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Electronics Retail Franchise Capitalizes on Growth, Eyeing 500 Units in 2024

Jan 18, 2024

PayMore franchisee shaking hands with Founders

PayMore, the nation’s leading franchise retailer for buying, selling, and trading electronics, has concluded yet another successful year in the brand’s growth. With new franchisees added to the PayMore family as well as the brand breaking into even more new markets, the PayMore team has sights set on capitalizing upon its successes from 2023.

 

Since the fall of 2022, PayMore has increased its operating store total with 181 PayMore units awarded in 19 total states and counting. Since December of 2022, the brand’s total retail units had a near 600% increase with even more locations on the way. 43% of PayMore franchisees have already agreed to upgrade their original territories, capitalizing upon their own early successes. The sheer increase in PayMore locations has helped the brand recycle nearly 15,000 pounds of tech, exceeding one of its core functions as a premiere electronic recycler.

 

To begin 2024, PayMore plans to have 13 additional locations open by the end of January. Alongside the stellar start to the new year, the brand plans to have new locations opening in Arizona, New York, California, Texas, Michigan, and more by the end of the year. With the brand now venturing into international franchising, the prospect of expanding beyond the United States is anticipated before the year is out as well.

 

“Technology is the No. 1 accessible commodity for most people on the planet and the more it becomes available, the sooner millions of devices become outdated or completely unused by the public,” said Co-Founder and CEO Stephen Preuss. “We are growing at a remarkable rate because tech itself will never be outdated and communities everywhere need someone they can trust to sell and properly recycle their old tech. We can even provide an opportunity for someone else to upgrade from even older tech to a newer model through us in an easier fashion than a sketchy online marketplace.”

Employee handing customer cash

After seven years in operation, the PayMore team credits their continuing growth to the knowledge and expertise of Preuss and the company’s other Co-Founder and President Erik Helgesen. The duo acknowledges that the second-hand industry has been stigmatized in the past, and are driven to change the status-quo. Their goal to combine a family feel with electronics has revolutionized the second-hand space, with PayMore becoming the number one grossing store in Long Island. PayMore was recently featured in Franchise Dictionary Magazine top 100 Game Changers, an award which recognizes brands that impact veterans, serve their community, create an opportunity for aspiring entrepreneurs, fill a niche, and are favored by the millennial audience.

 

“We have never had to close a location and the number of devices we’ve bought, sold, traded, and recycled have continued to speak for themselves, especially in 2023. It was a huge year for us in every aspect,” said Helgesen. “We plan on getting faster, more efficient, and becoming the safest way to buy or sell unused tech in as many communities as we can and we’re excited to grow to even more communities this year.”

 

PayMore operates as a hybrid business, combining an online e-commerce platform with a physical brick-and-mortar store. Products include the latest smartphones, gaming systems, tablets, and other tech gadgets. Through secure and environmentally friendly approach to buying, selling, and trading electronics, PayMore has become a preferred choice for a diverse range of prospective multi-unit franchisees, such as uBreakiFix, Domino’s, GNC, and Firehouse Sub owners for a variety of reasons. The brand prides themselves on a combination of strong unit economics, the ability to capture customers in all stages of the buying cycle, and a sustainable business model to their advantage themselves over the competition.

PayMore store front showing big PayMore sign

PayMore is actively seeking franchisees for other prime territories nationwide. For more information on becoming a PayMore franchisee, please visit https://fransmart.com/paymore.

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