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
Tally.Mack@Buya.com

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.