We were lucky to catch up with Stephen Preuss recently and have shared our conversation below.

Stephen, looking forward to hearing all of your stories today. So let’s jump to your mission – what’s the backstory behind how you developed the mission that drives your brand?

PayMore® Stores: Bridging the Gap Between Technology and Trust in Used Electronics. The current market for used electronics is plagued by online fraud, data breaches, and the risk of purchasing stolen or defective items. Online transactions often involve dealing with strangers and lack the security and reliability of in-person interactions. PayMore® Stores has emerged as a secure, local destination, overcoming these challenges with its innovative and out-of-the-box approach. It’s a place where individuals can buy, sell, trade, or recycle their old electronic devices for cash.
As a technology and data company, PayMore® leverages cutting-edge proprietary technology that blazes a trail no other franchise can replicate, setting a new standard in the industry. The company’s rapid expansion has attracted franchisees from well-known brands like Little Caesar’s, Papa John’s, Firehouse Subs, Domino’s, uBreakiFix, Sprint, and more.
PayMore® have 72 stores currently open, estimated to have approximately 150 stores open by the end of 2025 and nearly 600 stores total in development.
These numbers are a testament to PayMore®’s commitment and resilience to excellence, making it one of The Best Franchise to Buy in 2024.
Overcoming Challenges and Driving Growth Initial Challenges: In the early stages of PayMore®, it faced several challenges, including defining its target market and perfecting its proprietary technology. While initially considering a broader range of products, PayMore® quickly realized that electronics were the most profitable segment.
However, Stephen R Preuss, the CEO of PayMore® Group with two decades of entrepreneurial experience, partnered with Erik Helgesen, Co-founder, President, and
technology expert, who spent years developing the company’s proprietary system, overcame these challenges with constant dedication to succeed.
Nevertheless, achieving this level of efficiency required significant trial and error. Even today, advancing technology remains a top priority for PayMore®, and the company values the feedback from its franchisees to continue improving.
The Turning Point:
The turning point for PayMore®’s growth came after perfecting its proprietary point-of-sale (POS) system. Recognizing franchising as the fastest path to expansion, the company partnered exclusively with Fransmart, a leading franchise development company. Educating potential franchisees about PayMore®’s unique concept took time, but once they understood the simplicity and profitability of the model, interest spread rapidly. At the Core of the Brand PayMore®’s mission reflects its commitment to serving customers, ensuring safety, and supporting local communities. Here are the core principles that guide its operations:
Offer Top Cash for
Electronics:

PayMore® is committed to providing the highest possible cash offers for all electronics. Ensure Data Privacy: It prioritizes customer privacy by ensuring every device is properly wiped of all data. Go Beyond Business:

PayMore® strives not just to be a business but a valuable service that meets the needs of its customers.

Create a Safe Selling
Experience:

It provides a safe, hassle-free, and enjoyable way for customers to sell their old electronics, protecting them from the risks of in-person transactions and online
selling.

Build and Maintain Trust:

PayMore® understands that trust is essential and is dedicated to earning and maintaining the trust of its customers.

Support Local Communities:

The company focuses on making a difference in local communities by promoting the responsible recycling of old electronics.

Provide Careers and Growth:

PayMore® is committed to offering meaningful careers and improving lifestyles for franchisees, managers, and staff members.
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Through these guiding principles, PayMore® aims to create enduring value for its customers and the communities it serves, ensuring a positive impact that goes beyond mere business transactions.
A Leader in Used Electronics
❖ Products and Services:
PayMore® specializes in buying, selling, and trading electronics, including smartphones, tablets, laptops, gaming systems, and other tech devices. The company offers a seamless, secure, and customer-friendly experience, focusing on quality, efficiency, and customer satisfaction.
❖ Unique Selling Points:
● Proprietary Technology: PayMore®’s custom-built point-of-sale system streamlines operations and provides a superior user experience for franchisees and customers.
● Hybrid Model: The company’s combination of in-store and online sales allows for maximum revenue generation.
● Customer Focus: PayMore® prioritizes customer satisfaction through stringent quality control, exceptional customer service, and competitive pricing.
❖ Expanding Offerings and Innovation:

PayMore® is committed to innovation and staying ahead of the curve. The company actively listens to feedback from franchisees and customers to identify areas for improvement and new opportunities. Strategic brand partnerships and a focus on market trends allow PayMore® to expand its offerings and provide added value to customers.
❖ Recent Addition: PayStation
PayMore® recently launched its PayStation, a self-service kiosk that streamlines transactions and reduces risks associated with cash handling. Customers can interact in various ways with PayStation, including browsing store inventory, accessing loyalty programs, engaging with social media features, and checking trade-in device pricing. Transactions can be completed using QR codes, and customers have the option to receive payment in cash, digital cryptocurrency, or tokens. Additionally, customers can split payments into big-box brand gift cards or donate funds to charity. PayStation enhances operational efficiency and minimizes
theft risks, making it a valuable addition to PayMore®’s services. The Leadership Behind PayMore®’s Success Stephen and Erik have been the driving forces behind PayMore®’s remarkable growth and success. Their combined experience in entrepreneurship, technology, and business operations has laid the foundation for the company’s leadership position in the used electronics market. Stephen R. Preuss Sr.: A Visionary Leader Stephen R. Preuss Sr., with over two decades of experience in entrepreneurship and commercial real estate, has been a key figure in shaping PayMore®’s trajectory. His visionary leadership has been instrumental in guiding the company toward rapid expansion and nationwide recognition.

