Franchise Innovation Awards | PayMore
In a strip mall storefront in Long Island in 2005, long before words like “eco-conscious tech resale” entered the cultural lexicon, a young entrepreneur named Stephen R. Preuss Sr. was tinkering with a simple but potent idea: what if people could trade their old electronics for cash—instantly, securely, and sustainably?
Fast forward nearly two decades, and that once-humble vision has become a sweeping franchise empire known as PayMore—a brand with over 600 units in development and a business model that sits at the intersection of environmental sustainability, tech innovation, and franchising opportunity. Part pawn shop, part Apple Genius Bar, part eBay—PayMore is reshaping how we think about the lifecycle of our devices.
“It started with a problem we saw every day,” Preuss says. “People had drawers full of old tech—phones, laptops, game consoles—but no safe, easy way to sell them. It was either meet a stranger in a parking lot or ship it off and hope for the best. We knew there had to be a better way.”
What Preuss and his co-founder Erik Helgesen built wasn’t just a resale store—it was a system, a scalable platform powered by proprietary technology and guided by values that feel tailor-made for the 21st century: privacy, transparency, community, and sustainability.
And in the age of $1.2 trillion worth of unused devices sitting idle in American and European homes, that system might just be exactly what the world needs.
A Business with a Mission
At its core, PayMore is a franchise-based retail and e-commerce network where consumers can walk into a local store with their old gadgets and walk out minutes later with cash in hand. The process is seamless: devices are inspected, data is professionally wiped, and customers are paid on the spot. Devices that are still functional are resold affordably. Those that aren’t are recycled responsibly.
But what sets PayMore apart from the typical pawn-shop or big-box trade-in counter is the experience—clean, modern stores; high-tech kiosks; and a brand culture obsessed with trust and ease.
“Our mission is simple,” says Preuss. “Offer the highest possible cash value for electronics, protect customer data, and make tech recycling easy, responsible, and safe.”
That purpose-driven foundation is more than just a tagline. In 2023 alone, PayMore recycled over 400,000 pounds of electronic waste, diverting it from landfills and giving thousands of devices a second life. As a result, it’s not just a business—it’s a movement.
The Genesis of PayMore
Preuss and Helgesen’s partnership goes back to their early days of selling secondhand goods online. At the time, both were hustling in the gray market of resale—scouring auctions, flipping goods on eBay. But one category stood out in terms of volume, demand, and pain points: electronics.
They realized that the real opportunity wasn’t just in resale—it was in solving a set of friction points plaguing both sellers and buyers. From clunky transactions to fears about data privacy to the hassle of shipping or haggling, the existing channels were broken.
So, they built something better.
By 2011, PayMore was launched with a bold idea: what if you could walk into a store with a cracked iPhone or an aging PlayStation and walk out with instant cash—no guesswork, no shady deals, no shipping labels?
With Preuss’s background in real estate and entrepreneurship and Helgesen’s in IT and e-commerce, they set about designing not just stores, but the software behind them. The result was a proprietary POS and inventory system that could track, price, and manage electronics in real-time—making PayMore’s model not only scalable but uniquely defensible.
“The biggest franchises today—whether it’s Starbucks or Domino’s—aren’t just selling coffee or pizza,” Preuss explains. “They’re platforms. We knew we had to be one too.”
Scaling With Smart Tech
One of PayMore’s crown jewels is its PayStation, a sleek, proprietary kiosk that streamlines customer payments and takes the friction—and risk—out of handling cash. Customers receive a voucher after selling their device and then use the kiosk to redeem their payout via cash, digital currency, gift cards, or even charitable donations.
The innovation isn’t just cosmetic—it has deep operational benefits. By removing traditional cash drawers from stores, the PayStation reduces theft risk and improves efficiency. It also extends the PayMore brand experience beyond the register.
“The PayStation has been a game-changer,” says Preuss. “It not only simplifies transactions but creates a secure, flexible, and scalable infrastructure for every location.”
And it’s not just about money changing hands. The PayStation also plays a key role in customer loyalty, allowing users to enroll in rewards programs, track referrals, and accumulate points toward future transactions—all from a touchscreen interface.
This tech-forward approach makes PayMore more than a resale shop. It’s a retail-tech hybrid that’s writing the future of franchising—one circuit board at a time.
A Franchise for the Modern Age
What makes PayMore so attractive to entrepreneurs is its trifecta of appeal: low overhead, high scalability, and a concept built for mass-market need.
Franchisees don’t need a tech background. Thanks to PayMore’s proprietary systems, real-time data feeds, and corporate support, even first-time operators can get up and running quickly. As Preuss puts it: “Our systems are built to be intuitive. If you can run a coffee shop, you can run a PayMore.”
And with a franchise-first culture, the company is committed to its operators’ success. That includes training, tech support, marketing resources, and an evolving playbook for growth.
“We’re not in the business of selling units,” Preuss emphasizes. “We’re in the business of building sustainable, profitable businesses for our partners.”
That approach is paying off. PayMore has grown to over 100 stores open, with 600+ more in development across three countries. And it’s just getting started.
Sustainability That Sells
In a world increasingly focused on environmental impact, PayMore’s eco-conscious model is not only ethically sound—it’s commercially smart.
Every phone or tablet PayMore buys is one less piece of toxic waste in a landfill. Every reused device is one fewer needing raw material extraction and factory assembly. And customers are responding.
“Sustainability is no longer a trend—it’s an expectation,” says Preuss. “People want to do the right thing, but only if it’s easy and makes sense. That’s what we offer.”
It’s this alignment of purpose and convenience that has given PayMore such staying power—and makes it a model for other franchise systems looking to win in a values-driven market.
Trends and the Future of Franchising
When asked what separates a successful franchise in 2025, Preuss is crystal clear:
“Three things: smart, tech-driven systems. Clear value and convenience for the consumer. And a franchisee-first mindset.”
This framework underpins PayMore’s strategy moving forward. As it expands internationally and deepens its presence domestically, the company is investing heavily in automation, infrastructure, and people-first innovation.
The future, Preuss believes, belongs to franchises that build trust, embrace digital tools, and solve real-world problems.
And with an addressable market of over a trillion dollars in unused electronics, PayMore is betting that its moment has only just begun.
The Human Side of Tech
For all the attention on PayMore’s growth and innovation, Preuss is most excited when talking about impact—on customers, communities, and entrepreneurs.
He recalls the story of a woman who came into a PayMore store with a cracked iPad, expecting it to be worthless. When she walked out with $80 in cash, she said it would cover groceries for her family that week.
“That’s why we do this,” he says. “It’s not about tech. It’s about people.”
From helping families access affordable laptops for remote school, to enabling franchisees to build generational wealth, to reducing the world’s mountain of e-waste—PayMore is, in every sense, a circular economy of opportunity.
The Future of Electronics is Circular
As tech gets smarter and faster, the churn rate of devices is only accelerating. But in that constant cycle of upgrade and discard, PayMore has found its niche—bridging the gap between disposal and reuse, between value and waste.
And in Stephen R. Preuss Sr., the industry has a visionary who sees the bigger picture—not just the dollars and devices, but the systems, the sustainability, and the lives improved along the way.
“We’re not just flipping phones,” he says. “We’re flipping the model. We’re showing people there’s a better way to do business—and a better way to deal with their tech.”
In a world that often feels overwhelmed by its own consumption, that kind of clarity—and action—is worth more than gold.
It might just be worth a PayMore.
