Sunday, August 21, 2016
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. https://mla.dmdc.osd.mil/welcome.xhtml
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
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. https://mla.dmdc.osd.mil/welcome.xhtml
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
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
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