While there are many facets to the pawn-broking business, the two mainstreams of business at a pawnshop, are through collateral loans (pawns) and selling a variety of items. While the idea of pawning may seem daunting, it’s actually pretty simple once you understand the process. To learn more about the pawning process and what it entails, click here.
When it comes to the retail portion of a pawnshop, it’s not that much different from a normal retail store. The only real difference is that the price on the items isn’t set in stone so feel free to make a reasonable offer. Some pawnshops like EZ Pawn Corp offer several means to purchase from them such as their eBay store or visiting one of their Retail locations situated all over New York City. It’s never been more convenient to buy from a pawnshop and you never know what you may find!
When selling to a pawnshop it’s always good to do some research on your item beforehand and to make sure that your item is clean and in good condition. For example, a newer iPad is going to secure a higher loan/sell more than an older, more beat up model. The main difference between selling and pawning your item is that when you sell the item you do not plan on coming back for it. On the other hand, a pawn transaction means you are the rightful owner of the item during the entire loan period and can come and pick it up at any point.
Something to keep into consideration when selling to a pawnshop is while pawnshops are in the business to help the community in which they serve, they are also a business. Some customers have a strong emotional attachment to the item they bring in and they base the price they want to receive off that number instead of the items actual resale value.