The fastest growing new and used electronics and gaming franchise
With Adjusted Operating Income at $288,311*
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The Market
Overview
PayMore Stores is a fast-growing local brick and mortar electronics franchise opportunity in a unique industry that combines e-commerce with electronics sales and trade-in. One of the hottest markets in the world, electronics sales – from smartphones to gaming systems and computers to tech gadgets – provides high customer retention rates, growing margins, and low overhead. Establish your business as an authority in the local market for electronics trade-in by offering strong consumer data protections and environmentally friendly solutions to upgrading personal devices.
*as per Item 19 of the PayMore 2021 FDD, available on request
FOUNDED / SEGMENT
2011 / Electronics– buy, sell, and trade
REVENUE STREAM
Consumer Electronics, eCommerce, Pawn, Second-hand Retail
FOOTPRINT / HOURS OF OPERATION
2,000 sq. ft. (average) / varies by location, 10 AM – 7 PM
CEO
Stephen R. Preuss
President
Erik Helgesen
Our Story
PayMore Stores was founded in 2011 in Massapequa, New York a small community in Long Island, to solve the problem of old and broken electronics piling up in landfills. Our mission is to repurpose old electronics and recirculate them back into the marketplace, to help reduce the country’s e-waste footprint. To meet demand, the first PayMore Stores location served customers across the U.S. and around the world.
To incentivize e-waste recycling, PayMore Stores delivers the strongest level of personal data protection available on the market and the highest trade-in values. Customers who trade in old devices for cash know their data will be wiped clean before electronics are resold. PayMore Stores also offers exceptional deals on gently used and repurposed electronics protected by industry-leading warranties.
The first PayMore Stores location received strong local support in Massapequa, NY for its environmentally friendly trade-in service. The store saw high volumes in trade-ins and used electronics sales and became a highly valued member of the community, serving as a local electronics hub with highly knowledgeable staff.
To help meet demand for the brand’s green-friendly concept, President Erik Helgesen and CEO Stephen Preuss launched franchise opportunities nationwide. In addition to offering a place to buy, sell and trade electronics safely in communities across the country, the company’s franchise opportunities offer electronic savvy entrepreneurs an exciting opportunity to own their own business with a strong foundation based on hands-on training and one-on-one corporate leadership support.
Starting with one small brick and mortar storefront, PayMore Stores has grown to the highest grossing secondhand electronics dealer in Long Island, serving more than 30,000 customers. Its success was featured recently in Entrepreneur Magazine. Today, PayMore Stores has four locations operating in New York and North Carolina. electronics franchise
Join our dynamic community of successful entrepreneurs and collaborative small business owners by becoming a PayMore franchisee!
Franchise Advantage
Customer Ecosystem
We offer customer trade credit on gently used devices to promote e-waste recycling, the highest cash trade-in values on the market, strong data privacy protections, and extended warranties for used electronics sales.
Combine Multiple Revenue Streams
eCommerce, Consumer Electronics, Secondhand Retail, Pawn, Green Business and Sustainability – all while establishing a “shop local” business supporting your community.
Recession-Proof Business
Discounted electronics provide sustainable, low-priced solutions to savvy consumers. With prices that cannot be beat by e-commerce or big-box giants, PayMore Stores serve as a local hub for electronics sales with global e-commerce reach.
Proprietary Tech
PayMorePOS is our proprietary online software solution that combines 10 years of development and hands-on practice to provide the backbone of your store management and buying operations. Connect instantly to the PayMore Network for help scaling your business.
Green/Sustainable Business
Offer your community a convenient way to reduce e-waste with electronics trade-in for cash or store credit.
The Numbers
FRANCHISE FEE
$30,000
MULTI-UNIT DEVELOPMENT FEE
Full franchise fee 1st store, 50% franchise fee each additional unit
ROYALTIES
The greater of 4% of the Gross Sales or $1,000 per calendar month
WORLDWIDE CREATIVE FUND
1% of Gross Sales
LOCAL STORE MARKETING
2% of Gross Sales
START UP COSTS (MULTI-UNIT)
$184,050 – $299,950
Target Franchisee
We are looking for dynamic, driven and tech-savvy entrepreneurs to join our team as the PayMore brand continues to expand across the country. Our ideal franchisee has the passion and resources to purchase multi-unit development opportunities – as our store numbers grow so do our franchisee’s collective buying and selling opportunities.
As a PayMore franchisee, you will deliver an important service to your community and a superior product to your customers and receive ongoing corporate support from the PayMore team and our custom engineered sales and automation tools. Whether you are launching a new PayMore store, converting your multi-carrier or electronic repair business, or re-branding a local electronics store, the PayMore electronics franchise opportunity is a win-win for hard-working entrepreneurs.
Franchise Requirements
Operational experience in business is a plus, but not required assuming a professional Director of Operations will be part of your team. Prospective Franchisees must meet the minimum requirements below to be considered for a PayMore franchise.
- $500k net worth*
- $100K liquid capital available for investment*
- Ready to begin development within the next 3-6 months
- Ready to grow a multi-unit territory in a major U.S. area
*Investment partners may contribute to this requirement
Franchise Support
When you join the PayMore Stores family, you are supported by services and training opportunities designed to help you succeed as a new or continuing small business owner and entrepreneur. Each store owner receives individualized and ongoing corporate franchisee support, including access to the PayMore Stores franchise portal. Online tools include training, marketing, and workflow charts. In addition, each store owner is supported by our experienced corporate operations and technical teams who provide ongoing day-to-day operational assistance. Franchisee support includes:
- Real estate / site selection
- Store build-out, construction
- Training systems
- Operational support
- PayMore Franchise Portal
- Custom point-of-sale system
- Marketing and branding
- Pre-opening and grand opening support
- On-going support from corporate specialists who have years of in-store operations and electronics experience.
Become a PayMore Franchisee in 30 days
STEP 1
Submit an Inquiry Form (Today!)
STEP 2
Speak with Franchise Development Director (within 24 hours)
STEP 3
Submit the Franchise Application (2 days)
STEP 4
Review Application with Franchise Development Director (3 days)
STEP 5
Receive & review Franchise Disclosure Document with Franchise Development Director (5 days)
STEP 6
Schedule Discovery Day with Franchisor (14 days)
STEP 7
Execute letter of intent (16 days)
STEP 8
Become a Franchisee! (30 days)
“They're not kidding about paying top dollar for electronics- after going to another store which claimed to pay top dollar, but offered next to nothing, I stopped into PayMore and Mike gave me a more than fair deal for my old iPhone and iPod. Not to mention the process took less than 10 mins and I left with cash in hand. Super friendly staff, honest business practice.”
Lizzy S.
Yelp Review
“I’ve always been somebody who wanted to do my own thing. I knew PayMore would be a good electronics franchise to get involved in because technology is not going away. People are excited because it’s like the new wave of pawn shops - we’re paying top dollar and we’re paying cash on the spot.”
Lisa Conger.
Gastonia Franchisee
Click below to access the FDD: