pawnshops offer various auxiliary services. They offer various typical extra services that differ from one item to another.
This article focuses on the various services offered by pawnbrokers and how they supplement their income through these services.
Topic: What Do Pawnshops Offer?
Pawnshops are business model that offers not only loans but serves other functions to supplement their income. Below are some of the services offered:
· Check Cashing
A pawnshop will cash a check at a cost. But this means you will receive money in advance for a wide range of checks as compared to retail stores or approaching a bank. They offer check cashing services on a 24/7 basis. This allows one to cash at any time of the day or night. This service is of various advantages such as; it is one of the most convenient methods of cashing a check; it is possible to obtain cash instantly with this option; for anyone planning to do a search online they need not to look further than a pawnshop close to them; it is possible to cash a check without an official ID as well as by using an alternative form of identification also they are time convenient.
· Money Transfer Services
Pawnshops have evolved. They have expanded from offering just domestic transfers to accepting international remittances. They cater for various remittance services such as: money gram, western union services, xpress money etc.
· Bill Payment Services
Pawnshops are continuously expanding and dynamically changing. Almost all pawnshops are able to meet all your financial services. Most of them offer comprehensive billing payments. This is for anyone’s ease and convenience. The services range from basic bill utility such as electricity, water to tertiary utilities such as telephone, credit card bills, school tuition fees, Internet, and cables.
· Selling Brand New Items
Many pawnshops will also trade used items as long the transaction turns a profit for the pawnshop. In such a case where the pawnshop buys items outright, the money is not a loan. It is a straight item payment for the item. On sale the pawnshop may offer layaway plans, subject to conditions (down payment, regular payments, and forfeiture of previously paid amounts if the item is not paid off).
· Micro Financing Services
Pawnshops serve as vehicles of microfinance. They play a significant role in economic growth, especially in serving the lower income segment of the population, whose access to mainstream financial services is very limited.
Reservation of Few Items For Sale
Some pawnshops may keep a few unusual high value items on display to capture the interests of passerby.
· Some act as shipping agents
· Cell phone activation
Pawnshops are continuously growing near me ezpawn It has now been accepted in most countries regardless of the challenges such as lack of government assistance and lack of donor support.