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Epos Now

Epos Now POS systems are an effective business management, sales, and payment solution for single-site, multi-site, and online businesses. Popular with retailers and hospitality businesses in many industries, Epos Now POS systems ...Read more about Epos Now

3.3 (391 reviews)

44 recommendations

Rain POS

Rain is an all-in-one point-of-sale, website, and marketing system for small to midsized retailers. Music, dive, sporting goods, paddle, craft, sewing, quilting, and clothing boutiques will find Rain is an excellent fit for their...Read more about Rain POS

4.2 (132 reviews)

16 recommendations

Liberty Consignment

With the Liberty Consignment Software, your success is our mission. Resaleworld.com has been instrumental in the Resale industry for over 30 years, and continues to design and develop a comprehensive software product that has help...Read more about Liberty Consignment

4.6 (146 reviews)

7 recommendations

Bravo Store Systems

Bravo Store Systems empowers small businesses innovative point of sale solutions. Bravo is the leading provider of an all in one Point of Sale (POS) solutions tailored for a diverse range of industries. With a deep understanding...Read more about Bravo Store Systems

4.7 (40 reviews)

6 recommendations

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Lightspeed Retail

Lightspeed Retail is a cloud-based POS solution that is suitable for retailers in industries such as apparel, footwear, bike, jewelry, pet, sporting goods and home decor. The solution offers retailers tools including inventory man...Read more about Lightspeed Retail

SimpleConsign

SimpleConsign’s point of sale (POS) and inventory management software is the system of choice for the resale industry. With SimpleConsign, you can make transactions easy for customers and staff, manage multiple types of inventory ...Read more about SimpleConsign

Ricochet

Drawing from our firsthand experience in the consignment industry, Ricochet has been meticulously designed to empower store owners for the future. Our comprehensive software solution not only prepares businesses for what’s ahead b...Read more about Ricochet

ConsignCloud

ConsignCloud is cloud-based retail software specializing in solutions for consignment stores. Key features include modules for point of sale (POS), consignor management, customer management and inventory management. ConsignCl...Read more about ConsignCloud

Rose for Square

Rose is a cloud-based solution which assists consignment store managers with inventory tracking and payment processing. Key features include order tracking, messaging and business performance analytics. The application’s Klou...Read more about Rose for Square

ACCEO Smart Vendor

ACCEO Smart Vendor POS and Retail Management system is a robust and feature-rich solution for Canadian retailers. Our solutions are vertically tailored and designed to accelerate growth for a variety of retailers, including gift s...Read more about ACCEO Smart Vendor

Retail Plus Point Of Sale

Retail Plus is a point of sale (POS) solution suitable for small businesses. It offers billing and invoicing, payment processing, customer tracking, reporting and inventory management. Along with a point of sale interface, Re...Read more about Retail Plus Point Of Sale

The Consignment Shop

The Consignment Shop by SBS Solutions is a hybrid consignment management solution that caters to small and midsize consignment businesses across various industries like jewelry, furniture, books, apparel and more. The solution off...Read more about The Consignment Shop

PawnMaster

PawnMaster Classic by Bravo Store Systems is an on-premise point of sale system tailored specifically for pawn shops, offering a secure and customizable solution to streamline operations. With its user-friendly interface, the so...Read more about PawnMaster

Aravenda Consignment Software

Aravenda is a cloud-based consignment management software that enables resale businesses of all sizes to create, run and manage custom eCommerce stores. The platform includes an inventory management application for Shopify store...Read more about Aravenda Consignment Software

ConsignmentTill

ConsignmentTill by RJFSOFT is a point of sale and inventory management system designed specifically with consignment stores in mind. Features include being able to handle "buy-outright" items, customizable labels and tags, printab...Read more about ConsignmentTill

Circle-Hand

Circle-Hand is a cloud-based consignment solution that helps streamline the journey of consignment resale for second-hand clothing stores. The platform offers a variety of functions such as: - Automatically figuring out and showc...Read more about Circle-Hand

Bepoz

Bepoz is an on premise or cloud-based point-of-sale (POS) solution designed for food-service and retail and businesses of all sizes. The product caters to both single as well as multi-location retail. It offers inventory control, ...Read more about Bepoz

3.0 (5 reviews)

Antique Mall Accounting System

Antique Mall Accounting System enables flea markets, consignment stores, antique/craft malls, design centers and auction houses to streamline point of sale (POS) billing, payments, rental, inventory management and other operations...Read more about Antique Mall Accounting System

1.8 (5 reviews)

Quail

Quail is store management and point-of-sale (POS) solution that helps antique vendors, malls and stores manage payments, sales, records, reports and more. The platform enables organizations to issue, print and redeem gift certific...Read more about Quail

5.0 (2 reviews)

PROSALE

PROSALE offers estate sales management software to drive growth in the estate sale industry. Some features include point of sale, inventory management, loss control, mobile label printing, integrated payment processing, profession...Read more about PROSALE

5.0 (1 reviews)

Buyers Guide

Last Updated: March 16, 2023

Here's what we'll cover:

What is Consignment Software?

