One of the main problems that many people have with the pawn industry is a negative image of how the businesses are run. This can reduce the amount of money that a pawn shop can make, as well as make it more difficult for the people who live near it to get the funds that they need. Pawn store owners should follow the following business practices in order to make sure that they provide a positive view of the pawn store industry and improve it overall.
1. Provide a High Level of Customer Service
One of the easiest ways that a pawn store can improve its image in the community is through word-of-mouth. The best way to improve word-of-moth advertising is through the highest level of customer service possible. Some ways to improve customer service include talking to the customers to find out what their needs are and addressing them as thoroughly as possible, promoting a clean, welcoming environment, and generally building relationships with the customers.
If a customer clearly wishes to purchase an item back from the store, make sure that you let them know the time limit, but also let them know that they can extend that deadline by talking to you personally. Also make it clear that you take care of the items and prevent them from being damaged. This could mean putting them behind glass or packing them with the appropriate materials in front of the customer.
2. Provide Warranty for Applicable Objects
For items such as electronics, make sure that you provide a warranty that backs them up in case they should start to malfunction. This is important because it shows the customer that you are willing to stand behind the products that you sell and are willing to put your money where your mouth is. This fact will make people more likely to trust the objects that you sell and be more willing to come to your store.
3. Develop Payment Plans
Help your customers become more responsible by creating programs that will allow them to purchase back the items that they have sold. Payment plans will make purchasing the item back more manageable for those who have sold it, as well as increase the likelihood that customers will use your store in the future. Debt management program literature is also an excellent item to include with every transaction.
By following these three best practices, it will be possible for you to improve the image of your pawn shop, and of the pawn shop industry in general.
When I got my first credit card, I had no idea how to manage my money. I made a lot of mistakes that I later regretted and had to spend many years rebuilding my credit. I didn't realize that even one mistake can cause serious damage to your credit score. I did a lot of research into money management and credit repair options and put the effort in to rebuild my credit. This site is a compilation of the things that I've learned and the steps that worked for me. Hopefully the information here can help you to avoid some of the struggles that I faced.