Success doesn't come easy for anyone, and especially not for a pawnbroker. There are several challenges pawnbrokers face on the road to success. The most valuable lesson to learn is building strong habits. Here are seven habits of highly successful pawnbrokers.
“Terminating” an employee makes them inactive. PawnMaster never truly deletes anything. All records are either “Active” or “Inactive”. The reason behind this is to keep an audit trail. We want you to be able to, at all times, have a way of determining what your employees are doing and what changes they're making within your system.
My recommendation for pulling forfeits is, “be consistent”. I feel that this task should be done daily even if you only have one or two items on the forfeit list. One reason for this is if it's done frequently, it's a small task. But if allowed to build up, it can easily get out of hand and become a chore.
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.
When viewing the Inventory Turns and Inventory Yield in the Management Dashboard Report, it is very important to note the use of the word “Annualized”.
There are multiple methods for calculating turns that are acceptable for accounting. Two of the most common are Sales Divided by Average Inventory and COGS Divided by Average Inventory.
A: My first instinct is to tell you to ask your employee, "Why do you need to void a redeemed pawn?" This is a safety precaution to make sure they're not trying to skim money out of the cash drawer. As an owner be sure to limit who has access to voiding a pawn.
A: This is optional (mandatory in the shop where I worked) and is used to locate items. Staying organized is critical to running an efficient pawnshop, by noting the locations of items, anyone should be able to find them for redemption or pulling.
A: “Message”, is located in tools and can be used to send a message to all employees or just one. Click “Add” to start and check “All Employees” if needed or select a specific employee. Type in the message and add a stop date if desired. Now when the target employee logs in, the message will be displayed.
A: Pure awesomeness! This is used for items frequently seen in the shop that has a Brand or Model, such as watches, tools, and firearms.
A: Tracking firearms movement in and out of the shop is very important, so PawnMaster records the acquisition and disposition of every gun in two separate databases. The first being the PawnMaster main database and the other is a separate database called the electronic gun log.