Featured Startup Pitch: TechPayout sees big opportunity in the highly-competitive mobile device buyback market

By Editor December 11, 2013
Courtesy of TechPayout.

Courtesy of TechPayout.By Audrick Kramer, TechPayout founder and CEO

Elevator Pitch: TechPayout offers an easy-to-use online platform that allows users to receive an instant quote on their damaged, used or brand new cell phones and tablets.

Product and Service Description

TechPayout offers an online platform that gives users the ability to find out how much their old cell phone, tablet, iPod or headphones are worth. TechPayout makes it easy to sell your old phone in three simple steps:

1) Get an instant quote on over 500 items

2) Checkout/ship your item—shipping is free!

3) Get paid via check or PayPal

Courtesy of TechPayout.Founder’s Story

I worked in the wireless industry during college. I always recognized the same customers purchasing new phones every two-or-three months. The customers told me that they had to have the latest device that hit the market. I started asking all these customers what they were doing with their old phones. They told me they would keep them in a drawer at home and did not have a use for them. This was at the time of eBay’s early phases. I researched and knew the resale value, and started purchasing phones from my customers.

This was very successful and helped me pay my way through college. I wanted to expand my reach nationwide and developed a business plan for TechPayout. It was many years later before implementation, but I truly feel that I have the employees, process, and momentum to make TechPayout a continued success.

Marketing/Promotion Strategy

We are very passionate about social media at TechPayout. Social media has translated into thousands of sales, and high-referral traffic to our website. We also have strategies in the following areas: PR, SEO, AdWords, and affiliate programs.

Market Opportunity

Although there are many competitors in this industry, there are only a handful of established companies that are doing a great job. We have purposely grown organically in the consumer buyback market. We feel that there is a lot of potential to move into the B2B or corporate buyback segment.

Courtesy of TechPayout.Differentiation From Competition

We typically pay the highest prices in our industry. We also make payments to our customers the same day we receive their equipment. Most of our competitors take between three-to-seven days after receiving the items. In summary, due to our boutique presence we are able to pay higher prices and give a higher level of customer service that a majority of our competitors cannot attain.

Business Model

Every item that is shipped to TechPayout is resold. We have preset profit margins per item that is purchased on TechPayout.com. We have a public eBay account where many items are listed and sold on a daily basis. We have a large distribution network that purchases larger quantities.

Current Needs

We are always looking for tech bloggers, web developers and SEO experts.

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Courtesy of TechPayout.Headquarters: Old Tappan, New Jersey

Website: www.techpayout.com

Founder: Audrick Kramer

Investors: Bootstrapped

Year Founded: 2011

Employees: 5

Twitter: @TechPayout

Facebook: facebook.com/TechPayout