You’re looking for some extra cash. In these times, it would be amazing to have one more source of consistent income. And you’re ready to put in the work.
While doing some research, you came across some gift card selling sites. You also discovered several threads of how people are flipping gift cards and making money.
You find it interesting. You, too, want to sell these vouchers at gift card exchange websites and make some money.
Simple it may look, it does have several caveats that can influence your returns. When not informed well, you can sustain big losses – especially if you’re dealing in bulk gift cards.
Before you jump in the game, here are 3 things to remember to be successful at selling gift cards:
1. Where You Sell Is What Matters The Most
Not surprisingly, this is the most important part of the process.
You will find many gift card exchange websites. But not all of them offer the same, fair value for the cards. Some of them offer a very low amount.
So, you want to find an exchange that: (i) accepts gift cards from the stores that you have; (ii) offer a good amount in return.
This is why you should spend a lot of your time finding one such website. It will make all the difference in your profit.
2. The More Research You Do, The Better
This is something that many people undermine.
When you’re buying and selling gift cards – and are trying to make an adequate profit – you need to do enough research. As mentioned throughout this post, there are many factors that you should consider.
The more you’re informed, the more opportunities will you discover.
For instance, gift cards from different stores, even of the same value, sell at different prices. You’re better off focusing on those that are in high demand. But then you wouldn’t know about it, would you, if you haven’t done your research.
Another example is you don’t want to buy and get stuck with those gift cards whose market value is very low vs. the face value. But this is only possible when you have adequate market information and awareness.
So, much like anything else that promises you some cash, flipping gift cards require some work as well. And a big part of that work comes in the face of research.
3. It Should Be Done At Scale
Let’s be honest: selling gift cards won’t accrue you a fortune. You won’t become rich.
This is a small and additional source to make some extra money; it isn’t a quick-money scheme.
Being realistic about this from the go will help you in the way forward.
For the starters, when you have your expectations correctly aligned, the small profit from each card won’t disappoint you.
Next, even when the profit margin of each card sold is low, you can aggregate those profits by selling gift cards in bulk. Meaning, you can magnify your total returns by selling more gift cards.
In fact, there are gift card selling sites that offer even higher value if you’re selling them cards in bulk.
So, if you’re serious about making consistent and considerable income from gift cards, justify your expectations and strategize to sell them in large quantities.
It’s Not “Easy” But It Is Simple
It is basic arbitrage – you buy at cost and sell at a higher price. But in between those purchases and sales (and even before that and after), there’s a range of pieces that must be positioned in the right place.
How you buy your gift cards, who you buy them from, how many cards you’re selling, what kind of gift cards you’re buying, what’s the margin you’re setting in every transaction – there are many things that must be factored.
So, it’s certainly not easy. But owing to its straightforward process and the opportunities that are now available due to some good gift card selling sites, more people are tapping on this niche to earn some extra money.
You can be one of them!
Just create your roadmap by keeping the three things mentioned above at the center. You’d be good to go.