PayMore, a leading U.S.-based tech buy-back retailer, has officially expanded into Canada with the opening of its first two stores in Ontario. The company’s innovative buy, sell, and trade model promises to revolutionize the way Canadians engage with used electronics.
With over 500 locations in development worldwide, PayMore is positioning itself for substantial growth in the Canadian market.
The First Two Stores in Canada: A Landmark Opening
On December 19, 2024, PayMore opened its inaugural locations in Brampton and Mississauga. Located in the Greater Toronto Area (GTA), these two stores—at 380 Bovaird Dr E in Brampton and 1476 Dundas St E, Unit 6, in Mississauga—are set to pave the way for over 120 locations across Canada within the next decade. These stores are the first steps in PayMore’s ambitious Canadian expansion plan.
Adam Corrin, Managing Partner and Co-Founder of Founder Brands, which holds the master franchise for PayMore in Canada, shared his enthusiasm about the company’s Canadian debut. “It’s been an exciting journey to bring PayMore to Canada. The launch of these two stores in Ontario represents the beginning of a much larger expansion,” he said in a recent interview. “We’ve been able to replicate the proven success of PayMore’s U.S. model, and we’re confident that Canadians will appreciate the value, convenience, and eco-friendliness that PayMore offers.”
Why Canadians Are Choosing PayMore
PayMore’s appeal lies in its unique approach to the buy-back industry. At its core, the business model revolves around providing consumers with instant cash for their old or unwanted electronics. From smartphones to laptops, gaming consoles, smartwatches, and tablets, PayMore purchases a wide range of tech devices. What sets PayMore apart from traditional pawn shops or online resale platforms is its focus on transparency, security, and sustainability.
“We offer top cash for your electronics, and you get paid on the spot,” Corrin explained. “Our customers can walk into the store, sell their devices, and leave with cash in hand. It’s that simple.”
In addition to providing instant payouts, PayMore places a strong emphasis on security. Every device sold to PayMore is securely wiped to ensure data privacy. This focus on data protection is a significant selling point for customers who may be hesitant about selling their devices due to concerns about personal information.
Furthermore, PayMore is committed to reducing electronic waste by giving devices a second life through resale. “The goal is not just to buy and sell electronics. It’s about promoting sustainability,” said Corrin. “By trading in old devices instead of throwing them away, our customers are actively contributing to a greener planet.”
The PayMore Experience: A Hybrid Retail Concept
While PayMore’s primary business is buying used electronics, the stores also offer a retail component. Customers not only sell their devices but can also purchase pre-owned gadgets from the store’s inventory. This model is a hybrid between an electronics store and a buy-back center, offering a unique shopping experience that contrasts with traditional pawn shops.
“The in-store experience is key to PayMore’s success. We’ve intentionally designed our locations to feel more like an Apple store or a Rogers store,” Corrin noted. “Our customers can come in to sell their old electronics, but they can also find quality, affordable gadgets on the shelves.”
The store’s layout is carefully crafted to provide a seamless and enjoyable shopping experience. Electronics are displayed neatly, and customers are encouraged to browse the store for tech items they may need, making the buy-and-sell process convenient for all involved.
Expansion Plans: More Stores Across Canada
While the Brampton and Mississauga locations are just the beginning, PayMore has big plans for the Canadian market. “We’re targeting a total of 120 locations across Canada over the next 10 years,” said Corrin. “Our goal is to make PayMore a household name in Canada and to bring our services to communities nationwide.”
PayMore’s Canadian expansion is poised to continue with a strong focus on Ontario, where four additional stores are currently under construction, set to open in early 2025. But the company’s ambitions stretch beyond Ontario, with plans to open stores in major cities across the country, including Vancouver, Calgary, Montreal, and Halifax.
“Ontario is a natural starting point for our expansion given the density of the population, but we have already identified several key cities outside of Ontario for future stores,” Corrin added. “We’re actively seeking franchisees who are passionate about the tech industry and want to be part of a recession-proof, sustainable business model.”
The Role of Franchisees in PayMore’s Growth
The franchise model is central to PayMore’s growth strategy in Canada. Founder Brands is looking to partner with multi-unit franchisees who are interested in taking on larger territories. According to Corrin, the ideal franchisee is someone with a background in technology or business who is looking for a high-return investment.
“We’re looking for franchisees who can manage multiple locations. In the U.S., PayMore has seen great success with multi-unit franchisees, and we want to replicate that model in Canada,” Corrin explained. “Our franchisees will benefit from a proven business model, strong corporate support, and access to PayMore’s proprietary technology.”
The business model offers a range of advantages for franchisees. PayMore’s proprietary point-of-sale system, PayMorePOS, and its PayStation technology streamline store management, enhance the customer experience, and minimize theft. These tools make the operational side of the business simpler and more efficient, which is especially important for new franchisees.
A Recession-Resilient Business Model
One of the factors that sets PayMore apart from other retailers is its recession-resistant model. As Corrin pointed out, the buy-back business thrives in both strong and challenging economic climates.
“In good times, people upgrade their devices, and in tough times, people look to declutter and trade in their old electronics for cash,” Corrin explained. “What’s great about PayMore is that it’s a business model that works regardless of the economic cycle. Consumers always need electronics, and they’re always looking for ways to save money.”
As the economy continues to shift, more and more Canadians are looking for ways to save on tech purchases. PayMore offers a solution by providing affordable, pre-owned electronics that are often priced much lower than new models. The company also ensures that its inventory remains fresh by constantly trading with customers and redistributing stock across its locations.
Looking Ahead: The Future of PayMore in Canada
With its innovative model and clear growth strategy, PayMore is positioned for success in Canada. As the brand continues to expand across the country, its emphasis on sustainability, affordability, and convenience will make it a popular destination for tech enthusiasts looking to buy, sell, and trade their electronics.
“We’re excited for what the future holds for PayMore in Canada,” said Corrin. “We’re just getting started, and we look forward to bringing our innovative approach to even more communities in the years to come.”