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MobilePawn Growth and Adoption is Setting Records and Exceeding Expectations

We launched the pawn industry’s first mobile application for consumers in August 2016, and have seen rapid adoption and growth. I am excited to announce the launch of MobilePawn Phase III in a few short weeks. The launch of… Read More

We launched the pawn industry’s first mobile application for consumers in August 2016, and have seen rapid adoption and growth. I am excited to announce the launch of MobilePawn Phase III in a few short weeks.

instapawnThe launch of Phase I, which allows loan and layaway customers to view and make payments remotely, captured the attention of not only pawnbrokers, but their customers. Since our August launch, we have enrolled more than 100 stores to our Beta Program, and the app has been downloaded by 3,500 consumers nationwide.

Did you know that the number of smartphone users in the United States is estimated to reach 222.9 million in 2017? As more and more customers turn to mobile, so too shall pawnbrokers. Phase II of MobilePawn, released in December, enabled pawnbrokers to send push notifications to their customers.

Similar to text messages, push notifications have high open rates (90%) and are cost-effective. One of the most advantageous features of push notifications is that they are extremely successful when paired with a call-to-action.

In your case, that call-to-action is “make a payment”. As reported by customers, mobile notifications increase redemption rates by 30%. They also drive foot traffic and increase sales. MobilePawn enhances customer experience and gives your pawnshop a competitive edge over the store down the street.

Since August, pawnbrokers using MobilePawn have processed 3,350 transactions and have collected nearly $100,000 in loan payments and $30,000 in layaway payments. Even pawn customers have reached out to me asking why their favorite pawnshop they frequent aren’t using the app.

Our February launch of Phase III now includes online shopping. Your customers will be able to shop your store 24/7 and buy directly from you through their mobile app. Payment is entirely integrated through Bravo so that the money deposits into your account seamlessly. Make more money while you sleep.

We’ve already started on Phase IV, which includes coupons. Create the promotion, select who you’d like to receive the coupon, and click Send. In a time when pawnshop owners and operators have concerns about foot traffic and a shift in customer base, we must find new ways to engage existing customers while driving new and repeat foot traffic into your store.

Our team will continue to listen, solve, and develop tools to assist your business and enhance the industry.

Bravo allows you to send payment notifications via text message, mobile app. push notification, and email (launching in February). Give us a call at 888-407-6287 to learn more or click here.