Pawn shops are also known as pawnbrokers or loan shops, and they’ve been around for centuries. These shops generally offer clients loans using their belongings as collateral. Customers bring in anything from musical instruments to jewelry, guns, electronics, machinery, coins, cars, art and most other items of value and convert them to cash. This cash conversion can come either from a sale or loan. Loans are paid off over time and once the loan is paid back according to the terms, the pawned item is returned to the customer. Many pawn shops also offer exchanges where a client can bring an item in and trade it for something of similar value.

Having a pawn shop comes with a special set of challenges. Pawn shop operators need to adhere to industry rules, laws and regulations. Each region has its own restrictions on pawn rates and owners must operate within these guidelines. Pawned items and items for sale need to be recorded with a special inventory ledger. Operators can run their business through on site software or cloud based software as a service (SaaS). These systems can keep track of items for sale and record payment due dates and actual payments for pawned items. This point of sale and pawn is able to track payments for every type of transaction in the pawn shop.

Payment Integrator offers a streamlined single source payment solution add efficiency to any pawn shop and loan business. We provide in store point of sale devices for instore transactions, and an online capability with integrated APIs and a hosted payment page (HPP). Our tokenized transaction allows for customer profiles and the ability to setup payment plans and scheduled payments.  Our system will allow you to accept credit card and debit card payments as well as ACH transfers and e-wallet options like Apple Pay and Google Pay. All payment integrations are secure and PCI Compliant.

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