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Written by NPA News

SHARE-WORTHY STORIES FROM YOUR INDUSTRY 8-27-20

SHARE-WORTHY STORIES FROM YOUR INDUSTRY

When you use your online channels and network to share a positive news story about pawnbroking, you align yourself with the industry’s best and increase the likelihood that it will be seen by legislators, influencers, and others whose perception will be changed for the better.

 

PEOPLE TURNING TO PAWN SHOPS FOR QUICK CASH AS PANDEMIC CONTINUES:   From video game consoles to luxury handbags, more people are now pawning these days to get that fast, extra cash they need. Owners of USA Pawn says that is a big difference from when the pandemic started back in March when loan requests took more than a 40 percent dive…

NEED A $1,700 FRENCH HORN OR IKE DOLLAR COIN? PAWN SHOPS SELL (AND BUY) EVERYTHING IMAGINABLE:  “Of course a pawn shop is attractive to anyone who needs money, or is looking for bargains,” King said. “We try to treat everyone with the same respect and dignity as we treat the lawyer purchasing a $35,000 diamond. We’re all human, whether someone be suffering from something as serious as addiction, or just simply having a bad day, we show kindness and empathy.”…

CONSUMERS, FLUSH WITH STIMULUS MONEY, SHUN CREDIT-CARD DEBT: When unemployment soared this spring at the start of coronavirus lockdowns, credit-card debt and delinquencies were widely expected to surge as struggling households borrowed more to make ends meet.

Instead, amid the deepest economic crisis since the Great Depression, the opposite happened. Credit-card debt in the U.S. and other advanced economies has fallen. Fewer people are late on their credit-card payments. Consumer demand for new borrowing—through credit cards, personal loans and even pawnshops—is down sharply.

IN THE NEWS:
Stories chosen for your review by your GRC team

Federal law requires pawnbrokers to report “cash transactions” to the Internal Revenue Service when customers make payments in cash or in a combination of cash and monetary instruments (such as money orders) when the total of payments exceeds $10,000 – by even a penny. Pawnbrokers use IRS Form 8300 to file these reports.

Click here to read the full update at nationalpawnbrokers.org

 

Wells Fargo’s Chief Compliance Officer Quits as bank revamps risk team  

Many pawnbrokers either have been, or still are, customers of Wells Fargo. For a number of years pawnbrokers have had their accounts terminated by banks, including Wells Fargo, under the guise of ‘de-risking’…or what NPA calls ‘bank discontinuance’ . Now the risk team at Wells Fargo is undergoing changes.

Click here to read more that you need to know about this important story.

New Unemployment Benefits Authorized by President Trump Won’t Come Until Late August  

President Trump signed an Executive Order authorizing $300-$400 in extra weekly unemployment benefits for many American workers. According to FEMA these funds are not likely to be distributed until at least the end of August.

Read more about this story from New York Times 

 

 

UPCOMING EVENTS: 
All times are listed in eastern

TODAY: THURSDAY, AUGUST 27TH at 4pm: INDUSTRY PARTNER TOWN HALL

SEPTEMBER 7-9: DIXIE PAWNBROKER CONFERENCE AND TRADE SHOW—The event is hosted jointly by the Pawnbrokers Associations of Mississippi, Arkansas, Alabama, and Louisiana.

NEW: TUESDAY, SEPTEMBER 8 AT 2pmGUNS ARE THE NEW GOLD (LIVE from Dixie) with Jeff Tesch—Dealing with the current high demand sales environment and lack of inventory in the channel. Just what has happened in the firearms industry this year? How can I source product in this environment? Where are the used guns? What will the future look like?

THURSDAY, SEPTEMBER 10 at 5pm: HOLIDAY MARKETING ROUNDTABLEEveryone’s a panelist for this exciting conversation! The fourth quarter 2020 will be unlike any that we’ve experienced. We’ll brainstorm ways to convince and convert customers during this unusual holiday season. Bring YOUR best marketing ideas to share!

WEDNESDAY, SEPTEMBER 16 at 4pm: BRANDING LIKE A BOSS With Lauren Kaminsky Goldman–creating a brand that authentically and effectively communicates value is one of the best ways to grow your business. We’ll learn what makes an iconic brand and how you can get started building or growing yours.

NEW: THURSDAY, SEPTEMBER 17 AT 5pmLUXURY IN THE TIME OF COVID—Hear from renowned expert Deanna Thompson about ways you can grow your luxury handbag business in the time of Covid!
What works, what doesn’t, how to pivot and drive those customers into your stores!

TUESDAY, SEPTEMBER 22 at 5pm: STATE ASSOCIATION CALL–connect with your state peers while learning what’s happening in state associations all over the country.

WEDNESDAY, SEPTEMBER 30 at 4PM:  FACEBOOK’S MARKETING TOOLS—in this webinar, we’ll be joined by two marketing experts who will explore the expanding list of small business tools on Facebook and Instagram.

THURSDAY, OCTOBER 8 AT 5PM: EMAIL MARKETING FOR PAWNBROKERS with Kathleen Owen and Michael Cohen—open and conversion rates for email marketing consistently out-perform social media. Why then is it such a frequently overlooked marketing tactic for pawnbrokers? In this webinar, attendees will hear from those who have successfully implemented email marketing for their pawnshops.

TUESDAY, OCTOBER 13TH AT 3PM: COMMUNITY RELATIONS: DOING WELL WHILE DOING GOOD with Mike Willingham and others—pawnbrokers will share ways that their relationships with charitable organizations have helped them build a better business and community.

MONDAY, OCTOBER 26TH AT 4PM: MAXIMIZING THE HOLIDAYS with David Skibinski—pawnbrokers will share ways that their relationships with charitable organizations have helped them build a better business and community.

 

 

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