Reselling gift cards is becoming more and more common and it is the perfect time to discuss this growing phenomenon. Gift card reselling is becoming popular because if you know what you are doing it is possible to buy first-hand gift cards at a discount and resell them at a profit. We’re taking a closer look at this new venture and whether or not it is something worthy of your time.
Understanding the Basics of Gift Card Reselling
The basic idea behind gift card reselling is to buy cards at a discount and sell them at a profit, in other words, buy low and sell high. But why would buyers pay you a premium for your gift cards instead of just buying their own? The main reason that large gift card resellers will buy your gift cards is that many stores limit the number of gift cards one person can buy. Resellers can’t buy unlimited quantities of great gift card deals and therefore they have to buy from other people. Some gift card deals are highly regional and big resellers may not have access to the best deals in your region. Buying the gift cards from you also reduces the risk for big resellers. They don’t have to buy the cards when they are on special, they can wait until they have buyers before they purchase the cards from you and thereby avoid getting stuck with too many gift cards that are not selling quickly.
What You Need to Know About Gift Card Reselling
Gift card reselling has great benefits, but like any venture, it also has risks and there are a few things that you need to understand before you get started. Most importantly if you want to resell gift cards for a profit, you need to buy them at a discount, and it is a good idea to have several different sources of discounted gift cards. Only buy cards directly from the store or authorized seller. You never want to buy and sell gift cards that are third hands.
If you want to become a successful gift card seller you need to know who your customers are. You obviously need to sell your gift cards somewhere and Gift Card Wiki has a list of all the resellers and their public rates for specific brands. If you are new to the business, you will have to reach out to the big resellers but remember that they will only buy a limited number of cards from you in the beginning. If you want to sell larger quantities of gift cards to resellers you need to establish a good working relationship with them and prove that you are reliable.
When you get into the gift card reselling game you need to be prepared for the float. It can take time to sell your gift cards and you may not get paid for a week or two or you could get stuck with slow selling cards. As with any business you need to be organized. Gift cards are small and can easily be misplaced so it is important to have a good tracking system and log all your purchases and sales. Be aware that mistakes can be made at the point of sale so always check your card numbers against your receipt.
Reselling gift cards is all about finding the deal and when you buy gift cards, you need to check the terms and conditions carefully and know what type of card you are buying. This is particularly important when buying from online retailers. You need to know if you will receive an eGift card or a physical card. Some resellers will only buy physical gift cards and you might have trouble offloading eGift cards.
Reselling gift cards can be lucrative and profitable if you know what you are doing and where to find the deals. When you are looking for gift cards to resell, don’t just think nationally, there are many great local and regional offers where you can make good money. With gift card reselling, it always pays to keep your eyes open and learn to quickly spot the great deals so that you can turn a profit.