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MobilePawn Layaway Acceleration | Mobile Will UBERIZE the Pawn Industry
Do you believe in the Layaway program? Many Pawnbrokers believe that Layaway is more important and profitable than their loan business. These pawnbrokers enjoy establishing a form of credit to their pawn customers without risk. The item never leaves the store with a Layaway. Over 80% of the Layaway transactions are paid off. The most successful pawnbrokers have the most liberal terms like, Zero Down and No restocking fees.
Did you know that you can double your layaway business by allowing your customers to pay on Mobile? That is what our data is telling us. How? I found out yesterday. While at MaxPawn in Las Vegas, owned by my brother Michael Mack, a customer overheard me training his staff, she said, “Making payments on Max Pawn Mobile is the deciding factor in purchasing a $2,000 Chanel Purse. I hate having to make a trip to the store all the time just to make a payment. It takes 45 minutes out of my day.”
We all know how much customers need and require convenience in this day and age. On top of that, no one is more aware of their time and expense than value conscious pawn customers.
In this article, we are highlighting the layaway payment feature. Customer can see all their transactions, and make payments through PayPal in the app. The transaction is 100% automated and funds are directly deposited into your company’s PayPal account. Then, in your account it will also show the mobile payment with the transaction number.
The customer account balances are all updated. A receipt in your store will print when a mobile payment is made. In return, your customer will receive a barcoded mobile receipt. Payments can be made 24/7 and cash in your company account…. it’s like magic!
Don’t fret that not having your customer making payments in your store will deter future purchases. Convenience overrides this notion. Layaway defaults cancellations are less frequent because the Mobile app notifies customers when a payment is due.
Also, our data shows that customers purchase when they payoff and pickup their item. This makes sense that once a customer has paid off one layaway they are ready to do it again. Not only that, but customers will also make more frequent payments on Mobile. Its to early to tell, but we believe that the layaway will payoff sooner too.
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