Pawn your Card Collection/Collectibles
corvette1340
Posts: 3,384 ✭✭✭
After a couple of years and a lot of thought and process tweaking/changing, I am very pleased to announce that Epawnmarket.com will launch within the next few months. We will specialize in low to high end loans on a wide variety of items including precious metals, diamonds/jewelry, high end watches, small electronics (iphones/laptops/cameras/etc..), antiques, and collectibles. Basically, we will buy or loan money on anything that you can fit into a shippable box to us. Unlike traditional pawn shops, the loan interest will be a lot smaller (3 to 7% on most loans) and the customer can choose the length of time to borrow the money from 1 to 6 months.
The process is simple, basically like the "cash for gold" concept. You'll go to Epawnmarket.com and fill out a simple form with your basic information and describing what item you have and how much you'd like to get for it. You can upload a picture if you'd like as well. One of our representatives will get in touch with you within 24 hours by phone and/or email and make a tentative assessment on whether the loan amount you requested is feasible based on your item description. If both parties are satisfied, we'll email you a printable prepaid Fedex shipping label that you can put on your item and ship it to us. Once the item is in hand, our staff of professionals will authenticate and evaluate the item and make the offer requested or a lower/higher one based on current market values for the item. If the offer is accepted, the money will be deposited directly into the customers' bank account or a check will be mailed if preferred.
The loan amounts will/can range from $100 up to $20,000 or more depending on the item. All of the items and loan money will be insured by our third party insurance partner and all funds will be wired from our partner bank. All transactions will be 100% confidential and no credit checks will ever be needed. People will simply have the opportunity to get cash fast for their items of value that they've garnered over the years without having to go to a bank for a quick loan or having to go to a brick and mortar pawn shop.
I read about people having to liquidate their card collections all the time because of a crisis or financial hardship. This is an opportunity for those people to keep their collections and use the equity in them to get some money until the hardship is over and then get their collection back once things are better.
We will also have an inventory site that features all of the items we buy complete with shopping cart and payment processor. If anyone has any questions or would like more information or would like to request a loan before the site launches, please send me a pm.
The process is simple, basically like the "cash for gold" concept. You'll go to Epawnmarket.com and fill out a simple form with your basic information and describing what item you have and how much you'd like to get for it. You can upload a picture if you'd like as well. One of our representatives will get in touch with you within 24 hours by phone and/or email and make a tentative assessment on whether the loan amount you requested is feasible based on your item description. If both parties are satisfied, we'll email you a printable prepaid Fedex shipping label that you can put on your item and ship it to us. Once the item is in hand, our staff of professionals will authenticate and evaluate the item and make the offer requested or a lower/higher one based on current market values for the item. If the offer is accepted, the money will be deposited directly into the customers' bank account or a check will be mailed if preferred.
The loan amounts will/can range from $100 up to $20,000 or more depending on the item. All of the items and loan money will be insured by our third party insurance partner and all funds will be wired from our partner bank. All transactions will be 100% confidential and no credit checks will ever be needed. People will simply have the opportunity to get cash fast for their items of value that they've garnered over the years without having to go to a bank for a quick loan or having to go to a brick and mortar pawn shop.
I read about people having to liquidate their card collections all the time because of a crisis or financial hardship. This is an opportunity for those people to keep their collections and use the equity in them to get some money until the hardship is over and then get their collection back once things are better.
We will also have an inventory site that features all of the items we buy complete with shopping cart and payment processor. If anyone has any questions or would like more information or would like to request a loan before the site launches, please send me a pm.
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Comments
kthx
<< <i>can I borrow 50 bucks?
kthx >>
sure
Another BBG syndrome?
i hope i never need to use your services.
I see your posts, your boxes and cards/collections you've boughten, even cars I believe. I am sure this new business of yours will do tremendous numbers over time. This is a multi-million dollar idea.
If yours is the first, then it's an 8 figure idea in revenues in 5 years.
I wish you the best of luck and I know it will be a success!!!
Let me know if your going to franchise it out or have thought of that process at all.
Take care and would love to talk to you about it sometime.
"Live everyday, don't throw it away"
PSA Pawn - 2006
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I have a longterm settlement, but I need cash now.
Luv that jingle.
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Fun academic stuff for folks interested in the biznez.
resource
resource2
EZPW
Lending on collectibles is probably the smallest avenue of loans that we will make. I just thought I'd introduce it as one of the categories in the overall business. We'll also do smaller loans unlike PSA's idea that would only do $5000 or more.
