How Bayou Pawn captures 65% of service charges through MobilePawn

The Challenge

Bayou Pawn & Jewelry is a multi-generational, multi-store pawn business, so they know their stuff. Owner Chase Rainey recognized that to succeed, the business needed to adapt: inventory had to be online, sales had to happen online, and customers needed a way to pay without driving to the store.

"For a lot of pawn shops, the biggest problem today is that they're not adapting. Their inventory isn't online, they're not selling online, they're not taking payments online," Rainey says.

The Solution

Rainey switched all three shops to Bravo's point of sale platform with MobilePawn added in. "Bravo makes it very easy for your employees to take pictures of things, to list it online, to sell it online. Not just for the owners, but for the pawnbrokers and their employees to be trained to do it."

Customers get the store in their pocket: loan balances, due dates, automatic reminders, and one-tap payments, with every transaction flowing straight back into Bravo.

Payments while you were sleeping

The payoff shows up after hours. When a customer gets a reminder that a pawn or layaway is due, they pay from the couch instead of waiting for a trip to the store. A payment made at 9pm on a Sunday is a payment that did not slip toward default.

Today 65% of Bayou Pawn's service charges are captured through MobilePawn. Redemption ratios are up, and staff spend less time chasing past-due payments by phone. "When we call them and say, 'Hey, your pawn's past due,' they're able to pay online right there and we don't have to beg them to come into the store."

What Bayou Pawn & Jewelry uses