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PayMore Is The Tech Franchise With Record-Breaking Growth: How Did They Do It?

May 12, 2023

PayMore Grand Opening Ribbon Cutting

The best franchises to own aren’t comfortable with slow progress – they’re constantly innovating and striving for massive growth. Franchisees should be looking to partner with brands that offer scalable models – especially tech franchises.

Enter PayMore – the buy/sell/trade electronics franchise that’s growing faster than any retail franchise in the country.

In the last six weeks, PayMore has closed seven deals and put plans in place to open nearly 90 new stores – increasing its total number of stores in development by more than 120%.

From Nashville to Phoenix to Northern Kentucky – the brand is taking over local electronics markets.

You’re probably wondering how the company is growing so fast. Let’s take a look:

 

The Market

Technology and electronics are the number one consumer product market in the country, and it’s always growing. Revenue in the consumer electronics market amounts to $155 billion annually and is expected to grow by $2.79 billion each year. That means more phones, TVs, computers, and game systems are entering the consumer ecosystem than ever before.

U.S consumers want a fast, easy way to trade in their second-generation gadgets and devices for cash. They’re tired of getting a gift card or bad store credit in return.

Here’s another exciting thing about this market: 61.2% of total revenue in consumer electronics will be generated through online sales by the end of 2023. PayMore franchisees are already seeing 70% of their revenue generated through ecommerce. The brand gives franchisees the ultimate opportunity to take advantage of the country’s largest consumer retail market.

 

The Model  

There is no model more scalable than PayMore’s business model. Franchise deals are in demand because entrepreneurs know the potential is there to grow this tech franchise in the largest markets in the country – and their item 19 from their 2024 FDD shows it.

PayMore Item 19 numbers

PayMore’s affordable buildouts means no expensive equipment you must maintain, no expansive floor plans, and best of all, a faster path to ROI. Some franchisees have opened stores less than four months after securing their territory.

The PayMore POS system is every franchisee’s operational dream. It’s turnkey and so simple to use. You simply scan the item and enter its specs, and the PayMore POS will give you real-time data about the last items sold in the PayMore system that match and what price range you should negotiate with the customer in. This ensures an easy sales process for the PayMore team and the highest possible return for the customer.

Franchisees are really in love with the labor model. Most PayMore stores function efficiently with as few as five employees on the entire staff. Expensive and time-consuming labor searches are rarely a concern for the PayMore team – they attract the best retail employees on the market thanks to their limited hours of operation and tech-forward concept.

Want to hear more about how much franchisees are loving their PayMore locations? Click here to see PayMore franchisee Nick talk about his growth and bright future thanks to his partnership with PayMore.

 

The Men With A Mission

When Stephen and Erik created PayMore, the country’s fastest growing tech franchise, they started their entrepreneurial journey nearly 30 years ago, and became very immersed in the buy, sell, trade business. They’d seen it all – as experienced entreprenuer’s, they knew they had to build a model that could help franchisees scale fast. That includes providing top-notch brand support and training throughout the opening process.

Investors in tech franchises should hope their franchise and marketing fees are going to a team with a plan. PayMore has proof that their plan is working, and that the two guys at the helm are taking all the right steps for their franchisees.

Want to learn more about these two tech titans? In a recent article for Medium, Stephen and Erik discuss what they wish they knew when they started the brand, and how they’ve improved the industry-leading model over time.

 

The Motivation

PayMore is tracking toward 500 stores in development this year. The brand, from top to bottom, is motivated by one major thing – to provide franchisees with a concept and model that no other tech franchise could dream of.

And you could join them on their mission – but don’t wait. Territories are selling out every week. Start your PayMore franchising journey today.


It’s Time To Invest In PayMore

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