Tech Industry Veteran Will Bring the Buy-Sell-Trade Electronics Franchise to Seattle Area
Steve Mount, a longtime tech entrepreneur and a new PayMore franchisee, said that investing in the buy-sell-trade electronics brand was a slam-dunk for him. “PayMore was an opportunity I simply couldn’t pass up. PayMore’s exceptional unit economics, proprietary software and quality of life were unmatched. It was the perfect business for me to pass down to my kids and continue our journey in entrepreneurship.” He joins PayMore as the franchise also expands to California, Florida, Maryland, New York and Texas with the company’s closing of 11 major deals so far this year.
After monitoring PayMore’s progress for several months, Mount invested in the franchise and has already signed a lease for his Bellevue, Wash., location, which launches this summer. “I’m excited to bring PayMore’s innovative approach to technology sales and services to the people of Washington,” Mount says. He has signed up for five PayMore units in the Seattle area.
Mount has more than 30 years of experience in the tech field; his most recent position was Director of Program Management at CARIAD Inc., a Volkswagen Co. In that role, he was instrumental in Volkswagen’s establishment of a software Center of Excellence in Seattle for the development of the AutomotiveCloud platform. Mount spent most of his career in telecommunications, mobility, and geo- location technology platforms, as well as his own mobile device repair service, iCracked, and a consulting firm, CaptivatedCX, which focuses on improving customer experiences.
PayMore’s Appeal to Customers and Franchisees
PayMore sells late-generation smartphones, gaming systems, tablets and other tech devices both online and in brick-and-mortar shops. “Customers appreciate having a safe, green way to buy, sell and trade electronic hardware,” says PayMore President Erik Helgesen. Many PayMore owners are franchisees with other brands such as uBreakiFix and, more surprisingly, Domino’s, Firehouse Subs and GNC, he adds.
What draws entrepreneurs to PayMore? Several perks, including:
- Strong unit economics, low start-up costs and low operating costs; brick-and-mortar store staffing is minimal.
- A wide-ranging customer base – people who want to trade in older devices, shop for new ones or buy a gently used upgrade.
- A sustainable business model that thrives even during recessions.
- No brick-and-mortar competitors in the buy-and-sell electronics space.
- No supply chain challenges; PayMore units produce their own inventory – so there’s no waiting on shipments.
- An e-commerce market that expands revenue streams. An average of 70% of each store’s business is online. “With online business dominating the stores’ revenue, PayMore franchisees can make money while they sleep,” Helgesen says.
Work-Life Balance
The typical hours of brick-and-mortar PayMore stores allow for work-life balance: 10 a.m. to 7 p.m. Mondays through Fridays, 11 a.m. to 4 p.m. on Saturdays, and closed on Sundays. “This schedule allows operators to enjoy their families and pursue other interests, while also enabling them to scale their business quickly,” Helgesen says. “Franchisees and employees can go home and have dinner with their families and enjoy their weekends. There are no early mornings or late nights like restaurants. Plus, franchisees don’t find it difficult to find staff like the restaurant industry does – people like to work with tech and are drawn to PayMore, which allows for franchisees to have even more flexibility with easy hiring and retention.”
Also reassuring for franchisees is that PayMore has proved its durability for more than a decade. PayMore Stores was founded in 2011 in Massapequa, N.Y., and the business remained viable through mandated business closures and reduced foot traffic caused by the Covid-19 pandemic.
Franchisees also feel good about operating green businesses. “The company’s leaders and the franchisees have personally witnessed the positive difference it can make in the world. The ability to recycle and reuse electronic devices aligns with the growing awareness of environmental sustainability, attracting franchisees who value making a positive impact,” Mount says.
Growth of PayMore Franchise
Through its partnership with the franchise development company Fransmart, PayMore has posted enviable growth from 2022 into 2023. During the past few months, the emerging franchise has opened eight retail stores. PayMore will have over 20 stores open and operating by the end of the summer, with more than 90 additional units in the works.
As PayMore continues its expansion, it seeks entrepreneurs who want to develop a territory, build their wealth and operate multiple units, Helgesen says. They do not need tech knowledge to operate their businesses, he says.
The stores can go almost anywhere, including retrofit locations, and need a footprint of only about 1,500 square feet. PayMore retail locations ideally are surrounded by quality tenants, offer ample parking availability and have strong street visibility, Helgesen says. “There is no hassle with expensive equipment like vents and hoods – all you need is some cabinets and the PayMore POS system, which is cutting-edge technology that provides the backbone of your store management and buying operations,” he points out.
Kudos to PayMore Franchise
PayMore recently received acclaim as one of Franchise Dictionary Magazine’s top 100 Game Changers. This designation affirms the franchise’s contributions to society and its business potential, including assisting military veterans, serving its local community, providing entrepreneurship, filling an important marketplace niche, and appealing to millennials.
PayMore seeks multi-unit franchisees in all states as well as outside the U.S. For details about franchise opportunities with PayMore, please visit https://fransmart.com/paymore.