Friday, September 16, 2016

Bravo Mobile.. Lay-away Acceleration .. Mobile will UBERIZE the pawn industry.

Do you believe in the Lay-away program?  Many Pawnbrokers believe that Lay-away is more important and profitable than their loan business.  These pawnbrokers enjoy establishing a form of credit to their pawn customers without risk.  The item never leaves the store with a Lay-away.  Over 80% of the Lay-away transactions are paid off.  The most successful pawnbrokers have the most liberal terms like, Zero Down and No restocking fees.

Did you know that you can double your lay-away business by allowing your customers to pay on Mobile.  That is what our data is telling us.  Why?  I found out yesterday.  While at MaxPawn in Las Vegas owned by my brother Michael Mack, a customer over heard me training his staff, she said "making payments on Max Pawn Mobile was the deciding factor purchasing a $2,000 Chanel Purse, I hate having to make a trip to the store all the time just to make a payment.  It takes 45 minutes out of my day."

It is so obvious.  So customer Service.  How much does everyone need and require convenience today?  No one is more aware of their time and expense than value conscious pawn customers.

Below check the Mobile work flow for your customer.

Bravo Offers a complete Mobile Platform for your Company.  Your Brand.  Your Customers all fully mobilized.  In this example once logged in, your customer has your pawnshop in their hands.  

We are highlighting Lay-away in this article.  Customer can see all their transactions, and  make payments through PayPal.  The transaction is 100% automated.  Funds are directly deposited into your Company PayPal account.  Your Company PayPal account shows the mobile payment with the transaction number.

The customer account balances are all updated. A receipt in your store will print when a Mobile payment is made. Payments can be made 24/7.  Its like magic. Customer receives a bar coded mobile receipt.  Cash in your company account.... BAM.

Don't fret that not having your customer making payments in your store will deter future purchases.  Convenience over rides this notion.  Lay-away defaults cancellations are less frequent because through the Mobile app they are notified when a payment is due.

As well our data shows that customers purchase when they payoff and pickup their item.  Again, this makes sense that once a customer has paid off one Lay-away they are ready to do it again.

Our data as well shows, customer make more frequent payments on Mobile.  Its to early to tell, but we believe that the lay-away will payoff sooner.

Want a Demo - Click Here

Email our Bravo Mobile Expert

Thursday, September 15, 2016

Top 10 reasons when choosing a system for your PawnShop – #3 Your system must be on the Cloud

The dollars saved in upfront costs alone pay your expenses and can result in a net ZERO cost forever.
The dollars saved in upfront costs alone pay your expenses and can result in a net ZERO cost forever.  I know I typed that twice, but I wanted to make sure you see what I’m saying. 
There is no business in the world other than pawn where cash is so important and so critical. 

Cash in the stores register to make loans to individuals is the mainstay of the pawn business.  So often, pawnbrokers run into a wall while growing the business, so you end up turning away a customer’s loan because you ran out of money.  

The pawnbrokers yield of dollars lent to a customer for their collateralized assets is between 110%  - 240% per year.   There is no lending business in the world that offers up an opportunity like this.  At the end of the day, every dollar that you save on costly up-front fees and put into your loan business as quickly as possible is the mission critical everyday effort.
The Cloud saves you big money.  Cloud systems offer today’s big solutions for a fraction of the price.  Does the company have experience developing a Cloud Platform?  A Cloud platform is a major investment. On average, a Cloud Platform takes 3-5 years to develop and $10 - $50 million dollars invested. The business model is predicated on lots of people using the platform at the same time to share the overall cost.

Cloud platforms should not require proprietary hardware.  They should not require a server.  They should not require special printers.  They should not require special routers and network.  They should not restrict where you can access the system. 
Cloud platform should be easy to use from anywhere from day one. It should be a snap to transfer. 
Today, the internet’s dependability is amazingly robust, secure, and has gotten really fast, which has also reduced the on-site hardware cost.  A quality Cloud product should reduce your hardware requirements.
A reduction of upfront dollars for hardware required by traditional server-based vendors when implementing a store is eliminated. A start-up fee or one-time “unit price” should be eliminated. The Cloud doesn’t demand software licensing fees, like Pawn Master’s $4,000 - $12,000.  Never again should you have to lay out these dollars.  