Consignment software is a tool that primarily helps pawn shops and thrift stores with inventory tracking and auditing. Pawn shops in particular have strict regulations concerning documentation. For both consignment shops and pawn stores, general ledger and payroll are identical with general retailers. Both have special requirements for customer information, accounts payable and especially inventory. Pawnbrokers have unique requirements for accounts receivable to track payments from clients with items in pawn.

Consignment and pawn shops have an issue that is not a factor in other retail operations: the providers may want their merchandise back. Inventory tracking and auditing are the primary concerns for those looking for consignment tracking software, thrift store software or pawnbroker software. Pawn shops in particular have strict regulations concerning documentation. In most states, even voided receipts must be retained and filed. A number of states require that pawn systems be approved by the state. Pawn shops are also subject to PATRIOT Act Anti-Money Laundering (AML) regulations and IRS Form 8300 requirements.

Consignment shops are not typically subjected to the same scrutiny, but the record keeping tasks are similar. Consignment stores do not generally buy inventory, they hold it for others and pay the sellers. Consequently, the inventory consists of all unique items which must be linked to the owners until sold, then the correct amount calculated and remitted—making consignment inventory solutions very specific to the industry.

For both consignment shops and pawn stores, general ledger and payroll are identical with general retailers. Both have special requirements for customer information, accounts payable and especially inventory. Pawnbrokers have unique requirements for accounts receivable to track payments from clients with items in pawn.

Common Features of Consignment and Pawn Shop Software

We often hear questions from users such as, "Are there free consignment software vendors?" and "What is the best consignment software solution?" These questions are difficult to answer—there are a number of consignment point of sale software and thrift store POS systems that can meet users' needs.

Screenshot-of-SimpleConsign-dashboard

Screenshot of SimpleConsign dashboard

However, there are a number of features that users should look for when evaluating these solutions. Owners need core accounting, but should evaluate the following functions to meet their unique requirements:

ID scanning

The system should scan and retain ID information for sellers and consigners. The POS should scan IDs and verify that the format of the ID is correct. It is impractical to validate the IDs against government databases.

Commitment to pay scheduling

The system should calculate interest and the commitment to pay schedule for pawn clients, generating coupon books or bills as required.

Unique inventory items

Resale stores have inventories built from unique items that must be tracked individually from initial acquisition to final sale and payment. The system must track and value these inventories.

Customer payment calculation

When consignment stores sell articles, the system must track the date and the amount, and then calculate the total remittance to the customer, as well as the store’s percentage.

Customer history tracking

In order to prevent and settle disputes, the system needs to keep complete time and date stamped records of all transactions, correspondence, visits and phone calls for any particular customer.

Inventory disposition

For resale shops, the ownership of a particular item may change. For example, a consigned item may not be picked up in the agreed time or an item may come out of pawn. The system needs to make all required notifications to the client and change inventory status as necessary.

Employee audit control and inventory

Shrink is a big issue in these industries and can have a big impact on the bottom line. An accurate and up-to-date employee audit, done frequently, is the best defense.

Inventory authentication

The system should help identify lost, stolen and counterfeit goods by interfacing with online data sources.

Security system integration

Pawn stores in particular benefit from integration between the POS system and security systems, linking security recordings with transaction records.

Messaging integration

The system should transmit customer alerts for payments due, items sold or changes in item status. Ideally, the customer should be able to opt in for email, text messages or robotic calls.

PATRIOT Act Anti Money Laundering reporting

The system should provide PATRIOT Act AML-required reports when purchases of “covered goods” of $50,000 or more are made in a single year.

Support for IRS Form 8300

If a person pays for merchandise with $10,000 or more in cash, the systems should flag the transaction and generate information for IRS Form 8300.

Law enforcement reporting

Any required law enforcement reports for a jurisdiction should be available from the system as required. These reports should be predefined but customizable.

Expected Benefits of Consignment and Pawn Shop Software

There are many benefits of using a consignment and pawn shop software solution. The most obvious one is the amount of time saved in daily operations. Some of the advantages of consignment and pawn shop software include the following:

Ensure a smooth transaction process with POS. A consignment and pawn shop software solution helps users complete all the sales steps, such as conduct sales conveniently, buy products outright and consign items, in the same transaction. Its POS system handles online credit card processing, split payments, returns and voids.

Access to consignor information. This enables the user to find accurate information, such as payout history, account activity, account balance and inventory details, related to each consignor on a single screen. Also, users can add consignment inventory either in batches or one at a time.

Employ better inventory management. Users would no longer need to review every reporting page to locate stock items. With the consignment software solution in place, users can track and add inventory efficiently. Users can also search the inventory by brand, color, category, name or other keywords. Also, they can search for consignor inventories either by an individual consignor or as a group. The software helps in understanding and automatically tracking other metrics such as inventory level, the age of the stock items and price markdowns.

Real-time communication with consignors. The software sends automatic emails and instant messages to consignors regarding updates, such as sales conducted or inventory status, so that they remain up to date with the latest status.

Pricing and discount management. A consignment and pawn shop software solution allows users to price items correctly the first time and suggests pricing quotes as well. Also, the software suggests discounts for items and offers useful features, such as automatic item discount. This feature enables users to lower prices of consignment products at the POS system while preventing them from discounting below the acceptable price.

In conclusion, a consignment and pawn shop software solution has several significant benefits that will enhance the functioning of your business.