The only other entity like Epawnmarket is Pawngo which was recently introduced by the founders of Groupon with funding from Lightbank. They bought out internetpawn.com and re-introduced it as pawngo. There are several articles in Forbes, etc... They are spending millions on advertising and educating the consumer to the advantages of pawning high end items over the internet. Hopefully, we can come in and improve in some areas they are missing in and hit on some areas that they are not.
Currently collecting 1934 Butterfinger, 1969 Nabisco, 1991 Topps Desert Shield (in PSA 9 or 10), and 1990 Donruss Learning Series (in PSA 10).
1. The scammer to legit customer ratio with something such as this is going to be extremely high...and I do mean extremely high. While you probably won't get scammed, and presumably you know a diamond from a rhinestone, you're still gonna be wasting a lot of time entertaining scammers...and time is money.
2. Usually people in that situation considering pawning, need cash very quickly...going thru the "procedure" with the forms and the mail, and the time involved, isn't going to be acceptable to most people who need to make a car or rent payment with a deadline.
3. I've seen many businesses like this fail because they "assume" like I think you may be doing, that prospective customers will trust them. Why should a prospective legit customer go thru all that hassle, wait for you to respond, whereby you might not even be trustworthy anyway despite all your "credentials" you will post on your website, and then your offer could be even less than the offer from a legit local B&M pawn shop.
Those are just a few quick comments off the cuff. I didn't Google it to see if this idea is working well elsewhere...perhaps there are many online pawn shops now? However just because they have a website posted doesn't necessarily mean they are legit, and if they are legit doesn't mean they are making a profit. In any event, perhaps you'll do quite well and best of luck with the endeavor.
I'm not sure that is a good business equivalent for what I mentioned in my comment #1. I don't think scammers are going to waste their time trying to scam a gold operation by sending them pyrite...but unfortunately, you're likely to receive numerous counterfeit items...and while again, you won't get scammed, the time and cost of shipping back all that crap might become intolerable as well as expensive.
They sent me a packet to stuff my gold in (necklace) and then sent me a check for $8.00
Of course they also gave me the option to get the necklace back if I agreed to pay $24 in shipping.
There's where they getcha
<< <i>I love cash4gold.
They sent me a packet to stuff my gold in (necklace) and then sent me a check for $8.00
Of course they also gave me the option to get the necklace back if I agreed to pay $24 in shipping.
There's where they getcha
Oh I see...so the company charges to send the stuff back. No way a scammer is gonna pay to ship back their scammer crap, but still a lot of time wasted by the company.
Oh well...I guess the OP probably has everything I stated factored in already, and looking at the Pawngo website, which I had never heard of before, that software is expensive to create and maintain...although it certainly isn't anything comparable to an ebay as far as software.
<<< About Pawngo
Launched in June of 2011, Pawngo is the first full-service online pawn shop in the United States and is venture-backed by Daylight Partners, Access Venture Partners and Lightbank, the $100 million fund started by the founders of Groupon >>>
Looks like this Pawngo might be a venture with "deep pockets" - don't forget, the basic business 101 success model for any new business is ya gotta be either first or different. You're not first so you'd better be different, and in a way whereby this deep pockets venture doesn't simply match or beat any deal you offer. For example, there's a lot of online auction websites which have failed, and their seller fees were much cheaper than ebay...sometimes just offering a better deal isn't good enough if the value and/or consumer confidence isn't there, especially with an internet business.
Good luck Tom
"cyber pawn stars"
rd
Quicksilver Messenger Service - Smokestack Lightning (Live) 1968
Quicksilver Messenger Service - The Hat (Live) 1971
Seriously though Tommy, I hope it is very successful for you!
Its a tough market but its always good to buy at half price.
Good luck
Good luck!
Steve
<< <i>Tommy is this separate from your existing pawn shop?
Good luck!
Steve >>
thanks Steve. I never opened an actual brick and mortar pawn shop. Thought about it several times and got turned down by one of the local city councils about 2 years ago (they won't allow another pawn shop in the city, the one that is there now is grandfathered in, lol.)
Good luck with your project. I hope it makes loads of money, and you can come back to this post and, well say "wassup now punk huh?" lol.
"Live everyday, don't throw it away"
<< <i>The Debbie Downers on here never cease to amaze.
