Cosignment / Pawn Shop
Point of Sale
Our software is developed to meet the specific needs of thrift and discount retailers. Sell products in-store and online, track inventory, communicate with customers, and automate purchasing from our all-in-one system.
Common Features of
Consignment and Pawn Shop Software
The system should scan and retain ID information for sellers and consigners. The POS should scan IDs and verify that the format of the ID is correct. It is impractical to validate the IDs against government databases.
Commitment to pay scheduling
The system should calculate interest and the commitment to pay schedule for pawn clients, generating coupon books or bills as required.
Unique inventory items
Resale stores have inventories built from unique items that must be tracked individually from initial acquisition to final sale and payment. The system must track and value these inventories.
Customer payment calculation
When consignment stores sell articles, the system must track the date and the amount, and then calculate the total remittance to the customer, as well as the store’s percentage.
Customer history tracking
In order to prevent and settle disputes, the system needs to keep complete time and date stamped records of all transactions, correspondence, visits and phone calls for any particular customer.
For resale shops, the ownership of a particular item may change. For example, a consigned item may not be picked up in the agreed time or an item may come out of pawn. The system needs to make all required notifications to the client and change inventory status as necessary.
Employee audit control and inventory
Shrink is a big issue in these industries and can have a big impact on the bottom line. An accurate and up-to-date employee audit, done frequently, is the best defense.
The system should help identify lost, stolen and counterfeit goods by interfacing with online data sources.
Security system integration
Pawn stores in particular benefit from integration between the POS system and security systems, linking security recordings with transaction records.
The system should transmit customer alerts for payments due, items sold or changes in item status. Ideally, the customer should be able to opt in for email, text messages or robotic calls.
PATRIOT Act Anti Money Laundering reporting
The system should provide PATRIOT Act AML-required reports when purchases of “covered goods” of $50,000 or more are made in a single year.
Support for IRS Form 8300
If a person pays for merchandise with $10,000 or more in cash, the systems should flag the transaction and generate information for IRS Form 8300.
Law enforcement reporting
Any required law enforcement reports for a jurisdiction should be available from the system as required. These reports should be predefined but customizable.