Outdated and Legacy Pawn Software – Is your software vendor at “End of Life”

“End of Life” is the reality for 95% of the Pawn Software vendors. Technology is moving so fast that even technology from 10 years ago is no longer relevant. Software and technology companies saw this obsolescence many years ago.

The reality is that pawn software vendors haven’t upgraded or invested in their product for 10 years. Those that have attempted to have overpromised and underdelivered. Many pawnshops we talk to have been waiting on a “new and improved cloud version” for more than 2 years!

The nonexistent investment in the Pawn Industry was the most important reason why we started developing Bravo. We believed that pawnshops weren’t being given a fair chance to compete with big box retailers who invest in technology.

Businesses not investing in their core business technology fail.

So, why haven’t pawnbrokers felt the depression like other businesses? Because of the Gold Rush.

Pawnbrokers who have been in business for 8+ years ago know that the fluctuation of gold prices from $250 per ounce to nearly $2,000 has ever changed the pawn business.

Gold ornaments in a hand

The “Gold Rush” hid many operational and business issues. If you’re in the business, you know that the pawn industry is not isolated from the economy and has become a huge target of State and Federal regulation.

This business was a lot easier when we were the less known cottage industry. The party is over.

Many pawnbrokers are foolishly conditioned to pay less than $1k or $2k per year to their software vendor. Most pawnbrokers are paying the same amount for over 30 years.

Ever wonder how or why your software vendor hasn’t increased your prices? Did you once purchase a license and now find yourself paying an annual fee? If you purchased the license, and now pay a service fee, what are you getting in exchange?

To the detriment of their customers, pawn software companies have spent money on marketing and not investing in their product.

Wink, Wink… You’ve been paying for a product that is “End of Life”. Pawn customers are catching on and as a result these vendors are offering a new pricing structure, better discounts, and free conversions.

Software is like fruit at the grocery store – it has a life span.  When the fruit is no longer fresh and will soon go bad, it goes on sale. When it goes bad and “End of Life,” it goes in the dumpster.

Rotten apples on plate, damaged fruits, unhealthy

Don’t let a software vendor pull the wool over your eyes. “On Sale” software simply does not create efficiency you need to operate a business today.

You’re a pawnbroker and I am too. We love a good deal and know better how to negotiate than any person on earth. But don’t get screwed.

As a fourth-generation pawnbroker and lover of this industry, I’m angry.

  • Pawnshops are closing at the highest rate ever and Cash America sold to First Cash
  • The NPA Convention’s attendance is declining
  • Brick and Mortar is under siege by Amazon

All of this could have been avoided if they invested in their technology.

Customers that choose Bravo get a new version every 6 weeks for the last 7 years. All of our customers are on the new version instantly. I’m proud that we have invested over $10m to the Pawn Industry. Our customers are getting the operating leverage that saves them exponentially. In other words, you spend $1 with Bravo to get $10 of savings through running your business better.

I’ll leave you with this. I heard from Sam at Sam’s Locker Pawn Shop in Boise last week. He said:

“Bravo Customer Service is top notch, and the product is great. The higher cost ends up saving money because of Bravo’s streamlined processes and reduction in employee overhead.”

Join our family of pawnbrokers that run on the same network – call 844-51-BRAVO (27286) option 2.

About the author

Steve Mack

Steve Mack

Every day I look for passionate people that want to join my company. Every day I think about how Bravo can help business achieve greater productivity. Every day we look how to integrate Bravo into businesses that want to save the environment by utilizing their assets longer.

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