Restraining the person tightly spread eagled and wearing latex gloves to get a good grip on a cluster of hair, twirling it between your fingers and giving a slow but hard continuous pull until the hair rips out at the roots works very well. I like how this method prolongs the pain.
Shaving is too benign a method, the sensation of hair ripping out with wax is too brief a sensation. I want it to hurt. Pull hard and slowly until the hair rips out.
In your profile you say you have fantasies of submission. Do you plan on relating this information to your master?