A pawn shop operator faces many challenges, because you need to organize and plan not only processes for buying items, but also for selling items to clients, unlike with your typical retail store. What’s more, there is a degree of extra bureaucracy.
In many cases, you have to keep ID information of the people who sell you items in case they were stolen or otherwise illicitly obtained.
You’ll also need to keep records on your inventory, and this will not be the same as in the vast majority of retail stores, because you’ll have to work to categorize and tag various items of value as they come in. When you run a pawn shop, you never know what goods you’re going to get, and fun as that may be, it can make recordkeeping somewhat of a challenge, and often does.
For these and other reasons, having the right POS system to organize your inventory, help organize your records, and keep track of your sales is crucial. You don’t know what brand of POS to choose? Check out our review of the three top pawn shop POS systems on the market right now!
Best POS System for Pawn Shops: Pawnmaster
Pawnmaster is the top POS system on the market today. It features industry-leading pawnshop hardware and software, excellent support and reduced-cost business supplies. The system boasts a text message and e-commerce platform and is compliant with all federal, local and state laws. Their Classic software platform is suitable for all pawn shops, not just those that need a cloud-based solution.
With Pawnmaster, you can manage inventory and day-to-day transactions effortlessly. The system is completely scalable, and as your business grows, your capabilities can be enhanced by means of add-on modules.
This is the most-used pawn management system in the sector. Pawnmaster is appreciated for its easy-to-navigate interface, the opportunity to maximize counter speed and the ease, with which pawn shop staff learn to operate it. Services and features include data conversion, custom setup, text valet, off-site backup, credit card processing, pawnbroker development program, and business supplies.
On the downside, Pawnmaster doesn’t list a price. You need to contact them to get a quote.
Pawnmaster boasts the quickest response time in the sector with great training and support teams. The reports are aimed at making your shop as efficient and profitable as possible. The built-in marketing tools help your shop attain higher revenue.
Top 3 Most Popular Pawn Shop POS Systems
Bravo Pawn Systems is the second-best pawn shop POS system on the market. One of the reasons it’s so successful is because it offers employees autonomy. At the same time, it provides owners and managers comfort in the knowledge that they’ve given their staff the tools they need to close their deals.
This cloud-based software offers clients automatic updates – you don’t have to actually shut down the system to process an update. The system lines up goods that need to be priced in one screen, making it easy to price anything. It also captures and stores images of goods, IDs, clients or staff.
Bravo lets you split commissions so all of your staff get credit for their sales efforts where credit is due. There is no limit to the number of employees you can add to a transaction. What is more, many employees can share a workstation using lock screen, which makes it possible to put several transactions on hold.
Just log back in to restore
You can issue or sell gift cards, redeemable at all Bravo locations, as an alternative to cash back refunds. They can be redeemed at any of your Bravo locations! You can also refund past sales to gift cards or cash back to your client utilizing the original payment method.
The fact that Bravo was developed by a pawn shop operator serves as a guarantee that customers will feel appreciated and valued. With value, it’s a two-way street. Clients need to feel valued in order to continue doing business with you! And customers are just as valuable to you as a pawn shop operator as you are to them.
Bravo’s Customer Knowledge feature provides a 5-second interview of your client. It displays the loan default rate, current loan balance, average loan, redemption rate, and lifetime contribution among other things. The Client History, on the other hand, displays the detailed transaction history with every item that has been purchased, sold, pawned, redeemed, or put on layaway.
Bravo alleviates the process of categorizing and marketing to clients. Clients can view their loans online, which offers you the added convenience of not having to take calls related to this. They can negotiate in real time from home – Bravo notifies you of pending offers.
Bravo buys Google AdWords for you to generate traffic to your products and feeds your inventory into Google, Bing, and Yahoo on a daily basis. It’s also possible to accept two or more payment types in a single transaction, making payments easier for customers. You can create advertisements and coupons and manage them. You can also create a rate schedule.
It’s easy to search items with this POS system. All you need to do is type and make and model and you’ll get a list of the most common items.
The system’s estimator feature will help you establish the value of an item based on its condition. You can see the average sell price, margin, loan amount, and shrink and return rates for every model and make, which is the easiest way to protect your margins. The system subtracts the gravity weight from the mounting weight of jewels so you get an accurate price breakdown of every item.
