The best aspect of gift cards is that they can be converted into cash that can be used to buy things that you like. In addition, selling your gift cards is also easy. However, you have a gift card and want to swap it for a more liquid payment like cash or cryptocurrency, there are a few steps to take before selling your gift card. These will assist you in remaining secure and avoiding financial loss to criminals.
The Steps to Take Before Selling Your Gift Card
Knowledge of the Identity of the Buyer
In truth, you should have a better understanding of who will be purchasing your gift card. This is because you’ll need to reveal the hidden passcode and give it to the customer if you want to sell a gift card. Furthermore, once you’ve done that, a shady buyer can take your card and use it without giving you your money. Also, when the buyer is still anonymous, the chance of being scammed increases. This makes it more difficult to track down miscreants. Therefore, it is strongly advised that you only use trusted selling websites.
Confirm Rates first
Although gift cards are difficult to sell, many vendors attempt to undercut retailers with low prices, often as much as 60% off the face value of the card. so, it’s natural to receive offers that are 20-30% below the market value. But you should also try to negotiate better deals.
Ensure the Payout is Fast
Before you sell your gift card, ask the customer how he intends to pay. Also, ask how long it will take him to do so. Wire transfers usually take 2-3 days to process, while mobile payments only take a few minutes. Check out services like Cardtonic Technologies on Instagram or you can download their mobile app to get quick and instant payment to your cards.