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

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.

By Erica InmanStaff Writer

8:08AM • 09/04/24

LAST UPDATED: September 2024

FRANCHISE WEBSITE: https://paymore.com/franchising/

NUMBER OF LOCATIONS: 42

REPORTED COST TO GET IN: $139,250 - $266,500

REPORTED ROI (Item 19): $1,014,342 (Average Gross Sales for 2023)

Founded in 2011, PayMore has expanded nationwide, providing top trade-in values, data protection, and warranties on refurbished electronics.

How Many PayMore Locations Are There?

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 Erik Helgesen and Stephen Preuss to expand through nationwide franchising.

Today, PayMore has grown to 42 locations across 21 states and has plans for further international expansion.

What Is PayMore’s Business Model?

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.

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.

How Much Can PayMore Franchise Owners Make?

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.”

How Much Does It Cost To Open PayMore?

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:

Initial Franchise Fee: $35,000
Technology Configuration Fee: $7,500
Delayed Opening Fee: $0 - $6,000
Leasehold Improvements: $8,000 - $15,000
Licenses and Permits: $250 - $500
Rent (3 Months): $6,000 - $12,000
Security Deposits: $3,000 - $6,000
Blueprints: $0 - $2,500
Furnishings, Fixtures and Equipment: $20,000 - $50,000
Signage: $5,000 - $8,500
Computer/POS System: $5,000 - $7,000
Training: $5,000 - $7,500

What Is the Franchise Fee for PayMore?

The franchise fee required to begin operation of a franchise with PayMore is $35,000. This must be paid to the franchisor.

Who’s On PayMore’s Leadership Team?

What Helpful Articles Can I Read to Learn More About PayMore?

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