Inventory Management and History
The system keeps a detailed item and payment history from the time the product enters the shop up until it’s sold. You can also manage your whole inventory in one convenient screen. Buys, loans and inventory are barcoded for fast transactions, and you can assign new barcodes to products or existing ones. You can track aged items and bulk discount by category, age or both to enhance your inventory turnover rate.
Another option you have with Bravo is adding items to your inventory by means of bulk purchasing. You complete SKU for products that can retain their price and product number.
SMS Messaging and Extended Live Support
Bravo’s extended live support is a great option for people who prefer phone calls over the ticket system. Text messages are simple to customize and send, and this form of communication is the fastest one to promote seasonal sales, announce upcoming payments, and provide special discounts, helping improve customer service and service charges.
Data Conversions and Training Packages
Bravo’s training department can offer customized workbooks, classroom training and on-the-job training depending on your unique business needs. The data conversion feature is used to convert any and all inventory, clients or loans. It’s also possible to choose a combination.
Consignment and Website Customization
Bravo can also customize your website and enhance it so you can accept offers and orders in a minimum amount of time. The system manages inventory very well throughout its life cycle, including forfeits and returns. You will be able to negotiate the commissions and other terms in real time.
The price of this POS software system, as with the previous one, is not listed. Moreover, it takes quite a lot of time and effort to learn the ropes, so to speak. Most pawn shop owners and managers who utilize this system say it took them about six months to make the switch to Bravo.
It can take staff twice as long to write a loan as it used to. However, this only happens in the first several weeks as they familiarize themselves with the software. Ultimately, they start writing loans and purchases better than before. This is largely due to the estimator feature. All in all, it’s a great, effective system.
A novel way of tracking different budgets
MoneyWell features an innovative approach to tracking budgets – by visualizing your spending. You allocate money in buckets for different things, such as eating out or buying groceries. The bucket tips over once the money has been spent. This is a nice way to keep track of where your money goes.
The system’s personal finance software comes with solid reporting features, which makes it great for budgeting, but if you have a lot of investments that you want to manage, it’s not a very feasible option.
This Mac financial software connects with all financial institutions you work and / or communicate with, so you can add transactions from your checking, savings, investment and credit card accounts. It is fast and easy to connect to your accounts – all you need to do is input the routing number and account information.
You can download new transactions to keep MoneyWell current after you’ve connected your accounts.
MoneyWell offers apps for iPhone and iPad. The apps enable you to keep track of your budget and add transactions even when you’re not at your computer. Your info is always up to date because these apps sync automatically with the desktop version.
One disadvantage of MoneyWell is that it can take you a while to set up your budget. One has to assign each transaction to a bucket and decide how much money to “put” in each bucket.
This program has very little support for investments. You can track the performance of your individual assets and obtain a high-level view of how your portfolio is performing. This offers no in-depth analysis, but it does give you an idea of your investments’ position in your financial scheme.
There are some reporting options that give insight into your finances. Among the reports available are cash flow reports, spending reports and net worth overviews. Tax information from this program can be exported to Numbers or Excel. MoneyWell does offer useful reporting, but it doesn’t feature the visual presentation of the other two systems that we reviewed.
This POS system’s budget buckets make it easy to see where and when you’ve spent too much money. Generally, it’s a great program for keeping track of your spending, but it does take some time to set up and get used to. Software updates and patches are free, but the cost for upgrading to the latest version from an older one can vary.
MoneyWell also enables you to set aside money for future expenses and set budgeting goals.
Our Final Say on the Best Pawn Shop POS
Layaway, repairs, combine or split items, police reporting, pawn, sell, buy, consign, integrated jewelry scales, multi-store management, customer and item capture, employee time clock, price guide, marketing tools, and business intelligence are just some of the aspects that are important in a POS software system for pawn shop owners and staff.
At any rate, point-of-sale software should do more than record sales, print tickets, and calculate interest. You do much more than that as a pawn shop operator. Facilitation of day-to-day operations is key to the success of your business, and that’s what a system must help you with.
When it comes to POS software systems for pawn shops, one should never underestimate the advantage of a good support team. This is where PawnMaster’s strongest of the three. Their team won’t have you resorting to how-to videos to answer your questions.
A good support team should be able to help you with printers, reporting, police uploads, rate issues, program reinstalls, and network problems among other issues.