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LAST UPDATED:&nbsp;September 2024FRANCHISE WEBSITE:&nbsp;<a href="https://paymore.com/franchising/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-paymore-franchise-costs-fees-profit-and-data-2727119" target="_blank" rel="nofollow">https://paymore.com/franchising/</a>&nbsp;NUMBER OF LOCATIONS: 42REPORTED COST TO GET IN:&nbsp;$139,250 - $266,500REPORTED ROI (Item 19):&nbsp;$1,014,342 (Average Gross Sales for 2023)Founded in 2011,&nbsp;<a href="https://paymore.com/franchising/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-paymore-franchise-costs-fees-profit-and-data-2727119" target="_blank" rel="nofollow">PayMore</a> has expanded nationwide, providing top trade-in values, data protection, and warranties on refurbished electronics.<h3>How Many PayMore Locations Are There?</h3>Founded in 2011 in Massapequa, New York, PayMore was born from a vision to combat the increasing issue of electronic waste piling up in landfills. What began as a small community store quickly gained traction, becoming a hub for eco-conscious consumers looking to trade in their old electronics for cash while contributing to environmental sustainability. The store’s success, driven by strong local support and high volumes of trade-ins, inspired founders&nbsp;<a href="https://www.linkedin.com/in/erikchelgesen/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-paymore-franchise-costs-fees-profit-and-data-2727119" target="_blank" rel="nofollow">Erik Helgesen</a> and&nbsp;<a href="https://www.linkedin.com/in/stephenpreuss/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-paymore-franchise-costs-fees-profit-and-data-2727119" target="_blank" rel="nofollow">Stephen Preuss</a> to expand through nationwide franchising.&nbsp;Today, PayMore has grown to 42 locations across 21 states and has plans for further international expansion.&nbsp;<h3>What Is PayMore’s Business Model?</h3>PayMore stores operate as a trusted retail destination for buying, selling and trading electronics, offering a hassle-free, secure and eco-friendly alternative to online marketplaces. The franchise’s business model revolves around providing the highest trade-in values for new, used or damaged electronics, ensuring all devices are professionally wiped to protect customer data before being resold.&nbsp;PayMore stores also offer warranties and money-back guarantees on refurbished electronics. By repurposing electronics that would otherwise end up in landfills, PayMore Stores address the growing e-waste problem while providing a safe space for communities to engage in tech transactions. The franchise model empowers entrepreneurs with hands-on training and support, allowing them to establish successful, locally-owned businesses under the PayMore brand.<h3>How Much Can PayMore Franchise Owners Make?</h3>According to PayMore’s 2024 Franchise Disclosure Document (FDD), the average gross sales for the one corporate and eight franchise locations open during 2023 was $1,014,342. As the FDD points out, “These financial performance representations do not reflect the operating expenses or other costs or expenses that must be dedicated from the gross sales figures to obtain your net income or profit.”<h3>How Much Does It Cost To Open PayMore?</h3>The total initial investment necessary to begin operation of a franchise with PayMore ranges from $139,250 to $266,500. These costs break down as follows:<ul><li>Initial Franchise Fee: $35,000</li><li>Technology Configuration Fee: $7,500</li><li>Delayed Opening Fee:&nbsp;$0 - $6,000</li><li>Leasehold Improvements:&nbsp;$8,000 - $15,000</li><li>Licenses and Permits:&nbsp;$250 - $500</li><li>Rent (3 Months): $6,000 - $12,000</li><li>Security Deposits:&nbsp;$3,000 - $6,000</li><li>Blueprints:&nbsp;$0 - $2,500</li><li>Furnishings, Fixtures and Equipment:&nbsp;$20,000 - $50,000</li><li>Signage:&nbsp;$5,000 - $8,500</li><li>Computer/POS System: $5,000 - $7,000</li><li>Training: $5,000 - $7,500</li></ul><h3>What Is the Franchise Fee for PayMore?</h3>The franchise fee required to begin operation of a franchise with PayMore is $35,000. This must be paid to the franchisor.<h3>Who’s On PayMore’s Leadership Team?</h3><ul><li><a href="https://www.linkedin.com/in/stephenpreuss/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-paymore-franchise-costs-fees-profit-and-data-2727119" target="_blank" rel="nofollow">Stephen R Preuss — CEO</a></li><li><a href="https://www.linkedin.com/in/erikchelgesen/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-paymore-franchise-costs-fees-profit-and-data-2727119" target="_blank" rel="nofollow">Erik Helgesen — President</a></li></ul><h3>What Helpful Articles Can I Read to Learn More About PayMore?</h3><ul><li><a href="https://www.franchising.com/news/20240813_doctors_ink_franchise_deals_with_paymore.html?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-paymore-franchise-costs-fees-profit-and-data-2727119" target="_blank" rel="nofollow">Doctors Ink Franchise Deals with PayMore</a></li><li><a href="https://www.stgeorgeutah.com/news/archive/2024/04/30/spc-littlecaesars-24-avm-little-caesars-franchisee-diversifies-with-electronics-reseller-paymore/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-paymore-franchise-costs-fees-profit-and-data-2727119" target="_blank" rel="nofollow">Little Caesars Franchisee Diversifies With Electronics Reseller PayMore</a></li><li><a href="https://chainstoreage.com/news-briefs/2024-05-09?article=paymore-signs-13-franchise-deals-expand-across-us-enter-canada&utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-paymore-franchise-costs-fees-profit-and-data-2727119" target="_blank" rel="nofollow">PayMore Signs 13 Franchise Deals To Expand Across U.S., Enter Canada</a></li></ul>Want to learn more about franchise opportunities on 1851 Franchise? Be sure to visit our&nbsp;<a href="https://1851franchise.com/power-rankings">Power Rankings</a> to read more on brands making moves.&nbsp;Every great franchisee had help buying a franchise. Want to learn more about how 1851 helps franchisees find the right franchise opportunity? Visit&nbsp;<a href="http://www.1851growthclub.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-deep-dive-paymore-franchise-costs-fees-profit-and-data-2727119" target="_blank" rel="nofollow">www.1851growthclub.com</a> and start your journey.Disclaimer: This content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on this site constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any franchises, securities, or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the franchise and/or securities laws of such jurisdiction.&nbsp;All content in this article is information of a general nature and does not address the detailed circumstances of any particular individual or entity. Nothing in the article constitutes professional and/or financial advice, nor does any information in the email constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content in this article before making any decisions based on such information or other content.

PayMore Franchise: Explore the Costs, Fees and Profit

1851 Franchise

PayMore is a growing franchise that offers a secure, eco-friendly platform for buying, selling and trading electronics while reducing e-waste through device repurposing.

Franchise Deep Dive: PayMore Franchise Costs, Fees, Profit and Data

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