PayMore Founders Set out to create an Easy-to-Operate & Highly Profitable Buy-Sell-Trade Electronics Retail Franchise That’s Thriving as Demand for Used Electronics Heats Up

Starting with a single storefront in our hometown of Massapequa New York in 2011, our e-commerce and brick-and-mortar electronics resale business PayMore quickly exploded with high volume trade-ins, shoppers looking for deals on gently used electronics, and tremendous local support. When we set out to begin reducing our society’s e-waste footprint, our store quickly became the highest grossing secondhand electronics dealer on all of Long Island, and led us to acquire over 30,000+ customers, drawing national attention.


PayMore is the result of decades of industry and market experience. We are a buy, sell & trade business that puts cash in the hands of our customers in exchange for lightly used electronics of all kinds. We take anything from drones to drills to Dell computers to gaming systems and everything in between. We provide a safe alternative to online marketplaces, even wiping our customer’s data clean after the transaction. Our customers appreciate a green alternative to tossing old items, especially one that puts cash in their hand immediately.


We knew we were onto something and wanted to expand our business nationally quickly.  In 2020, we partnered with the global leader in franchise development Fransmart, the company behind the explosive growth of brands including The Halal Guys, Five Guys Burgers and Fries, and Qdoba Mexican Grill and more.


Since our concept is so unique, we targeted single unit franchise agreements in the early stages. There’s no one else in retail doing what we do, so while we think that’s a huge advantage for franchisees in fresh markets, we also knew that it’d be a little scary to take that initial leap.


Ultimately, we trusted our business plan. We knew our financials were strong, and we were confident that once franchisees opened stores in their home markets, they’d be itching to expand their territories.


And in late 2022, that’s exactly what happened. In Q4, we quadrupled our footprint and have 50 more stores in development. With deals in place to open stores in Georgia, New Jersey, Ohio, Florida, Kentucky, Delaware and Massachusetts, we’re set to be nationwide by the summer of 2023. Existing franchisees in Virginia and Arizona are already expanding their territories into other states.

In North Carolina, our franchisee Nick Facchiano has opened his second store and is on his way to his third. “I was able to completely fund store number 2 with profits from my first location,” he said in a recent interview with Fransmart. “It was kind of nice to see that one business gifted a second business to me too.”


Why Restaurant Franchisees Are Flocking


We had built a business model that appealed to retail franchisees, IT professionals, and tech geeks. What we didn’t expect, and what we’re thrilled to be seeing, is the number of restaurant franchisees looking for a simpler concept to own and operate. Our talented roster of franchisees is growing more and more full every month with people leaving the challenging landscape of restaurant franchising. Former franchisees of megabrands like Firehouse Subs and Domino’s Pizza are on our team now, and more than anything, the quality of life that PayMore can offer to franchisees speaks to them.


Our hours of operation are 10 am – 6 pm, Monday through Friday. We’re open limited hours on Saturday and closed on Sunday. That allows our franchisees, and our employees, important time with their families. They get to have family dinners, attend their kids’ sporting events, or take weekend getaways. PayMore’s business model allows for large portions of our business to be done online, which allows franchisees to generate major revenue while the stores are closed.


PayMore’s startup costs are low for the industry, giving our franchisees a quicker path to profitability and a quicker path to stores number 2 and number 3 and so on. Our low labor requirements (generally 3-5 employees per location) make hiring and keeping quality staff much simpler than busy restaurants. There’s no expensive equipment, like hoods or vents, needed for our stores. No grease traps to clean. No supply chain nightmares.


The PayMore POS system is at the center of every store. It’s a proprietary system that allows franchisees and employees to quickly price incoming electronics based on data from other stores, chat with other stores in the network, and confirm specs of each device that comes through the doors. Think of it as the brain of your business – and it couldn’t be simpler to operate.


Take it from our Reston, VA franchisee Dan Lowe. He says, “I’ve been a multi-unit restaurant franchisee and am now a PayMore franchisee. Anyone interested in franchising should look at PayMore. Lower opening costs, great numbers, easier to run, and the country is wide open. Restaurant franchising is getting tougher and tougher. PayMore is so much easier that I wouldn’t do restaurants ever again.”



Our Franchising Future


We’re confident that we’re a business that’s built to last. As long as electronics keep evolving, our customers will bring us new inventory. It’s a supply chain that replenishes itself constantly. Customers love the immediacy of getting cash in hand. Couple that with the speed of innovation in the technology sector, and it’s easy to see why franchisees are finding PayMore so easily scalable.

2023 is poised to be a massive year for PayMore, with some major announcements coming in the near future. We expect to have close to 300 stores in development by the end of the year. Our goal is to be a household name in consumer electronics. And based on how quickly we’re growing, we’re well on our way.