In recent times, many gift card buying sites have emerged on the scene.
More people are flipping these vouchers to earn some extra cash.
It’s fair and simple: You buy gift cards at a low price and sell them at high. You keep the profit. Do it enough times – aka do it in bulk or at scale – and you can pocket a significant profit.
But there certainly are a few factors that must be undertaken to maximize your returns.
In that, it’s essential that you’re aware of all the aspects involved in the process.
Here are three things that gift card buying sites don’t tell the sellers:
1. You won’t become rich
Many gift card buying sites advertise themselves and their deals as something that would make you a fortune.
This is misleading.
Selling gift cards won’t make you a fortune. It won’t make you a full-time income.
You must do it at scale, in large quantity or bulk, to ensure the profit from each card adds to make a good sum that’s adequate as a side-income.
So, don’t expect to become rich.
2. The payment gateway may charge you
Different gift card buying sites have different payment options.
Some have only one option, others offer more to suit sellers’ convenience.
However, know that if you’re being paid through a payment gateway, that payment gateway would charge you a fee. This will hurt your profit margin. And this is definitely something that many gift card marketplaces do not address openly.
A simple solution is to pick a gift card buying website that has multiple payment options. Thereon, pick a payment gateway that has low fees. Further, sell more gift cards in one transaction instead of selling them individually; fees are charged per transaction.
3. They are paying you less
Each of them would have their own payout offers even for the same card. Comparatively, you will notice many of them are paying you way less.
In fact, this is a big mistake beginners make. They just Google “best buy gift card for cash”, pick a website, and sell at the first payout offer. In reality, they could have made more money provided they did some research to find a good gift card buying website.
Don’t be one of them!
Know that these gift card buyers aren’t necessarily paying you high; they are paying you very less. Thereon, take your time to find the right buyer who’s offering you the highest value of all.
Don’t blindly believe everything gift card buying sites tell you. And most importantly, look at what they aren’t saying; things that concern your returns in flipping gift cards.
It’s not difficult! As mentioned, the equation is fairly simple: Buy low, sell high.
But still, in order to maximize your profit, you must heed to all the various factors in the process and make the right decision.