For a pawnshop that makes a minimum of 110% yield on their money, that in itself pays for the Cloud services free forever.

Read the fine printNot all Cloud offerings are equal.  There are no short cuts that some vendors take.  Some providers host their cloud in public shared facilities.  Sarbanes Oxley Federal Regulations prohibits the use of these facilities and offerings for data storage.  Why do you think they require this?   This is a basic requirement.

Pawnshop business requires a mission critical product.  You cant afford to be down.  Not only should the Data Center be located in a Private Cloud, but the technology needs be advanced commercial quality.  Microsoft, Oracle, and IBM are the best in the tech industry.  You need to make your bet on a technology that will be around for the next 30 years.

Quality Cloud providers update their systems routinely, in short cycles, and will continuously improve and add features.  When was the last time your current product was updated?  This is a basic requirement.

Be wary of “products videos of the future”.  See the product, use the product, require your vendor to allow you to try out the product.  See it and use it before you commit. 

Take advantage of the Cloud... Move your store to the next level.

Sunday, July 24, 2016

NATIONAL PAWNBROKERS CONVENTION 2016 ROUNDUP - from a pawnbrokers point of view

I was 21 years old when I was elected the founding President of the Nevada Pawnbrokers Association.  Hmm that was in 1979.  I would travel around the State of Nevada to find every pawnshop around with the help of the Yellow Pages and beg for a $200 check and to join our State Association.  I ended up collecting $2,000.00 after a week of flying around and driving and personally spending over $800.00.   I was humbled at this very early age to learn on how our political candidates would do this for months.  This was a pivotal part of Nevada Pawn brokering history as this initiative catapulted our legislative agenda.

After attending over 25 National Conventions, this year felt different as no other.  Pawnbrokers were more serious.  Pawnbrokers are very concerned.  Pawnbrokers are walking around with last years profits greatly reduced. 

Since the Gold Bonanza started in 2006 and National awareness about what we do and who we are with the reality TV shows, for better or for worse, the Federal Government has enacted a law through the Department of Defense that will for ever start a change to our Industry.  The dramatic regulatory requirement will shut down many Pawnshops that depend on Military Personal and their dependents.  (Federal Law only allows a maximum of 3% per month.)  But that may only affect around 5 - 10% of the existing stores in the United States.

The real friction is in how the Department of Defense is requiring every transaction you conduct be checked and validated at their website. 

Now you will have to enter the Customers Name, Date of Birth, and Social Security Number into the MLA website.  Once this is completed and validation has been made, the Pawnbroker then saves the PDF as a image to a file that you must keep forever to validate that you followed the Federal Law. FOR EVERY LOAN.  

What is your National Pawnbrokers Association doing?   They are doing a lot.  The Pawnbrokers that are on the committee are top notch led by Jordan Tabach-Bank.  

But what is a lot?  There is a law suit supported by one of the big 3 - Public Companies.  This is the first time one of the public companies has reached out to the NPA as a partner in this way.  This is serious threat to them, every pawnbroker needs get serious.

I hope the independent pawnbrokers don't rest your laurels on the Public Companies to flip the bill and effort.  This is a massive undertaking and requires many strategies to curtail and solve this attempt to shut down the Pawn Industry.  Yes, even if this is not an intentional assault on the Pawn Industry, the collateral damage will take it down.

If I was running the show at the NPA, I would divert all resources and attention to this matter. The National Pawn Association needs to go on a fund raising campaign and raise funds for a legal campaign that will probably take 3 - 5 years.  It will also require a intensive and professional managed State by State coordinated legislative awareness effort.  We will need every effort from every pawnbroker.

What struck me as to the serious nature of this legislative action was how many pawnbrokers were talking about it accurately.  Seeing what may happen next as this is only the start of further regulation as we have seen with the Payday Industry.

