2022 was a record year of expansion for PayMore. Today we sit down with Nick Facchiano, PayMore’s first franchisee to learn about his franchise experience as he readies to open his second location in Raleigh next month.
What was your background before becoming a PayMore franchisee?
I was a PayMore employee when it first opened. I moved on to work for Verizon for a bit before I decided that I wanted to open up my own PayMore store.
How’d you settle on a Cary location?
What’s great about PayMore is that its business model suits everyone’s needs. Cary is a vibrant community undergoing rapid growth and development. I knew that it was the perfect spot to bring a PayMore location.
Tell us about the early days of running your business?
I had never owned a business prior to opening PayMore in Cary. Then five months in, the city shut down due to COVID. It was terrifying. The store just starting to take off and suddenly we were forced to close. I have a master’s degree in business management, and not one professor could have prepared me for operating a business during a global pandemic. Shortly after we were forced to shut down, I realized just how high of a demand there is for PayMore’s business model in the Triangle area. The fact that so many big-box stores were sold out of the electronics that people needed to work and educate their kids from home and I had them brought lots of attention to PayMore. We were allowed to sell to people by appointment if they were buying “work essentials.”
We hear a lot about the labor shortage, what are you seeing?
Lots of salespeople are applying for buying and negotiating positions with PayMore. They love to interview and show off their skills. For positions that are not customer-facing, we get flooded with applications from people who just love to mess around with tech. It’s always fun to see their reactions when they come into the store for an interview and find out more about our offerings. They’ll say, “oh, wow, you sell these?”
What types of devices are most commonly “recycled” or traded in? Why?
Phones are the most common devices to be recycled or traded in, followed by laptops and game systems. People are constantly upgrading and breaking their phones, and they don’t know how to properly recycle their devices or wipe their data. We handle that. Families have drawers full of old phones that still have cash value that we will buy. We offer free recycling and data wiping for phones, which keeps electronics out of landfills and individuals’ personal information secure. It’s a win-win for our customers.
What’s the future of technology, in your opinion?
The technology industry is constantly evolving. Whatever the future holds, I know that PayMore will play a big part in streamlining the efficient buy, sell and trade of electronics while helping reduce the e-waste footprint.
Can you quantify electronics waste for me in any explainable, easy-to-grasp way?
In terms of e-waste, the Cary store recycles anywhere from 100 to 150 pounds of electronics each week. The devices being recycled range from iPods to audio/video receivers.
What can users/consumers do to prolong the life of their technology devices – or ensure when they do replace them, they’re not just hitting landfills?
Don’t overcharge your batteries. Software and app updates will run the battery down, but that is hard for people to control. I recommend being mindful of the settings that you utilize and how long you are charging your electronics.
What’s the best way to describe the business and its offerings?
PayMore is a fast-growing, local brick-and-mortar franchise in a unique industry that combines e-commerce with electronics sales and trade-ins. Its business model aims to reduce electronic waste by repurposing devices that would have been tossed into a landfill and offering great deals on new and gently pre-owned electronics with warranties. The store pays top dollar for the old computers, iPhones, gaming consoles and more people no longer use to help its customers sustainably reduce household clutter. Additionally, PayMore gives consumers peace of mind by wiping each device of all data, ensuring that the customer’s data privacy is protected. In April of 2021, PayMore Store locations nationwide introduced cryptocurrency payment options, accepting Bitcoin and other popular cryptocurrencies to offer additional payment flexibility for its customers.
What else is important to note?
PayMore has partnered with Fransmart to grow the brand in major markets across the U.S. With existing PayMore locations thriving in urban and suburban trade areas in New York and North Carolina, the concept is looking for tech-savvy entrepreneurs to develop franchise territories in the top 50 major media markets across the U.S. For more information about franchise opportunities and available territories, visit Fransmart.com/PayMore.
