Pain is a very effective training tool. In fact it's used by mother wolves to teach pups, when they don't listen they get a painful nip on the neck.
The being said, you shouldn't abuse your power, because having a good bond with your dog really goes a long way.
I have an American Akita, one of the most stubborn breeds of dog in existence, and have done a very good job training her using a pinch collar.
Training with treats or praise doesn't work with some breeds. If your dogs breed is highly trainable or bred for hunting, you probably won't need to apply any pain based training t