7 Common Mistakes That Can Hurt Pawnbrokers

As a trusted gold refiner for pawnshops, Pease & Curren wants to see all the pawnshops we work with succeed. In that spirit, here are seven common mistakes all pawnbrokers should do their best to avoid.

  1. Not Doing Your Research When Selling Precious Metals

If you are selling precious metals or gems to a specific buyer, it pays to research them. Make sure they are well-established in the community, check out reviews on Yelp and other review sites, and make sure they have a reputation for safety and honesty. This helps ensure you’ll get a fair transaction without complications every time.

  1. Not Pulling Forfeits Every Day

It doesn’t take that long to run down the day’s defaulted loans, and you may miss a valuable opportunity to sell collateral. In addition, taking a few minutes at the same time every day will prevent a big backlog at the end of the week or month.

  1. Not Going the Extra Mile With Security

A basic background check for employees and two security cameras are just not sufficient to ensure the safety of your employees and your clients’ property, and to provide the necessary peace of mind. Today’s digital technology allows you to set up a very sophisticated security system and do extremely detailed background checks for a relatively reasonable price. It’s worth it.

  1. Not Communicating With Your Customers

Your customers may lose track of their loans, and you would rather have a repeat customer than sell someone’s item because of an oversight. Today, it’s easy to set up automated reminders to text or email customers at key points during the loan term and keep them on top of their loans without you having to do a thing.

  1. Not Looking at Metal Markets

When pricing items to sell, stay on top of what is happening in the precious metal markets that pertains to your item. A quick spike in gold or silver could mean a big pricing opportunity for you that you do not want to miss out on.

  1. Undervaluing Precious Metal Items

Remember, just because a watch doesn’t run or a necklace is missing its clasp doesn’t mean it can’t have great value. Precious metal content has value independent of function, and some broken or worn-out items could even be considered antiques. Never sell yourself short with a precious metal item.

  1. Not Getting the Most Out of Your Gold, Platinum or Silver Items

When selling precious metal items, you want to get the truest price possible, meaning you want the most accurate analysis of precious metal content. That’s why you should contact Pease & Curren, one of the most trusted names in the business as a gold, platinum and silver refiner for pawnshops.

There’s no better gold, silver or platinum refiner for your pawnshop. Pease & Curren, in addition to having an over 100-year history, uses true fire assay, the most accurate method possible of refining precious metals. Contact Pease & Curren for all your refining needs now.