Pursuit Software, the market leading retail jewellery solutions house, has been appointed exclusive partner for the unique pawnbroking services software package developed by Preato Alpha.
Preato Alpha is the most widely used purpose-designed pawnbroker IT system in Scandinavia and is now making inroads elsewhere in Northern Europe. Over the past five years it has gone from the new product stage to a 40 percent market share. The technology is in advance of anything else available in Europe for the nonrecourse credit industry and accommodates all requirements of the impending EU Directive.
Extending the business beyond the shop
Advantages offered by the Preato system include operation via secure internet connection to a central server hosting facility. This opens up the potential for home visits and party-type home events, with loan transaction documentation handled there and then using a mobile device such as an iPhone, iPad or a Blackberry or phone-connected laptop.
Mike Burns, Managing Director of Pursuit Software states:
“The Preato system has the power to transform the way the pawnbroking business operates. Branches of multiple-location businesses have a live connection to centrally-held records. One of the operating benefits of using a secure internet link is that the system eliminates capital outlay for a main server and associated networked computer infrastructure.
A view across the entire business, no matter how many shops
“Preato is installed on ordinary PCs and links with PC-based point of sale barcode readers and document printers. Because it works in real time, senior management can see exactly what’s happing across each outlet, transaction by transaction. As well as each individual pledged item value, loan, interest and redemption profile, renewals and expiries, records can be instantly configured to show total organisation-wide loan values, pledged assets, and other financial reconciliation details and statistics. “Preato really is all-embracing. It reduces back-office administrative routine and eliminates manual record keeping and other chores. Expiry reminder and intention-to-sell letters can be generated automatically. For identification purposes, there are built-in facilities for holding images of both customers and pledged items.
Documentation conforms to NPA document format and legislative requirements
“Standard documentation templates conform to the NPA format, are legislation
compliant and can be customised with an individual pawnbroker’s trading style. Lists of items that need to be prepared for auction can be instantly complied – and auction functions include generating reserve and starting price listings for auction houses. Crucially, the system is designed to make it easy to transfer legacy data. New users have the option of adding new items only from the time the Preato system is installed, or records relating to current pledged items can be transferred. Depending on the type of computer software previously used, transfer of documented records could be an automatic process.
Ease of operation and full training facilities
“A system is only as good as the ease with which it can be used. Reassuringly, Preato has been designed in the closest collaboration with pawnbrokers to meet the needs of pawnbrokers. It is not an adaptation of software originally designed for something else. Its operation is intuitive – which means staff can be quickly trained, either at the pawnbroker’s premises or at Pursuit’s own training centre. People who have little experience with computers have no difficulty learning – all the functions are familiar to any pawnbroking business. The difference is, they are handled in a modern, streamlined way.” The central server facility is provided by Pursuit through a specialist data security company. Besides avoiding heavy capital outlay on computers, affordability is increased by the standard supply terms. These are based on a rolling rental arrangement comparable to a mobile phone contract. Rentals are determined by the number of users and are inclusive of technical support and system upgrades.
Mike Burns concludes:
“Preato ticks all the boxes. At a time when the pawnbroking industry is gaining market presence on the back of high credit card charges and restrictive bank lending, it delivers the administrative resources necessary to cope with the opportunities. Its mobile-access feature is unique – and the benefits are twofold. Senior management can view all aspects of the business from any remote location with internet access. And the ability it provides to carry out transactions in customers’ homes has the potential to change the dynamics of the pawnbroking business and the way it is perceived forever.”
