that I have catered to this industry, I've seen over a dozen decent sized software vendors come in with high hopes only to fade away—some slowly, years later, and some abruptly. With every new vendor I met while attending any state, regional or national trade show, I always made sure that I sincerely extended my handshake and wished them good luck in their new endeavor. I always followed my well wishes with, “It’s not easy."
Now that the show season has started with a very successful Dixie 2016, Data Age/PawnMaster will continue to lead the way and advance the ball regarding education and training. We will continue to educate the PawnMaster family on the power of PawnMaster and all the powerful tools with the software but we will also do our part to educate the industry on current trends, marketing, sales, company culture and the buying market. On March 31, 2016 we are launching our first of what will become many PawnMaster user symposiums. This event, and the countless others to follow, will not only focus on continued training but it will see industry experts speaking to our PawnMaster clients.