Pawnbrokers offer loans to clients by securing them with personal objects or items. They assess the personal items given in exchange for the loan, they determine their value and amount of loan available and keep track of inventory assets.
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- Debt systems
The processes needed to obtain goods or services before payment and when a sum of money is owed or overdue.
- Debt collection techniques
The techniques and principles used to collect overdue debt from customers.
- Negotiate on asset value
Negotiate with asset owners or parties involved in handling the asset on the monetary value of the asset for selling, insurance, usage as collatoral, or other purposes, in order to secure the most financially beneficial agreement for the client.
- Identify customer's needs
Use appropriate questions and active listening in order to identify customer expectations, desires and requirements according to product and services.
- Maintain records of financial transactions
Collate all the financial transactions done in the daily operations of a business and record them in their respective accounts.
- Analyse financial risk
Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.
- Handle financial transactions
Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.
- Decide on loan applications
Take into account the risk assessment and analysis and perform the final reviewing of the loan application in order to approve or deny the loan, and set in motion the necessary procedures following the decision.
- Estimate value of used goods
Examine items owned by an individual in order to determine its current price by assessing damage and taking into account the original retail price and the current demand for such items.
- Communicate with customers
Respond to and communicate with customers in the most efficient and appropriate manner to enable them to access the desired products or services, or any other help they may require.
- Maintain client debt records
Preserve a list with the debt records of clients and update it regularly
- Manage pawnshop inventory
Monitor the current inventory of the pawnshop and ensure that there are never too many or too few items present in the inventory. Adapt pawnshop procedures in order to optimise the inventory status.
- Determine resale value of items
Examine items to search for any damages or signs of deterioration and take into account the current demand for used goods of the item's nature in order to set a likely price at which the item can be resold, and to determine the manner in which the item can be sold.
- Perform debt investigation
Use research techniques and tracing strategies to identify overdue payment arrangements and address them
- Assess customer credibility
Communicate with customers to assess whether their true intentions are in line with what they claim in order to eliminate any risks from a potential agreement with the customer.
- Collect customer data
Collect customer data such as contact information, credit card or billing information; gather information to track down purchase history.