Michael Harry

Beach Park, Illinois, US

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Michael Harry

Category Educational
Language English (North American)
Voice Age Middle Aged (35-54)
Description pawncast show
Transcript Note: Transcripts are automatically transcribed and may contain errors.
Hey, guys. Welcome to another exciting episode of Pawn Cast 247 I got to remind you, Subscribe on iTunes. Subscribe on iTunes. Leave me some positive reviews is fantastic. I love how Maney downloads I'm getting. I just need some more reviews on there, and, uh, please check out my books on Amazon Pawn Pawned business. Got a new Siri's out pulled up on dynasty. Check that out shop resale 247 Just a little manual and telling you how to test gold and stuff like that. You know how to look at things and resale resale stores and looking for bargains, things like that. Um, today I want to talk about how to protect your business and your customers from fraud. All right, I've seen in many stores where, you know, people are giving out information to the customers that aren't actually customers, if you know what I mean. All right, so you have a customer that comes in the store, says, Ah, I'm looking for such and such an item, and it may have been pawned by such and such a person. Can you tell me if it's here? So what you should do or what I do is ask the customer for their identification, and I need an explanation about about what's going on with the item, All right? Because our purpose is to get as much information as we can from that person about what is going on. Try to understand the situation. Okay. And then the last thing I would need is a police report. All right, before I can give you any information or or if you go on, file a police report and have, ah, one of the local guys from the department stop in and have a chat with us. We can figure this all out. You know, you try to make it a pleasant experience. Sometimes when people come and it's not always pleasant. Their kids stole something their grandchildren stole something. Brought it into the pawnshop. Um, you know, and they're looking for it. And we try our best to help you. You know, the pawnbroker. A pawnbroker industry is one of the most highly regulated places. I've never seen so many rules. Okay, now you But we buy gold. We give loans every single day, were required to report to the Police department every single item that comes in every single person's identification that's brought into the place. I mean, all of the information. So we have an ongoing relationship, okay? With both our customers and our responsibility to report these items to the police department, just in case, you know, the items might be stolen or something like that. Um, but protecting your customers information is very important. Okay, whoever pawned the item I've got a loan on it sold the item to you. You have to look at them as your customer and make sure you don't leave their paperwork laying around so other people can find it easily or throw it in the trash. I've seen many places where people just you know, you're so busy because it depends on how many customers were getting in per day. Some shops get maybe 10 20 customers a day, so you know those that are shops that were not likely They're going to take the item. If they make a mistake and have to avoid a transaction, they're gonna take those, um, avoided tickets and shred them, or if they ah, get duplicate copies of a sales receipt or something like that. Has the email address, phone number, name of the customer, things like that. Um, they would shred it, but in some places where they're doing 75 152 100 transactions per day. Okay, it's very hard to keep up because you're running from one transaction to the next. And if you don't have a system in place, you don't have a formula in place. You're bound to make mistakes, and you're gonna throw something in the trash. It's gonna get thrown out with the trash end up in this dumpster. You know, you can get sued for those type of things. You cannot let people's information get out there, so try to make it important. Okay? Toe have a formula and a process in place where every step that you take throughout the date is accounted for. Okay, You don't go to step two unless you finish step one. You don't go to step three until you finish step two. Don't go to step four until you're finished. Step three in a loan process or a sale process or a layaway process or a purchase process. Any of these things that you're doing, make sure you're following step by step. If you're making a mistake, you make sure you take that avoided piece of paper and you put it in a shred. You put it in the privacy been, you know, people come and pick up those documents and shred them. Um, you know, another thing is preventing your business from fraud. Make sure you have all the tools that you need in front of you at the lone counter. Okay? Everything that you need to test DVD player, audio, video receiver, How many people have us testing station for an audio video receiver? And how do you check every single channel on an audio video receiver or, Ah, an amplifier with 25 channels. You know what I mean? Are you checking every single H d M I input and output? I mean, most of the time, we have customers that come in, they're honest and they need to borrow some temporary cash. However, you know, the holiday seasons coming up, you're gonna get very busy. So you're gonna have people that also are buying new items or getting new items is gift gifts, and they don't want the old items any longer. So don't, um, think that your, uh, turning away a customer and don't feel bad and say, Oh, well, you know what? I need to take this item and no, if you can't test it, you can't take it. All right? If you don't know how to test it, find someone who can. Or don't take it. Take a pass. All right. If you have items in front of you that you're looking at and you say, Well, I don't know, it looks great, but, um, and I might I might just have to take a take a chance on it. No. Make sure you have the right tools at the counter to check every HTM I input output. All of the auxiliary inputs, outputs all of the things on an iPod. Make sure you can get to each section on it. You know, look at all these different things. Make sure that you have, you know, the most popular coins right now they're fraudulent out there. Our crew grands American Eagle and the Maple Leaf. All right, those are the three. Make sure that you are checking these items, okay? Because some of them are, you know, have tungsten and a lot of gold buyers. Now people are coming in with the little ah, biscuits, gold biscuits. And they're not. They're not pure. They're not gold. Okay? They're just played it. So don't get so tempted over the holidays to make a big purchase or anything. Ah, you know, and make a mistake if you do not have the right tools. If you can't test it, don't take it. All right. Another thing. Please. Please subscribe on iTunes. Subscribe on iTunes. I'll be back with another tip soon. Thanks.