Good luck with your project. I hope it makes loads of money, and you can come back to this post and, well say "wassup now punk huh?" lol. >>
You can call it a "Debbie Downer" or I call it telling it like it is. The OP likely knows the pitfalls, but just in case he has dollar signs in his eyes blocking his vision, some constructive criticism and a reality check with the idea, is infinitely more beneficial for him than some internet post of "good luck" and BTW, I wished him "best of luck" as well.
Of course, nothing at all wrong with positive encouragement and best wishes on the project...but if I'm starting my own high risk internet business venture such as this, I'd rather be aware of where is the quicksand, than where is the pot of gold at the end of the rainbow.
<< <i>
<< <i>The Debbie Downers on here never cease to amaze.
Good luck with your project. I hope it makes loads of money, and you can come back to this post and, well say "wassup now punk huh?" lol. >>
You can call it a "Debbie Downer" or I call it telling it like it is. The OP likely knows the pitfalls, but just in case he has dollar signs in his eyes blocking his vision, some constructive criticism and a reality check with the idea, is infinitely more beneficial for him than some internet post of "good luck" and BTW, I wished him "best of luck" as well.
Of course, nothing at all wrong with positive encouragement and best wishes on the project...but if I'm starting my own high risk internet business venture such as this, I'd rather be aware of where is the quicksand, than where is the pot of gold at the end of the rainbow. >>
this is about the lowest risk venture I've ever been a part of. The only real investment is the website and monthly marketing/maintenance/SEO, roughly $60K. It's a can't lose scenario regardless of how many customers you have. You either make a little money or a lot of money. No money will be loaned without goods in hand and authenticated. Pawngo did almost 1.5 million in loans in their first 2 weeks. I'd love to do the same.
That's why I say Debbie downer. He didn't come on here asking for advice or what things he needed to worry about. If he did then offer your opinion. This was his first post about his new venture and you simply started getting negative about it. I choose not to do that, and don't like seeing that crap.
Way to go!
"Live everyday, don't throw it away"
<< <i>
<< <i>
<< <i>The Debbie Downers on here never cease to amaze.
Good luck with your project. I hope it makes loads of money, and you can come back to this post and, well say "wassup now punk huh?" lol. >>
You can call it a "Debbie Downer" or I call it telling it like it is. The OP likely knows the pitfalls, but just in case he has dollar signs in his eyes blocking his vision, some constructive criticism and a reality check with the idea, is infinitely more beneficial for him than some internet post of "good luck" and BTW, I wished him "best of luck" as well.
Of course, nothing at all wrong with positive encouragement and best wishes on the project...but if I'm starting my own high risk internet business venture such as this, I'd rather be aware of where is the quicksand, than where is the pot of gold at the end of the rainbow. >>
this is about the lowest risk venture I've ever been a part of. The only real investment is the website and monthly marketing/maintenance/SEO, roughly $60K. It's a can't lose scenario regardless of how many customers you have. You either make a little money or a lot of money. No money will be loaned without goods in hand and authenticated. Pawngo did almost 1.5 million in loans in their first 2 weeks. I'd love to do the same. >>
Don't forget added employee costs as it seems like this will be a very labor intensive operation, storage costs, costs for misanalyzing the value of an item, costs for taking in a stolen item that has to be returned, legal expenses, and so on and so forth.
Sorry, but the venture could go well beyond, and I do mean well beyond the 60K in loss potential. But an old business adage is "high risk-high reward" so hopefully that high reward will be coming for you.
The Pawngo website is interesting - I'm not sure that is a good idea them posting their sales but it's understandable as they are trying to build credability, but for a variety of reasons I still don't think it's a good idea. However, I think that is an excellent idea with the changing GIF they have with loan amounts on particular items. Also...you may want to differentiate yourself from them by focusing on certain market segments, and of course you're doing that here with baseball cards...not that you'll turn down that diamond ring, but that on collectibles you "really" do pay more and explain the reasons.
<< <i>That's why I said what I did originally. This can be a huge money maker. Based upon Tommy the purchases I have seen you make over the last several years, I don't think you need anyone explaining the risk involved. You don't spend the kind of money you have and not be educated on the down side of things. Unless you just have 10's of thousands to blow, which you may.
That's why I say Debbie downer. He didn't come on here asking for advice or what things he needed to worry about. If he did then offer your opinion. This was his first post about his new venture and you simply started getting negative about it. I choose not to do that, and don't like seeing that crap.
