In observing the growth of micro-enterprises in any Philippine clues and town areas are our sign that people nowadays wants to have additional income due to the rising prices of basic commodities and services, accompanying the implementation of Value Added Tax (VAT) and the unpredictable Increase of crude oil In the world market to meet the needs of the families. Even the labor sector especially the employees are in search for things to sell in their offices and work places to augment their Income.
So even the business and investment sector are now looking for crisis roof business which will entail them a good return on their investment. They don't want to risk their money to start up business due to ineffective operating system and knowledge about the market. But for the Pawnshop industry, economic crisis is the reason why they are in the business. The people today are learning that they could get a better deal and a better buy In a pawnshop than in regular retail store.
Pawnshops also play an important role in many commodities by providing people with an easy, fast way to borrow small amount of money. The Pawnshop owners can relate to the scenario of not knowing what might come cross the pawnshop or how successful will be the operation for the day because it is not repetitive day-in-day-out job which is a unique business and a challenging one. A typical transaction begins with a potential borrower coming Into the pawnshop with the system item he or she wants to pledge for a loan. The pawnbroker or appraiser then determines how much to loan the customer for the item.
When both parties agreed with the amount to be loaned out, the appraiser then sealed the pawned item and let borrower signed on top of it to prevent tampering. This will aka the borrower feel secure that his or her security for a loan - personal property will not be retouched used and damaged by the pawnshop owner. After the pawn ticket (pledge loan contact) has been read and signed by the borrower, the cashier will now release the amount stated in the pawn ticket and be reminded of its expiry date of redemption If not renewed (payment of accrued interest to extend the short term loan) on time.
The pawnshop will issue new pawn ticket for renewal provided that the old ticket has been surrendered and paid the interest accrued upon. If a rower/ pawned Is unable to repay the short term loan plus the accrued Interest within 90 days, the pawnbroker will send a notification letter to the pawned. If the pawned didn't repay the loan or renew the interest rate within 30 days, the pawnbroker forecloses on the collateral and outs it up for auction. But with all these services rendered by different pawnshops, we can perceive that these are done without the aid of computers.
Thus, the problems arising from owning a pawnshop Lies In Its operation and services, due to Its manual procedures. With these, the researchers have been motivated to conduct and carry on this duty to determine the problems encountered by the "JAM Tan" Pawnshop in having a toy 2 and to design and develop a new way of operation to improve its methods with the aid of technology. The pawnshop has rules and regulations to be observed like as a. No advance interest; b. 4% interest rate; c. Jewelry must have at least ask carat; d.
Interest rate is issued every 30 days; e. Redeeming of collateral must not exceed in 90 days or else there will be an additional 2% penalty. If the pawned didn't show up within 90 days, the pawnshop will send a notification letter to the fawner's home address. If the pawned didn't respond to the pawnshop within 30 days, the item will be opened for auction. Their Mission: To serve the people in highest appraisal into a lowest interest rate. Vision: To be the most honest and secured pawnshop.
Statement of the Problem This study aims to determine and analyze the problems encountered by "JAM Tan" Pawnshop using the manual procedure and most especially to design and develop a new system with the aid of computers regarding their transactions. Specifically, it sought to answer the following questions: 1. What are the existing procedures used in monitoring of stocks and sales orientations? 2. What are the current problems encountered in monitoring of stocks and sales transactions? 3. What are the requirements needed in the design of the Inventory System based from the problems encountered? . What features should be adopted in the design and implementation of the proposed system? Objectives of the Study The main goal of this study is to change the manual procedure of the "Dummy" Pawnshop. This is to design a computerized system for the pawnshop to improve their services being rendered Specifically, it aims: 1. To make the transaction easier, faster and more convenient; 2. To have more cured and organized files by the use of the database; 3. To provide better and quality services for the fawners/clients; 4. O serve as a major improvement in the industry of pawnshops; Importance of the Study This study has been made for the benefits of the following concerns involved; To the Personnel. The Job of the personnel/employees of the "JAM Tan" Pawnshop will be easier and faster. It will eliminate certain errors of their present system with lesser effort. Moreover, they can also adapt some technical knowledge about such system. Clients. It will also give benefits to the fawners/clients of the pawnshop since their lateral and files will be saved in the database.
Pledged loan contract or the pawn ticket will be computerized as well as its official receipt making the transactions more organized and commit no errors. Thus, clients will be provided better and high quality services. To the Pawnshop. It will make the "JAM Tan" Pawnshop the first pawnshop to use a computerized pawning system in Returned City, making the pawnshop be known. It can offer better and high quality services for their fawners/ clients. To the Industry. The company will be more competitive as it gains better reputation in the community and in the business industry.
Read also: “System Analysis and Design”