PayMore, the visionary buy, sell, and trade electronics retailer, unveiled another record-breaking performance during its inaugural PayMore Franchisee Summit hosted in Cary, North Carolina last month. PayMore co-founders Stephen Preuss and Erik Helgesen invited current and future franchisees to attend an immersive strategy session to share the brand’s bold vision and growth plans. Over the last nine months, PayMore has witnessed a 400% increase in units and is set to surpass 250 units in development by the end of 2023.
What started as a small storefront in Massapequa, New York, has transformed into a burgeoning industry juggernaut, redefining electronics retail across 19 states and counting. By focusing on resale rather than repair, PayMore taps into the growing demand for affordable, high-quality gadgets. Its franchise model boasts impressive unit economics with a 70% online business, which generates revenue around the clock. The brand’s proprietary technology systems and simplified Monday through Saturday store hours offer operational efficiencies while helping to attract, train and retain employees. Current operators are taking note, considering nearly 60% of the original PayMore franchisees have either added additional territories or committed to upsizing their store counts within the last year.
“The fact that our early-adopter franchisees are doubling down on available territories underscores the massive opportunities that PayMore presents to entrepreneurs as a recession-resistant business model,” said PayMore Co-founder and CEO Preuss. “We are attracting experienced, high-profile, multi-unit franchisees, including those from brands like Firehouse Subs, Domino’s, uBreakiFix, GNC, Tim Hortons, Cold Stone Creamery, and more, who can clearly see the brand’s momentum and growth trajectory. They have eagerly joined the PayMore family, drawn by the brand’s innovative, technology-driven approach, and in turn are sharing their collective experience to help achieve our vision.”
PayMore has secured 15 major deals in 2023 alone with more than 120 units in development across Texas, New York, Maryland, California, New York, Washington and Florida, and most recently adding a 25-unit deal in Michigan. PayMore opened eight new stores within the past eight months, bringing its footprint to 16 locations, with nine additional stores set to open this year.
PayMore is both an e-commerce and brick and mortar electronics resale shop offering consumers a safe and green way to buy, sell and trade electronics, including late generation smartphones, gaming systems, tablets, and other tech gadgets. With $650 billion worth of unused tech in U.S. homes, PayMore’s success can be seen in the immense potential for growth by offering consumers the ability to safely sell their unwanted electronics or purchase high quality inexpensive devices from a trustworthy source.
Since announcing franchising in 2021, PayMore has worked in partnership with Fransmart, the leader in franchise development for emerging brands, to shape its enormous growth trajectory and performance.
“PayMore has had another incredible year of growth and is poised to continue this spectacular rise as it redefines the electronics retail and retail franchising landscape,” said Fransmart CEO Dan Rowe. “The brand’s unstoppable growth and groundbreaking achievements stand as a testament to Stephen and Erik’s unwavering vision and commitment to excellence.”