What are the classifications of inventory at a pawnshop?
There are three simple classifications at a pawnshop. 1. Items for sale. Just like a showroom at any retail location, items on shelves in public are tagged for customers to purchase. 2. Items on layaway. Many pawnbrokers offer a layaway plan allowing customers to pay for merchandise over time. While merchandise is being paid for, it sits on a shelf in the back room of the pawnshop awaiting redemption. 3. Items in pawn. These items are waiting for an interest payment, redemption or the item to fall into what is called a “pull” cycle. If the item is forfeited, the pawnshop will “pull” the item and place it onto the general sales floor to be sold .