Gold & Diamonds

Gold and Diamonds today represent sub 25% of the total Pawn portfolio Nationwide.  Since the gold rush of 2005 where pawnshops had an average of 70% of their portfolios, guns and general merchandise has taken over.

Many pawnbrokers were discussing lowering their interest rate and extending the length of their loans.  I believe a wise choice in the long term.

New Store Growth

The Payday Advance industry continues to open new stores as well converting their Pay-Day stores to Pawn.  Many multi-unit operators had projects in motion.

If you have stories to share please forward them my way, we have over 2000 readers and we can never have enough to say about Pawn.

Steve Mack

Monday, May 30, 2016

Bravo Announces NEW PRODUCT LAUNCH AT NPA - 2016 - InstaPawn Mobile

Get ready to see the most important product ever to hit pawnbrokers and their customers.

So we just finalized the biggest Pawn System Merger with Compupawn and Bravo last week and this week we start showing off InstaPawn Mobile for your customers to make payments on Loans, Lay-Away, InstaPawn, Shopping, Coupons, and Notifications all seamless through Bravo Pawn Store System.

Customers will be able to make all types of Pawn Payments - Renewals, Redemptions, Partial Payments, Extensions and even Pick-Up notification.

Lay-Away Payments - customers love the pawnshop lay-away, so get ready to make it easier with fewer cancellations. Bravo gives you flexibility to set up any term and payment frequency.

Now your customers get gentle reminders on their phone and make payment.

Shopping 24/7 will never be easier for your customers. Entice your customer to purchase with Coupon Promotions. Increase your customer loyalty, sell your merchandise faster, increase your yield and profits.

Shop all your Stores  Now you can operate like a national chain and have all your customers from your 1 store or all your stores see your entire inventory 24/7 real time.  Purchase to Pawn - any item purchased through the mobile app will automatically feed into future loans tied to the customer.  Loan - Sell - Loan again.

InstaPawn - What is InstaPawn? We put Bravo into your customers mobile phone so they do the loan. With 2 clicks, a customer can submit a item for pawn from their mobile phone, get confirmation from your store, and simply show the barcode on their phone and get a loan.

Never have long lines in your store again. Can you imagine having your customers bringing in merchandise pre-evaluated, entered into the system, and tied to your customer? Imagine no more.

Customer satisfaction will sky rocket with InstaPawn.  Customers will know what they get before they get to your store.  Customers will never be disappointed again.  Customer will pawn more frequently bringing in more merchandise.

So, you are wondering, do I want my customers being able to make payments and shop without having to come into your store?  Before mobile, probably.

Coupons  Customers love coupons and now you can direct coupons to your customers and entice them to shop and transact with promotions you create. 

But today customers demand convenience.  Everyone has less time, and its really expensive to drive every time to your store.  Customers that know they have this convenience will transact more frequently, pay on their loans more consistently, and will have no reason to try the other Pawnbroker down the street.

Mobile Notifications - the number one reason why pawn customers default on their loan is they forget!  They pawned because they wanted it back.  Everyone wins when the customer pays.  Make it easier and more convenient.

Mobile Payments costs Bravo Users a fraction of what it costs you to transact in your store.  As your employee costs increase with higher minimum wages, health care costs, and general overhead, this application will give you the ability to grow your business and stabilize your overhead expenses bringing in more profit to the bottom line.

Company Branded Mobile  Did you notice the mobile application is for your company to build your brand.  This is all about your company and the way you want to run your business.  Bravo customizes each company to the way you want to run your business.

Payments with PayPal  Seamless payments with PayPal directly into your account.  Doesn't get any easier.

NPA - 2016

This year we are having parties at our corporate offices before and after the NPA show.  Anyone wishing to come to our offices to see our team and products please let me know.

Thursday, March 17, 2016

Think with Google - Bravo's Store of the Future is available Today

5 ways consumers connect to stores.

Micro-moments are those I-want-to-do, I-want-to-buy, I-want-to-know, and I-want-to-go moments when consumers turn to a device with a particular need in mind. Is your brand meeting consumers with real-time relevance? Check out some of our recent pieces to learn how to be there and be useful in those micro-moments.

 CLICK HERE to see complete article