PawnSnap: Why Do You Need Pawn Shop Software?
Pawn shops play an important role in many communities by providing small loans in exchange for items of value. The process is known as pawning. Furthermore, pawn stores can be a great place to buy new or used products.
However, having so many people coming in and out of these shops on a daily basis, while their owners have to deal with hundreds or thousands of pawned items, can pose a challenge to the inventory management of these shops.
This is where pawn shop software comes in and saves the day. Let us learn more about this type of software, and why pawn shops should be investing in it.
How Do Pawn Stores Function?
Let’s start by understanding how pawn shops work, and how they make money. First off, starting a pawn shop is not easy. You need a lot of money, i.e., cash, that can be lent out in exchange for items. You also need to consider that lenders might not be able to pay on time.
In such situations, the pawn shop has the right to sell the items, while still being owned the borrowed amount. You see, loans are equivalent to the value of the pawned property, so customers have two options: sell for cash or give up the item if they cannot pay it back in time.
What Are the Associated Risks?
Pawn stores are regarded as a high-risk business. There are several factors that contribute to this:
- Opening a pawn shop requires taking out much larger loans than normal stores.
- The inventory of the store depends on what sellers bring in, creating an unpredictable revenue pattern.
- A lot of banks avoid the industry, due to the perceived higher risk of money laundering.
- It is possible to never gain value from pawned items, because of lack of interest or delayed loan payments.
- There are some concerns regarding the quality and legitimacy of goods. Sometimes people sell stolen or counterfeit goods to pawn shops.
- Selling luxury goods, like jewelry, at high prices can potentially lead to big chargebacks.
- Pawn shops are perfect targets for theft.
What Are the Benefits of Using Pawn Shop Software?
Now, that you have a basic understanding of what the challenges pawn shops are facing, let us talk about how pawn shop software can help.
- Better inventory management. Using pawnbroker software allows for a much more organized inventory, and makes the time-consuming process of sorting items much easier. In fact, in just a few clicks, you will be able to see how many items you have, what sells better, how many payments are made, etc. All of this will help you to keep better track of inventory levels, sales trends, and forecast future demand.
- Higher security. The best pawn shops have a high level of security, to protect sensitive customer information. Effective software can ensure that security standards are met through the use of access control, encryption, and user authentication.
- Fewer employees. A top-notch pawn store software can reduce the number of employees by automating store management and compliance-related tasks.
- Improved customer service. It can help improve customer service by allowing customers easy access to their transaction history, payment records, and so on. It also allows pawn shop managers to build better relationships with their customers, and provide a more personalized service.
We Recommend PawnSnap
PawnSnap is a very easy-to-use pawnbroker software system that can streamline your business operations.
This program’s features can bring a lot of value to your business, and include:
- Accounting
- Loan management
- Inventory management
- Payment tracking
- Statistics
- Barcode/ticket scanning
On top of that, unlike many other alternatives, PawnShap is easy to set up, has an intuitive interface, and the customer support of the company is fast and helpful. But don’t just take our word for it, here are some client reviews that prove the effectiveness of PawnSnap:
“Overall: We did a survey of Pawnshop Software when we were opening up a new pawn store and determined hands down that PawnSnap was the best pawn software at the time. Our experience after 3 years is we have had no bad experiences with PawnSnap. Great application, very easy to use and the staff is SUPER at helping us out with any application-related question. In addition, we have our data in the Amazon cloud, so no servers on-site, etc. Very low maintenance and we have direct access to our data. The only quibble is the reports in the application. The application comes with 42 standard reports. No customized reports and PawnSnap is very reluctant to give any clues as to the SQL code used to create the reports. Oh well, nothing’s perfect and still better than the competition. Feel free to call me at 706-934-3305 with any questions.
Pros: Value, ease of use, vendor responsiveness.
Cons: Reporting. The application comes with 42 standard reports. No customized reports and PawnSnap is very reluctant to give any clues as to the SQL code used to create the reports. Oh well, nothing’s perfect and still better than the competition.”
Brad B., business owner
“Overall: Couldn’t be better. Even my local sheriff loves the system because when they need something I don’t have to call them back. I can look up anything within seconds. A++
Pros: The software is extremely user-friendly. I used to do everything myself and by hand. I am not good with computers at all but with this system, I can handle 3 customers at one time with no problem. I can leave notes and alerts on people. I purchased everything that they recommended and it all works very well together!
Cons: Honestly if there ever was anything I didn’t like they are always a phone call away to change and work the program to fit my needs. NO LONG WAITS LIKE QUICKBOOKS (45 MINUTES ON HOLD). These guys log right into my computer and change anything the way I need it!”
Salvatore B., business owner
“Overall: PawnSnap for our companies has been heaven sent always easy to talk to. customer service is outstanding and they even try to help when it is not their program.
Pros: very easy to use. PawnSnap are great and always go above and beyond to help. the software runs smoothly.
Cons: There is not much not to like everything is pretty easy to use. doesn’t take long to learn the system and super easy to use.”
Jamie G., customer care representative
Final Words
Pawn shop software can well and truly be a great asset to your business. In fact, you should most certainly consider adding a program like PawnSnap to your operations.
Furthermore, finding an experienced and reliable pawn shop credit card processing partner is very important as well. As it is a serious niche, it faces many uncertainties, and potential drawbacks that could be disastrous.
Thankfully, we at Electronic Transfer, have been helping merchants, including pawn store owners, since 1989. Our expertise is unmatched, and it is no coincidence that we are the #1 high-risk merchant account provider.
Sign up today – our rates are one of the lowest in the entire industry, with no hidden fees, or setup costs.