What began as a single electronics resale shop in Massapequa has grown into a business with 150 locations across North America, and the two Long Islanders behind it have even bigger ambitions for the years ahead.
PayMore, founded by Stephen R. Preuss Sr. and Erik Helgesen in 2011, has reached its latest milestone with the opening of a franchise location in Baton Rouge, Louisiana.
The company, which remains headquartered on Long Island, has more than doubled its store count since the end of 2024, when it operated approximately 58 locations.
And the expansion is far from over.
Preuss, PayMore’s CEO, said the company is targeting approximately 250 operating stores by the end of 2027. By 2031, he hopes PayMore will become as recognizable in the pre-owned electronics industry as Starbucks or Dunkin’ is in the coffee business.
It’s an ambitious vision for a company whose roots trace back to a single storefront at 581 Broadway in Massapequa.
“Long Island is where this all started, and reaching 150 stores is a milestone we’re incredibly proud of,” Preuss said. “We opened our first location in Massapequa because we saw an opportunity to create a better experience for people buying and selling electronics.”
“What began as one store has grown into a network of entrepreneurs serving communities across North America, and we’re still just getting started.”
From Massapequa to North America
PayMore was founded on a relatively simple idea: Give people a convenient, secure place to turn their unwanted electronics into cash while offering other customers an opportunity to purchase affordable, pre-owned technology.
Customers can bring smartphones, laptops, gaming consoles, tablets and other electronics into participating stores, where employees evaluate the devices and make cash offers.
The stores also sell tested, pre-owned electronics at prices generally lower than those of new devices.
PayMore also emphasizes secure data removal and responsible recycling, services intended to protect customers’ personal information and keep usable electronics in circulation longer.
The concept was designed to offer an alternative to selling electronics through online marketplaces, pawn shops or private transactions.
“When we started PayMore, we wanted to change the way people thought about secondhand electronics,” Helgesen said.
“There was an opportunity to create something that felt more like a modern retail experience, where customers could feel comfortable bringing in their technology, understand its value and know they were dealing with real people.”
The business has benefited from growing consumer interest in affordable pre-owned technology, as well as the opportunity to recover value from devices that might otherwise go unused.
PayMore began franchising in 2020, opening the door for entrepreneurs to bring the concept into communities beyond Long Island.
Its growth has accelerated considerably in recent years.
When Greater Long Island reported on PayMore’s expansion in April 2025, the company had 71 operating locations and was projecting continued growth throughout the year.
Now, it has reached 150 stores, with approximately 165 expected to be operating by the end of 2026.
According to the company, more than 300 additional franchise locations are in development.
Existing PayMore stores are growing, too
The company’s expansion hasn’t been limited to opening new storefronts.
PayMore reports that its established stores are also seeing substantial increases in business.
According to company figures, same-store electronics purchase dollars increased 50% in September compared with the same month in 2025, while same-store sales dollars climbed 56%.
For the third quarter of 2026, same-store purchase dollars rose 49%, while sales dollars increased 47% year over year.
The figures suggest that PayMore’s recent growth isn’t solely the result of opening new locations. Stores that were already operating are also buying and selling significantly more electronics than they were a year ago.
“What’s particularly encouraging is that our existing stores are growing alongside the network,” Preuss said. “We’re seeing that the demand isn’t limited to new markets.”
Preuss said more consumers are recognizing the value of older electronics that might otherwise sit unused in drawers, closets and garages.
For PayMore, that means opportunities on both sides of a transaction: purchasing unwanted devices from customers and reselling them to shoppers looking for more affordable technology.
Devices that can no longer be resold can also be recycled through the company’s stores.
A milestone in Louisiana
PayMore’s 150th location opened at 6555 Siegen Lane in Baton Rouge.
The store is operated by franchisee Clay Koenig and partners Travis Bolster and John Gordon, who also have PayMore locations in Covington and Metairie, Louisiana.
The group plans to continue expanding throughout Louisiana and Mississippi.
“Being part of PayMore’s 150th store is pretty special,” Koenig said. “When we opened our first location, I definitely wasn’t thinking about being part of a milestone like this.”
The Baton Rouge opening comes as PayMore continues pursuing its goal of becoming a nationally recognized retail brand, with hundreds of additional locations in development.
For Preuss and Helgesen, however, the company’s Long Island roots remain an important part of its story.
“Long Island will always be part of PayMore’s identity,” Helgesen said. “It’s where we built the concept, learned the business and proved that there was a better way to buy and sell electronics.”
Top: Stephen Preuss and Erik Helgesen founded PayMore in 2011. (courtesy photos)
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