Gift cards allow recipients to choose their desired items from a particular retailer or business.
However, only some people use all their gift cards or may receive a gift card from a retailer they don’t frequent. This is where the opportunity to make money through gift card brokerage comes in.
If you have been looking for an opportunity to make money, pay close attention…
So what is gift card brokerage?
This is the act of buying and selling gift cards for a profit.
It can be done online through marketplaces that specialize in exchanging gift cards. As a gift card broker, you can use your knowledge and expertise to find good deals on gift cards and resell them for a profit.
Here are some steps you can follow to make money online with gift card brokerage:
1. Research and choose a niche
The first step in starting a gift card brokerage business is to choose a niche. This could be a specific retailer or type of gift cards, such as electronics, fashion, or dining. You can become an expert and identify good deals more efficiently by specializing in a particular niche. For example, you can specialize in travel gift cards. You can keep an eye on sales and clearance events at popular clothing retailers and look for gift cards that are being sold at a discounted price.
2. Find sources for gift cards
There are several places where you can find gift cards to buy and resell. One option is to check online marketplaces such as giftcardgranny and Craigslist, where people often sell unused gift cards at discounted prices. You can also check with local retailers and businesses to see if they have any excess gift cards they are willing to sell at a discounted price. For example, you might find a retailer with many gift cards given as promotional items that need to be used. They might be willing to sell them to you at a discounted price to get rid of them.
3. Determine the value of the gift cards
Once you have found a potential source, the next step is to determine its value. This will help you determine how much you should pay for the gift card and how much you can sell it. You can use websites such as Cardtonic to get an idea of the current market value of a particular gift card. These websites allow you to enter the retailer and the gift card balance, giving you an estimated value based on the current market.
4. Set up an online storefront
To sell your gift cards online, you will need to set up an online storefront. This could be a standalone website or a storefront on a marketplace such as Etsy or eBay. Make sure to include clear photos and descriptions of the gift cards you are selling. Also include information about the terms of sale. For example:
- A description of the retailer.
- The balance of the gift card.
- Any expiration date or restrictions.
You should also include information about how the gift card will be delivered to the buyer, whether it is through email or physical mail.
5. Promote your gift cards
To succeed as a gift card broker, once your online storefront is set up, the next step is to promote your gift cards to potential buyers. You can do this through social media, online marketplaces, and your website. You can also consider offering discounts or promotions to encourage sales. For example, offer a 10% discount on all gift cards during the holiday season or free shipping on orders over a certain amount.
6. Stay organized
As a gift card broker, it is essential to stay organized to keep track of your inventory and sales. This will help you identify which gift cards are selling well and which are not and adjust your strategy accordingly. You can use a spreadsheet or a program like QuickBooks to track your inventory and sales. You should also keep records of expenses, such as the cost of purchasing the gift cards and any fees associated with selling them online. You can maximize your profits and run your business efficiently by staying organized.
Like every other business, gift card brokerage has its advantages and disadvantages. This is why businesses like Cardtonic exist to help young people like you easily navigate the process and start selling your gift cards ASAP, without any fear of losing money.