Louie Lodes owner of Liberty Pawn in Fairview Heights, IL, talks with us on the importance of selecting the right pawn shop software from the get go. He tried a competitor’s pawn software and within 2 months made the switch to PawnMaster. In his interview you will hear all the things to consider when basing your decision on the software that will manage your business short term vs. long term. You can visit them at www.libertypawnshop.com.
Visit us online at www.pawnmaster.com for more helpful interviews like this one.
With all the unfortunate school shootings and other events that have prompted congress to push stronger legislation on gun control, this article shows how that has created a huge spike in firearm sales in the last few months. For those of you who sell guns at your stores, have you seen a spike in sales as a result of articles like this and other things you have been hearing on the news? PawnMaster pawn software does a great job of helping you stay compliant with our gun log and police reporting functionality. If you would like to know more about how we can help your store call us now 888-949-7296 or leave us a comment below. We would love to hear your comments or concerns.
This video will help you understand the importance of purchasing hardware through Data Age instead of with a 3rd party vendor. Visit us online at http://www.pawnmaster.com for more information or to request a demo of our pawn management software. Don’t forget to subscribe to our Youtube channel so you can stay up to date as we roll out new videos.
We know every dollar saved when running a business is critical in any economy. Below is information on how your PawnMaster pawn management software and hardware purchases from PawnMastercan be used as tax credit for 2012. Please be sure to share this information with your Accountant.
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year. That means that if you buy or lease a piece of qualifying equipment, you can deduct the full purchase price from your gross income. It’s an incentive created by the U.S. government to encourage small businesses to buy equipment and invest in themselves.
All businesses that purchase, finance, and/or lease less than $560,000 in new or used business equipment during tax year 2012 should qualify for the Section 179 Deduction. If a business is unprofitable in 2012, and has no taxable income to use the deduction, that business can elect to use 50% Bonus Depreciation and carry-forward to a year when the business is profitable.
Did you know that PawnMaster pawn shop management software helps you stay in compliance with law enforcement requirements with our gun log? PawnMaster helps simplify the gun tracking process and provides reports and the files needed. With the election just around the corner, see what one gun broker is doing to stir up business.
At Howard’s Pawn shop in Macon, owner Howard Reed says it’s all about “faith, family, and firearms.”
And with the presidential election only a month away, Reed has aired ads on the radio for his pawn shop encouraging people to “stock up” on guns before November.
“We were merely reminding people of the way our industry was affected before, and our ad is entirely to encourage people to come get products while we have them.”
But the ad is also controversial because, according to Bryan Williams, a political science professor at Mercer University, it plays to the fears some people have that President Obama and Democrats would take away guns if re-elected.
“Any rhetoric that’s going to instigate fear is going to be money in the bank for somebody who sells the antidote for fear, which is a handgun.”
Reed says in the months before the last presidential election in 2008, he saw a major spike in people coming in to his shop to purchase guns before the election. “It was just like someone turned on a faucet, and I mean it was wide open, ‘I want two of this,’ ’2,000 rounds of that.’”
Reed says he is concerned about President Obama being re-elected because of the United Nations’ efforts to limit guns. He says it’s in part what motivates people to buy guns before an election. “There was fear in the hearts and guts of people nationwide or else what happened before, wouldn’t have happened.”
Despite their concerns, though, Professor Williams says President Obama has actually been criticized by many liberal groups for not being tough enough on gun laws, and that there is no indication that he would try to infringe upon the Second Amendment in a second term.
But he says the tactics employed by the pawn shop are actually common, and have been in use even before President Obama was elected. Many pawn shops began airing similar ads as early as 2006, when the Democrats took control of Congress during the Bush administration.
We would love your comments about this. Do you think this is a good way to “scare” people into buying guns?
Pawnbroker, would you like to learn how to identify your most valuable customers (MVC)? This article gives some great pointers on how we should always be looking for ways to improve our customer experience. Let’s face it, without customers, there is no reason to be in business. As many of you hopefully know, PawnMaster offers many ways to help keep your customers happy and coming back. We have built in features like Text Messaging, customer loyalty points, and customer advertising sourcing so you can continue putting your marketing dollars in the right areas.
Small-business owners of growing companies already know this and work ensure that the entire staff focuses on it.However, not all customers are “created equal” and should not be treated the same. The key is to focus a company’s service efforts on the customers who add the most long-term value to the business.
To identify who those customers are, you need to evaluate their value in seven key areas:
1. Sales minus cost. Most companies rank customers’ importance by the amount of sales they do with their company. Unfortunately, this leaves out a key component of the equation. While a customer can do a lot of business with a company, the cost of doing those sales has to be added to the overall equation. Many customers provide a lot of revenue, but the cost to fulfill those sales sometimes exceeds their value.
2. Revenue timing. Not all revenue is created equal. If the business sells consumer electronics, it probably already makes a lot of revenue in the fourth quarter when everyone is shopping for the holidays, but could use more in the first quarter. Sales that come in off-peak seasons may be more profitable because they fill unused production capacity or may be done at a slightly higher price.