Strategic Vision:

Stephen’s strategic acumen has been crucial in developing PayMore®’s long-term growth strategy. His ability to identify market trends and anticipate customer needs has enabled the company to stay ahead of the curve.

Business Acumen:

Stephen’s extensive background in high-level business structuring and execution has contributed significantly to PayMore®’s operational efficiency. He has played a pivotal role in establishing strong partnerships, negotiating favorable deals, and managing the company’s finances.

Cultural Influence:

Stephen has fostered a culture of innovation and excellence within PayMore®. His commitment to creating a positive and supportive work environment has empowered employees to reach their full potential.

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● Erik Helgesen: The Technology Expert
Erik Helgesen, a seasoned entrepreneur with a deep understanding of technology, has been instrumental in driving PayMore®’s technological advancements. His expertise in programming has contributed significantly to developing the company’s proprietary POS system, which serves as the backbone of its operations.

Technological
Innovation:

Erik’s passion for technology has led him to develop innovative solutions that have streamlined PayMore®’s operations and enhanced customer experience. His expertise in programming has enabled the company to create a robust and efficient POS system that meets the unique needs of the used electronics industry.

Team Leadership:

As President, Erik has demonstrated exceptional leadership skills in managing PayMore®’s technology team. His ability to inspire and motivate his team has led to the development of cutting-edge technologies that have given PayMore® a competitive advantage.

Educational
Background:

Erik’s experience as a teacher has provided him with a deep understanding of learning and development. He has leveraged this knowledge to create a continuous learning and growth culture within PayMore®.

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Together, Stephen and Erik have demonstrated exceptional leadership, vision, and dedication to building PayMore® into a successful and innovative company. Their combined expertise has enabled them to navigate challenges, seize opportunities, and drive growth in the competitive used electronics market.
Secret behind Accomplishment
The company’s enduring success is rooted in a steadfast commitment to hard work, dedication, and a relentless pursuit of innovation. The founders have poured their hearts and souls into this endeavor, always eager to learn from their mistakes and embrace the wisdom of its franchisees. The company acknowledges that its growth depends on its invaluable insights and experiences. At the core of the company’s business is a powerful technological foundation. It views itself as a technology and data company first, recognizing that its proprietary systems are the driving force behind its operations. These systems streamline processes, enhance efficiency, and provide a superior customer experience. Moreover, the company has assembled a remarkable team of franchisees who bring a diverse
range of expertise. From seasoned entrepreneurs to industry veterans, their collective knowledge has been instrumental in shaping the company’s trajectory. The company believes that many businesses underestimate the immense value that franchisees can contribute, and it is fortunate to have such a passionate and dedicated group supporting its mission.
Key Milestones
PayMore®’s journey has been marked by several significant milestones. It recently surpassed the impressive benchmark of 500 franchised units and successfully expanded its operations into the United Kingdom and Canada. As it continues to grow, the company is steadily approaching the coveted milestone of 100 open locations, with approximately 65 expected to be operational by the end of this year. Perhaps its most significant achievement is the creation of a business model that is truly groundbreaking. PayMore® is revolutionizing the industry by offering a solution to a long- standing problem, benefiting consumers, franchisees, and the planet alike.

A Memorable Summit
One particularly memorable experience was the company’s second annual franchisee summit in Virginia. The event was a resounding success, with nearly every franchisee in the company’s system attending. The opportunity to connect with the entire team and franchisees in person was invaluable. The summit was especially memorable as it coincided with several major announcements and developments for the company’s brand, making it an event that the
leadership will cherish for years to come.
PayMore® Stores has revolutionized the used electronics industry by consistently prioritizing innovation, customer satisfaction, and the empowerment of its franchisees. Overcoming early hurdles, the company has emerged as a market leader, demonstrating its relentless commitment to progress and excellence. As PayMore® continues to expand and set new benchmarks, it remains dedicated to delivering exceptional value to its customers and
franchisees. This tireless dedication ensures PayMore® a future of sustained growth and success.

Testimonials:
“This place is amazing! Whatever you don’t need/use anymore you can sell it here for a reasonable price. Jake was really helpful and thorough with explaining how the process works everyone of the staff is super helpful and really sweet. If you need some quick cash stop by! They also sell cool gadgets on the other side as well.”

—Kayla Rodriguez

“I had a great experience at PayMore®, they researched other similar stores and prices they were offering for the phone I sold here and they absolutely gave me the best and highest price presently for my iPhone. Would highly recommend this business to anyone looking to sell their electronics here!!!”

—Frank Moran

“Excellent process. Smooth and seamless. They beat all competitors. They have good merchandise for sale as well. Everything is quality-checked before sold. Computers professionally and securely wiped by professionals. Sold two laptops and an old cell phones here for top dollar.”

—Barry Anderson

Contact Info:

• Website: https://www.paymore.com
• Instagram: @paymorestores
• Facebook: @paymorestores
• Linkedin: @paymorestores
• Twitter: @paymorestsores
• Youtube: @paymorestores
• Yelp: @paymorestores
• Soundcloud: @paymorestores

Image Credits

PayMore Group LLC