12. Talk about digipawn.
DigiPawn is a business that just plain rocks! Wait till you hear how this works!!
DigiPawn (
www.digipawn.com) is the joint venture between Rick Latona and myself and is frankly a business I am very passionate about.
Rick and I had been looking for a way to do business for the last two years. Since we were such good friends and our strengths seemed to complement each other?s weaknesses, we were a natural combination.
Since Rick is such an awesome idea-man, it?s not surprising that he originated the DigiPawn concept. Rick approached me about doing DigiPawn almost a year before we actually did it. Frankly, the idea of opening a pawn shop for domain owners seemed pretty crazy. However, the more we chewed on the idea and worked on the details, the more we both came to believe that there was a real market out there.
The central question was, who would use DigiPawn? Here is the answer we came up with:
*People in legal trouble
*People in family trouble
*people who need short term capital
*People who are domain speculators and need cash often but can pay the money back quickly by flipping the domain.
*Anyone who needs money and owns valuable domains.
An interesting idea struck us as we worked through this?most people who own valuable domains are young, with little credit.
With the exception of Rick Schwartz and other Big Guns of the domain business, most domain owners have one or two valuable domains and a bunch of worthless domains.
These guys have no chance of borrowing money at the bank, but they may need cash in a hurry for any one of the above reasons.
Now, this is a pawnshop, so we take possession of the domain, while the customer keeps DNS and all operation of any websites or business associated with the domain. We take this possession through our official registrar Moniker (Monte and Chipmonk are great guys to deal with!
www.moniker.com).
We then advance money to the customer for a one month period. This advance is renewable by the payment of the finance charge and can be extended forever.
Remember, this is a 30 day deal and the finance charge is 15%....per month?which is why I love this business hahaha61514;
Rick and I have funded all operations out of our pocket and we have capital standing by ready to make more deals. Go to
www.DigiPawn.com and check us out now!!
Matt