As a pawn broker, you know better than anyone that time is money. You may have a dedicated budget for marketing. Or you may have a website that was created two or three years ago that hasn’t been updated since it was uploaded to the web. Perhaps your niece posts something to Facebook a few times a year for you. No matter how little or how much effort you put into marketing your shop, you probably would like to know how that effort is affecting your business.
Social Media
Inventory turnover is a measurement of how many times the retail inventory is sold during a twelve-month period.
While total store turn rates are important to know, turn rates are much more meaningful when viewed at the classification level.
Each year pawn shops can expect a spike in sales from Thanksgiving Day and throughout the Christmas season. This is a special time of year indeed, as item and jewelry sales spike on any given day as bargain hunters are out to fulfill their holiday obligations. Are you okay with the status quo or are you looking at last years’ numbers and trying to blow the doors off of them? This is a unique time of year to pull out all the stops; the choice is yours. Shops can generally see upwards of 30% of their total annual sales revenue during the holiday season each year. Do you have the data points available to you to capitalize on this unique opportunity that you have in front of you? Here are a few things to think about as you ramp up for this holiday season.
Save time and money by integrating your eCommerce sites into one marketplace management portal within PawnMaster. e-foro pulls item descriptions and details from your PawnMaster program to eliminate having to re-type the info on the eCommerce sites. You can also add additional detail and images for all items before posting them live.
What is e-commerce?
Electronic commerce, more commonly known as e-commerce, is the buying and selling of goods and services electronically – primarily over the Internet. (more…)
Being a victim of Credit Card counterfeiting is soon to be a thing of the past with EMV chip technology embedded into all new Credit Cards. With Credit Card fraud on the rise, being certified as an EMV compliant merchant shifts any liability of fraudulent transactions away from your business and onto the Credit Card issuer.
What is Section 179?
“Essentially, 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 or software, you can deduct the FULL PURCHASE PRICE from your gross income. It’s an incentive created by the U.S. government to encourage businesses to buy equipment and invest in themselves.”(1) (more…)
If you’ve noticed a new breed of credit cards coming through your doors, that have a small metallic chip in them, this is only the beginning. These chips are known as EMV, which stands for Europay, Mastercard, Visa – the companies that created the standard for credit card processing. Notice I didn’t say this was “new” technology. EMV technology has been reducing crime at the point of sale for almost 20 years.