Way to go! >>
Okay, point taken...in my opinion, and I may be wrong, you are probably not a businessperson...let me tell you, a businessperson doesn't mind at all anything I stated...again they want to know any pitfalls and perhaps some things they've overlooked. You choose to be a cheerleader and that's fine...I choose to be a coach and tell it like it is...maybe my coaching stinks (LOL) but then again if I made one point that the OP can grasp and profit from, or hopefully not lose any money on, then that to me is part of what the forum is about - helping each other out.
This isn't a Vision Group meeting. I am big on real time feedback and it seems you like to do this sort of thing quite a bit. Not sure why, or why it gets you off, but it's very immature.
I don't know you from a hole in the wall, but your track on here at times gets a bit Negative Nellie. I agree with most of the info you have written, but if you go back to your first post on this thread, it's starts right off negative. Why?
Did you get permission for feedback?
In the business world since you sound so prolific in that, feedback without a relationship is harrassment. So you must have that with Tommy, so I apoligize.
"Live everyday, don't throw it away"
<< <i>haven't seen my 50 bucks yet >>
I'll send you a shipping label to your email, then you send me that '67 Mantle PSA 7 and I'll deposit it right into your paypal account, 5% interest.
<< <i>Well I am a business person and serve as VP and part owner for a multi million dollar financial services company. So I have track. 5 offices 4.5 million in revenues last year we can go on and on...
This isn't a Vision Group meeting. I am big on real time feedback and it seems you like to do this sort of thing quite a bit. Not sure why, or why it gets you off, but it's very immature.
I don't know you from a hole in the wall, but your track on here at times gets a bit Negative Nellie. I agree with most of the info you have written, but if you go back to your first post on this thread, it's starts right off negative. Why?
Did you get permission for feedback?
In the business world since you sound so prolific in that, feedback without a relationship is harrassment. So you must have that with Tommy, so I apoligize. >>
Instead of businessperson, I probably should have used the word entrepreneur - there is a difference.
<<< I agree with most of the info you have written >>>
Well then, it's just a matter of semantics.
<<< but if you go back to your first post on this thread, it's starts right off negative. Why? >>>
I think I already explained it - and I'm gonna leave it at that...it ain't my thread and I made my points, and if the thread continues, and I see something interesting to respond about, then I'll chime in again.
But right now in this thread I am concerned about Zep getting his 50 bucks.
"Live everyday, don't throw it away"
I assume pawngo can do 1.5 million the first two years, because there is some of that Groupon power (and money) behind it. My sense is that your share of the market will equate to whatever percentage of the "millions" they've spent on advertising that you are willing to put forth.
<< <i>I think stevek brings a lot of valid points to this discussion.
I assume pawngo can do 1.5 million the first two years, because there is some of that Groupon power (and money) behind it. My sense is that your share of the market will equate to whatever percentage of the "millions" they've spent on advertising that you are willing to put forth. >>
that's 1.5 million in the first 2 weeks. Our SEO and marketing efforts will have us right on the same page of google, yahoo,etc...when people search for online pawn, cash for gold, watches, etc... as Pawngo.
<< <i>I think stevek brings a lot of valid points to this discussion. >>
He generally does, even when he is wrong......lol
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
Pawning, foreclosures, et cetera give me the same yucky feeling as hunting -- I'm not against hunting...it's just not for me. If you kill it, use it...don't mount the carcass on the back of your truck with thumbs-up and ear-to-ear grins.
Have some respect for the animal.
If I need cash quickly then eBay is my route to pawn-to-sell. Heck, most pawn shops use eBay too.
I understand the idea of not losing your collection...but part of collecting, no matter how hard it can be, is understanding your priorities and having at times to let go.
Nick
Reap the whirlwind.
Need to buy something for the wife or girlfriend? Check out Vintage Designer Clothing.
The poor Dodgers... Hey they won today!
"Live everyday, don't throw it away"
<< <i>Did you get permission for feedback? >>
May I have permission to respond, please?
I would think the rate of default would be much higher with a mail order type of pawn situation over a local walk in brick and mortar pawn shop. It's easier for a person pawning to mess up, payment delayed or missed, and then on top of any interest and penalties piling up you then have a significant shipping cost to get your item back. It will reach the point of not worth paying to get back quickly which helps the pawn guy make a lot of money.
Always buying Bobby Cox inserts. PM me.