How much does it cost you when Plan A fails and you are left to figure out how to recover if a vendor goes out of business or a new regulation is enforced? What is your Plan B?
For many customers in our industry, Plan B was making sure Plan A works, especially when it comes to relying on vendors. As we have seen in 2016, the pawn industry has experienced some unsettling events. With new compliance regulations and new legislations, vendors going out of business or being taken over, you want to make sure your vendors are in your corner to help you keep your business running smoothly. Events like this have people waking up one morning and having to go shopping for new suppliers unexpectedly. Some vendors are strong-arming customers and holding them hostage, not allowing operators the choice to seek out other options. As the number one vendor in this industry Data Age will continue to work with our partners, consultants, governing bodies and industry agencies to ensure we can help these customers maintain a business continuum.
PawnMaster is setting a positive industry standard for pawn software, ensuring transparency and simplicity in every aspect of our business. When it comes to how we operate from A -- Z, there are no hidden fees, no holding your data hostage, no vendor lock down. We work hard to make sure our customers are completely satisfied with our software, so we don't need any loopholes in our contracts.
Don't get Locked Down by Vendor Lock-In
- Don't get caught up in roadblocks that can be built into contracts to lock you into something you're not comfortable with.
- Make sure you're reading and understanding the fine print of your contracts to avoid vendor lock-down up front.
- Ask what the vendor does with your customers' data if you choose to make a switch down the road.
- Make sure your vendor has a solid business plan and roadmap in place.
What to do if You're Already Locked In
- Check your contract. Seek legal advice and reach out to governing bodies such as the National Pawnbrokers Association.
- Pick a new vendor.
- Find out how your new vendor goes about obtaining your data to make a smooth transition.
- Go for it - Change can be difficult. Your new vendor should be working with you to make sure it has as little impact on your business as possible. Think about the future.