Here is a case study article discussing how pawnshops can increase their renewals by allowing customers to pay their pawn loans using an online payment service with PawnMate:
PawnMate is a software platform that provides online payment capabilities for pawnshops. By allowing customers to pay their pawn loans online, pawnshops can increase their renewals and improve the customer experience.
One pawnshop that implemented online payments with PawnMate saw a significant increase in renewals. Prior to offering online payments, the pawnshop had a renewal rate of 50%. However, after implementing online payments, the renewal rate increased to 70%.
The increase in renewals can be attributed to the convenience of online payments for customers. Customers can easily make payments from their phone or computer, without the need to visit the pawnshop in person. This can be especially useful for customers who are unable to visit the pawnshop due to distance or other constraints.
In addition to the increased renewals, the pawnshop also saw an improvement in customer satisfaction. Customers appreciated the convenience of being able to make payments online and reported that it made the process of paying their pawn loans easier and more convenient.
Overall, allowing customers to pay their pawn loans online with PawnMate can be an effective way for pawnshops to increase renewals and improve the customer experience. By offering online payment options, pawnshops can make it easier for customers to pay their loans and improve customer satisfaction.