UBreakiFix Franchisees Flock to PayMore
UBreakiFix franchisees unhappy with the direction of the company after its rebrand as Asurion Tech Repair & Solutions are finding a better fit with PayMore, the leading retailer for new and used electronics and gaming equipment.
“Previous UBreakiFix franchisees undoubtedly see first-hand the unlimited potential, upside and growth in the electronics industry with our technology-driven buying/selling & trading model,” said President of PayMore, Erik Helgesen.
PayMore recently expanded into the Midwest when UBreakiFix former franchisee Tim VenHaus signed a multi-unit deal to bring PayMore to Wisconsin. He is opening his first store in West Allis, a suburb of Milwaukee.
“Coming from an already existing multi-unit operator in the electronics space, Tim immediately recognized our model’s ability to scale quickly and efficiently, as our low start-up costs relative to sales is a no-brainer,” said Helgesen. “His extensive consumer electronics background and his proven track record of expanding multi-unit franchise models will play a critical role in our plans to expand into the Midwest region.”
VenHaus was drawn to PayMore because the ability to buy gently used electronics in a time when everyone has multiple devices and costs for new gadgets continue to skyrocket make PayMore a smart business investment.
“When I first joined UBreakiFix they had 35 stores and it grew to over 700 during my time with the brand. I was a big part of growing that brand in Wisconsin and making it a household name and that is exactly what I plan to do with PayMore,” he said.
Going Strong in NYC
PayMore’s New York City franchisee Malik Arif was also an early multi-unit franchisee with UBreakiFix. Based on the success he is having with his NYC location he is planning to open more PayMore retail locations in the city, as well as in Long Island and North New Jersey.
When Arif decided to exit UBreakiFix, he was looking for a concept that would complement his other franchise brands in the cell phone arena, and quickly realized that with its strong POS system, PayMore was the perfect fit.
“We’re excited to have Arif come on as a franchisee in Manhattan. He brings a wealth of knowledge and experience in the consumer electronics industry, as well as the wherewithal to bring our model to scale,” said Helgesen.
PayMore’s Selling Points
With its low startup costs and high rate of return, it’s easy to see why UBreakiFix franchisees are flocking to PayMore. With strong unit economics represented by gross sales of $2,334,054.72 and Franchisee Adjusted Operating Income of $272,602* PayMore is a solid financial investment. Today, personal electronics is a need, not a luxury, making PayMore a recession-proof business that weathered the global pandemic well, and is thriving in the current economic conditions.
“Because of PayMore’s very strong unit economics, low-start-up costs and strong franchisee support, we’re seeing incredible interest in the brand from seasoned multi-unit operators and other franchisees wanting to diversify their portfolio,” said Dan Rowe, CEO of Fransmart, the franchise development company fueling PayMore’s rapid growth.
All PayMore retail store owners also enjoy multiple revenue streams, including a global online marketplace where all franchisees can sell their inventory, in essence giving owners the ability to make money while they sleep.
Franchisees are also attracted to PayMore because it is a socially conscious business. By purchasing used electronics for resale, the brand helps the environment by keeping old electronics out of landfills. Today 73% of consumers say it’s important that brands act in the good of society and the planet.
It’s also no surprise that a tech brand has some of the best operational technology for its franchisees. Franchisees say that PayMore’s proprietary POS system, which was developed by Helgesen simplifies and streamlines every part of the buying and selling experience.
For UBreakiFix franchisees looking to transfer their experience into another profitable electronics brand, PayMore offers the ideal next step, and for anyone with an interest in technology and making money, the electronics retailer could be an ideal franchise opportunity.