Flipping gift cards for profit has emerged as a great side gig for many. With this increased demand, the instances of frauds have risen as well. You will easily find many people and platforms promising to offer you high value for your gift cards; promising to sell you these vouchers at the lowest price. In some cases, they take the money or card and never complete the transaction; this is more common online. And then there are those who provide very little value in return – to a point that you essentially end up with no profit or even a loss.
If you’re planning to buy and sell gift cards electronically – while it can be pretty lucrative if you get the basics correct – you also must stay aware and cautious of the frauds. Don’t just settle with the first person or platform you come across; don’t settle with the first offer you get for your gift cards or money. Being profitable in this segment is all about doing your research and making informed decisions. If you haven’t done your homework, you will inevitably find losses and deceits – or at least very poor returns.
Be Informed and Educated
So, how do you save yourself from instances of fraud when you buy and sell gift cards electronically? The answer is quite basic: Stay informed and educated. The more you understand the market, the better are your chances of spotting the grey and dark areas. Because there are no hard rules to his question. If you’re experienced, you would be able to do it more accurately. But if you’re a beginner who is not aware of the market positions, trends, price points, and overall structure, you’re more likely to fall for scams. In that context, the first – and the most important – step is to invest time and energy in learning more about this market. Learn…
The Basics to Learn
1. How flipping gift cards work;
2. Vouchers from which stores/brands have higher value;
3. What’s the prevailing price of those cards;
4. Which are good gift card exchange platforms;
5. How to negotiate the price of the cards;
6. How to minimize the additional costs/charges to maximize profit;
7. Where to buy and sell gift cards from/at;
These are some of the things you should invest a lot in the early days to learn about. As mentioned already, the more informed and educated you are, the less likely you are to fall for fraud schemes. Of course, that isn’t to say there aren’t any telltale signs that you should look out for. For instance, if a deal sounds too good to be true, you shouldn’t go with it. Similarly, you should maintain a distance from the less-known, poorly-reputed platforms or exchanges; don’t gift card purchase or sell there. At the same time, you should also keep your expectations realistic so as to not fall for lies and scams; buying and selling gift cards won’t make you rich; it’s good for side-income and not to mint a fortune.
In the end, while fraud schemes exist in this segment, identifying them and staying safe doesn’t have to be such a difficult task. Be informed and educated, look out for signs, and make decisions only after proper deliberation. Most importantly, trust only the right platform or exchange that’s reputed and trusted by other people.
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