Fast-Growing Electronics Resale Chain PayMore Opens 100th Store

The PayMore electronics resale chain has seen its growth accelerated both by support for secondhand shopping and tariff price pressures.

Courtesy of PayMore

The fast-growing electronics resale chain PayMore is seeing its growth spurt accelerate, fueled by consumer demand for secondhand shopping options and tariff-related price increases.

The company today announced that its 100th location, in Charlotte, N.C., will open in the coming week. PayMore, which began selling franchises in 2020, has seen a 500% increase in its store count over the past two years.

It is expecting the rapid growth to continue. An additional 50 stores are scheduled to open by the end of this year, and PayMore has development deals in place for 640 additional stores within five years, 460 in this country and 180 overseas.

Combining physical and online retail

PayMore is a innovative retail chain that relies both on in-store traffic and online sales. It is leaning into physical locations at a time when much of secondhand buying and selling is shifting online.

The company has built a business that is attractive to franchisees, with proprietary tech that lets store owners quickly know what to pay for items, and makes online resale easy.

“People are opening their eyes to new age retail, which is what we consider ourselves,” PayMore co-founder Stephen Preuss Sr. said in an interview to announce the 100th store milestone.

“Even though we have these traditional brick-and-mortar locations we are completely powered by technology, data, and ecommerce,” he said.

PayMore was born after Preuss and his co-founder Erik Helgesen saw the potential for a electronic-focused retail chain after their experiences running a general merchandise secondhand store on Long Island, in the New York city suburb of Massapequa Park.

Creating A Minimalist, Modern Secondhand Store

They learned, at that store, that customers like being able to turn in used electronics for cash, in an in-person store, where trained employees can show them that the devices have been wiped clean of personal data. Those customers also wanted to be able to sell their used electronics in a clean, well-organized store with an atmosphere more like an Apple store or a Best Buy than a thrift store, and get cash on the spot, rather than store credit.

“We want just a very minimalist, modern store,” Preuss said. “We really think of ourselves, as almost – as far as our aesthetic – as really a pre-owned Apple store,” he said. “Better shopping areas, light and airy.”

Turning Customers Into Brand Ambassadors

“We try to think of that soccer mom coming into a safe and secure comfortable store with a bag full of electronics and her kids in tow – being able to get in and out of there quickly on a fair deal with cash in hand and then being a brand ambassador for us,” Preuss said.

Peer-to-peer referrals from happy customers helped drive PayMore’s initial growth, Now, as the brand expands, more people are searching directly for PayMore locations.

“It’s growing at hundreds and hundreds percentage a month, people looking for PayMore stores. We know we’re doing the right thing,” Helgesen said.

Randy Griesbach, the franchise owner of the 100th store, also owns two other PayMore stores in the Charlotte area. He opened his first PayMore store just over a year ago. He said he was attracted to the PayMore model as he was researching franchise opportunities after previously owning a manufacturing business.

“Low employee count, simplicity of the systems, those were very high on our priority list,” Griesbach said.

With his first two stores he has seen that consumers love the Paymore concept. “It was a place for them to bring something and sell it and walk away with cash.”

PayMore stores typically are 1,000 to 1,500 square feet. Franchisees pay a $35,000 franchise fee, and monthly royalty. tech, and marketing fees. On its website the company says average startup costs range from $131,750 to $361,500.