As payday loan stores continue to search for additional revenue streams by adding products and services to expand their product offerings the buying and selling of gold, silver and platinum is becoming increasingly popular.
In an effort to not only increase profits but additionally to offer consumers a variety of services that will appeal to them payday loan companies are beginning to buy and sell scrap jewelry consisting of gold, silver and platinum.
Some payday loan operators are reporting $5000 to $10,000 and more in increased monthly net profits as a result of this service.
With the economy presenting severe challenges for consumers in the U.S.A, Canada, Mexico and more this new service makes a great deal of sense. Startup costs are very minimal. Training consists of a 30 minute Webinar and marketing materials in both English and Spanish are available at no cost.
For example, Cashland Financial Services began their new program, paying cash for people’s gold.
The program is a first for a company that typically deals with payday loans and check cashing services.
Cashland Supervisor Jill Cvetanovich said their Wapakoneta location was among the first Cashland stores to start the program; just in time for the holiday season.
“If a person brings us an old necklace they’ve had and it’s broken and you want extra cash for Christmas, bring it in,” Cvetanovich said.
Cvetanovich said the gold will be tested to determine its karat weight.
She said Cashland will purchase the gold based on the daily market value for the karat weight.
Since the program began last week in select stores, Cvetanovich said the company has already bought $13,000 in gold. The Wapakoneta branch has made several sales, but Cvetanovich said anticipates more as word of the program spreads.
“There’s been quite a bit of inquiries made and we’ve had a few pieces sold in the store,” Cvetanovich said. “Obviously we’d like to have a lot more business, but we’ve done pretty well so far.”
Cvetanovich said nearly all of the 140 Cashlands across Ohio, Indiana, Michigan and Kentucky are to offer the program by the end of the month.
Interestingly, the buying and selling of gold, silver and platinum can be added to virtually any business seeking new revenue streams and new services for their clients.
For additional information go to Gold into Loot.com