By GREGORY ZELLER //
A born-on-Long Island electronics retailer with an ecological mission is hurtling past some major milestones, despite its funky name.
PayMore calls itself the nation’s “fastest-growing electronics franchise and one of the fastest-growing retail brands” – big talk, though the circa-2011 retailer, which started with a single store in Massapequa, can back it up with some impressive numbers.
This month, PayMore announced the opening of 19 new locations in the United States and Canada, bringing its total to 88 stores across the two countries – with “600 in development and counting,” the company said in a statement.
However many locations are actually “in development,” PayMore – which began franchising its brand in 2020 – has clearly tapped a rich vein.
Stephen Preuss Sr.: E-waste not.
The retailer specializes in purchasing and reselling used smartphones, gaming systems, laptops, smartwatches and other consumer electronics. The formula provides sellers with competitive compensation for their pre-owned electronics, offers buyers rock-bottom prices on older-generation models and, importantly, keeps used tech out of landfills – a major ecological win.
Although many states, including New York, have passed laws regulating the disposal of used electronics equipment, “e-waste” continues to pile up in the nation’s garbage dumps. As much as 75 percent of used electronics still finds its way into U.S. landfills, carrying heavy concentrations of lead, mercury, cadmium, arsenic and other dangerous contaminants; some studies, in fact, trace 70 percent of U.S. toxic waste to used electronics.
Enter PayMore, which not only keeps older electronics in play – nearly 2 million device trade-ins to date, according to the company – but keeps those used electronics and their dangerous components out of the public-health mix.
All that while providing bottom-line value to franchise partners and their customers, according to co-founder and CEO Stephen Preuss Sr.
“We’re building a sustainable business model that extends device lifecycles while delivering exceptional value,” Preuss noted.
The price is right: The PS5 you’ve always wanted may be within your reach.
While you might not predict success for a retailer whose name suggests higher prices – nobody wants to “pay more” – PayMore’s reduce, reuse, recycle mantra caught on quickly with environmentally minded consumers and has held on tight.
The “more” being paid, obviously, is to sellers looking to discard their used stuff, while buyers routinely enjoy highly competitive prices. (For example, a new Sony PlayStation 5 Slim Disc console typically retails for around $500, but PayMore’s West Hempstead store is offering a used one in good condition for $334.99.)
Deals like that have fueled the recession-proof company’s expansion, with 15 new stores opening in 14 states and the District of Columbia, and three new units debuting in Canada, between April and June.
With 13 additional franchise agreements already executed, more in the works and a simple circular-economy business model that requires low overhead (no manufacturing, minimal shipping), PayMore expects to hang its shingle on roughly 150 brick-and-mortar stores by the end of this calendar year – a doubly impressive feat in the e-retail age.
“These 19 new locations demonstrate our dedication to expanding access to electronics trade-in services across North America,” Preuss added.
