In 2005, my partner Stephen and I ventured into the used/pawn space, primarily trading on eBay. Recognizing the high demand for used electronics, which recent data shows that the second-hand electronics product market size was valued at $222 billion in 2023 (GMI), as well as the need to reduce environmental impact by diverting them from landfills—where 85% of our E-Waste are sent to landfills and mostly incinerators, which release harmful toxins (The World Counts)—we founded PayMore. Our goal? To make a dent in those staggering statistics. Already, with nearly 1.5 million devices traded in and well over 15,000 pounds of tech recycled, PayMore is making strides in both meeting consumer demand and promoting environmental sustainability. Among that, a key focus was addressing a critical gap in the industry: safety. This led us to maintain physical storefronts, because current online selling options lack transparent data wiping processes, and platforms like Facebook Marketplace or Craigslist can be extremely unsafe and unreliable. Just look at recent data for Facebook Marketplace: from January 2022 to November 2023, the Better Business Bureau’s scam tracker logged more than 1,200 reports that mentioned Facebook Marketplace in the US and Canada (Wired). People need a safe, secure, real-life business to go to – and that’s what PayMore is.
We’ve implemented proprietary technology for secure data wiping and theft prevention. Developing our Point of Sale (POS) system was crucial in overcoming startup challenges. Over 13 years, we’ve refined this system, leveraging my IT background to tailor a solution to our needs. We’re continuously updating and advancing the system to enhance customer safety and streamline operations. Soon, we’ll launch the PayMore POS 2.0 with significant updates and advancements, all proprietary and built from the ground up.
Ensuring accuracy and care in evaluating traded-in products was essential to our mission of repurposing electronics while averting e-waste crises. The positive response from our Massapequa location in 2012 underscored community support for our eco-conscious initiatives, setting us apart in the market.
At PayMore, our staff undergo training in data wiping, guaranteeing customer data security. Our latest innovation, the PayMore PayStation, represents a significant milestone what I like to call our ‘iPhone’ moment. This interactive kiosk completely changes our current transactions, minimizing cash handling risks through QR code payments, digital currency options, and charitable donations.
The PayStation enhances safety for employees and customers by minimizing cash handling. Access to any cash in the building requires a specific QR code generated from a transaction, ensuring secure access. As we continue to evolve, we’re committed to making significant advancements, providing a safe, seamless experience for customers while championing environmental sustainability in the electronics industry.
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Erik Helgesen, Co-Founder & President of PayMore
Erik Helgesen is the Co-Founder & President of PayMore Stores, a retail chain specializing in the buying, selling, and trading of electronics and tech devices. With a robust background in the tech industry, Erik has successfully driven PayMore's growth and expansion, making it a recognized name in the electronics resale market. His leadership and vision have been instrumental in establishing a business model that emphasizes sustainability and customer trust. Erik's entrepreneurial journey is marked by his commitment to innovation and excellence in the tech resale sector.