3. Referrals and buzz. In the age of the Internet, consumers believe more in earned media like peer reviews, posts and tweets than in corporate advertising. If a customer is willing to be an evangelist of a company and spread their satisfaction story, it can be a powerful endorsement. Sarah Robinson, in her hew book, Fierce Loyalty, shows how incredibly profitable it can be to unlock the potential of the successful fans in any business.
4. Retention. It is, of course, less costly to retain the customers a company has than to seek new ones. Unfortunately many businesses are so busy attracting new customers to come to their front door, they don’t take care of the customers leaving out their back door. A customer who has been with a company over a long time in general is more profitable, typically buys additional products and becomes an evangelist for the brand as discussed in value No. 3.
5. Add-on products or services. Customers who buy more than one product from a company are more profitable because the cost of acquiring that customer is now spread over a larger sales base. For example, Amazon has been able to expand into other business lines since customers know the efficiency of their customer service. Many customers shop for products elsewhere and then buy on Amazon.
6. The customer’s brand. This is especially valuable to small companies. If they do business with a well known brand, they can build their reputation based on it. If Oprah Winfrey buys a company’s product and talks about it, orders shoot through the roof.
7. Feedback. Although social media makes it easier, most customers never tell a company what they think about its product. Typically only the top 10 percent (very satisfied) and the bottom 10 percent (very dissatisfied) share their thoughts about a company’s service. Any customer willing to share his or her opinion with a business is very valuable.
Barry Moltz is author of several books, including You Need to Be A Little Crazy: The Truth about Starting and Growing Your Business and Small Town Rules: How Small Business and Big Brands can Profit in a Connected Economy.
If you are not aware of all the ways our PawnMaster software can help you identify your MVCs, then pick up the phone and chat with one of our industry specialists. Be the first to comment on how you keep your customers coming back and how you identify your M.V.C.s.
Everyday we face challenges, whether they are training new employees, managing inventory, or unplanned circumstances. When life throws you a curve ball wouldn’t it be nice to know that you have the tools and resources available in your pawn shop software to handle life’s daily challenges? PawnMaster is the best employee you will ever hire! PawnMaster is the most robust pawnbroker software on the market with 25 years of industry knowledge and input from pawnbrokers all over the world just like you.
If you have a new employee who is new to the industry and not sure what to offer on various items, the internal price guide will take the guess work out by showing you a high, low and median price over the course of a date range as well as how many are in inventory. Isn’t it nice to know that your pawn management software has your back when sometimes aren’t sure if the people who work for you do?
Our price guide will help ensure you are only lending money on items you can turn and won’t just end up sitting on your shelves along with the other 20 similar items. If you are in the market for a change or exploring what software is right for your company, we encourage you to speak with one of our industry specialists today 888-949-7296.
Over the last few years PawnMaster pawnbroker software has seen more pawn shops going to a more reliable computer based software that ensures accuracy, reliability, and compliance with local law enforcement agencies. It really is hard to imagine any shop not using some kind of software to help them on a day to day basis.
When the Police say they want help collecting more information most Pawnbrokers feel this is going to be more of a chore and take more time. Some would agree, but those elite Pawnbrokers who use PawnMaster pawn shop software would likely disagree. PawnMaster collects all of the data required for law enforcement agencies and then some. PawnMaster integrates with biometric fingerprint scanners that help clerks practically automate the process for them. With a few clicks of the button they can record fingerprints and update customers profile pictures in seconds. Those police files are then sent over in the format of preference to law enforcement including item description, pictures, etc. PawnMaster helps protect shop owners every way possible.
Below is an article about how a Texas county police chief wants pawn shop owners to collect more data. If you are concerned that your current software and/or process isn’t cutting the Mustard, then it could be time to inquire about our Vendor Selection/Replacement Program.
Cobb County Police want to reduce property thefts and they’re asking for help from area pawn shops. Chief John Houser is asking county commissioners to force pawn shops and precious metal buyers to collect more information from sellers. Houser’s plan is to have the buyer take pictures of the seller and their items, plus collect the seller’s fingerprint digitally.
Houser tells Channel 2 Action News, all of that information could then be searched in a private database. “Those individuals who are pawning stolen items, we feel like that’ll cause them to do other things than commit property crimes in Cobb County,” Houser says. Some pawn shop owners say the amount of stolen merchandise makes up only a fraction of their inventory. Robert Oberth of Gold and Coin Exchange says owners can’t afford to pay the equipment fees. “We’re gonna have costs increase: data entry and processing fees. The 15 cents is a little bit of an overkill,” said Oberth.
15 cents per transaction would likely be the charge to use the equipment. Other metro Atlanta jurisdictions that use the equipment have been able to recover stolen merchandise. The Cobb County Commission says before they can vote on the matter, the chief must come up with a specific proposal.
Data Age’sPawnMaster continues to improve the way it educates the Pawnbrokers that utilize their software. PawnMaster is truly one of the few pawn shop software companies that updates and educates its custo-mer base on a regular basis. The “Did You Know” series of informational videos shows our Pawnbrokers how to get maximum usage out of the PawnMaster software. These videos are designed to be quick and helpful ways to use under utilized and lesser known features within the program. It is our goal as a company, to increase your awareness of helpful features and services that we offer inside our PawnMaster software. We want you to know about it so that your day will continue to be profitable. Have you been to our Youtube channel yet and discovered the handful of videos that we recently added? Click Here