Loan Extension - Customers love it and so will you !

Extensions – can be a offering for 1 day, 5 days, 1- 30 days, etc.  In Bravo your Extension offering can be customized for your own company, so when an item that is in pawn is selected, a dialog pops up, shows the daily charge, click and collect what ever the customer has or days they want. It then extends/amends the loan and handles all of the administration and accounting.  Manually extensions are very difficult to track, in Bravo it is easier than a rewrite.  Bravo is able to differentiate the charges that allowed by California law.

Why would you want to offer this service?  Isn't it too hard?

1.       It’s a way to offer an additional customer service offering – more options for your customer to keep their stuff.
2.       It’s a way to get customers to come into your shop more often.
3.       Customers that don’t have enough $ for rewrites usually lose their loan.
4.       Some stores offer customer holds without payment – Bravo manages customer holds as well, but extensions is an option with payment
5.       Customers love this option, and this drives customers to stores that offer this service.
6.       I would not have believed how much traffic this drives to the stores, but for customers to have the option to pay 10 days of interest for example, to save their loan, they do, and they appreciate it.
7.       This option has been adopted by every publicly traded pawnshop company, albeit not all operate in California.  But they did not adopt this policy to lose money.  Their loan yields increased.
8.       Bravo manages the administrative time lines so that the transaction remains compliant and address the issues you stated.   
9.       Offering an extension to a customer offers fewer potential liabilities and higher customer service satisfaction, than a disgruntled customer losing their item that they really wanted to save.
10.   In the end there is less customer loss,  you keep more customers longer generating more revenues over time.

These are most of the reasons that we know of, and the reasons that we included this feature in Bravo.  Many small stores can’t offer this feature because of the daunting administrative overhead.  Stores that don’t have this feature are losing business across the U.S. to others that offer this service.  Customers benefit and Pawnbrokers make more money.  It’s a nice combo.

Steve