If we ponder on the benefits and opportunities technology has exposed us to, we may acknowledge that technology is the best thing to happen to humankind.
In the past, one must leave one’s home to work for the day’s bread, either by going to work or a business place. Staying at home simply showed laziness and unemployment but today, one can have a stable income while working from his bedroom.
The internet did not just connect the world but also created more opportunities for making money online.
With just a smartphone and an internet connection, you can change your financial life and secure financial freedom.
Gift cards are used for purchasing goods and services in different stores, hence, it is an alternative to cash payments.
Aside from purchasing items in stores, there are many ways to utilize gift cards and even make money from them.
Gift card brokerage is a major way to make money online from anywhere in the world.
In this article, we would discuss what gift card brokerage means and how one can make money online by brokering gift cards.
What Are Gift Cards?
Gift cards are one of the positive innovations of financial technology (Fintech). Gift cards simply gift vouchers preloaded with a certain amount of cash used for making both in-store and offline transactions in stores.
Gift cards are convenient, easy to use and help users to budget adequately. They’re also an excellent gift item for special events or occasions which gives the recipient power to choose their perfect gift of choice when they redeem the card.
If the user does not want to use the gift card again, he can sell the gift card for cash.
Gift cards can be either physical or virtual gift cards(E-codes). Irrespective of the type you purchase, both types offer the same value when redeemed in the store.
Physical gift cards can be purchased online and in retail stores too but virtual gift cards are sold online and the codes will be delivered to your email.
Gift cards are often issued in denominations of $5, $10, $25, $50, $100 and above, so every user can choose to buy an affordable amount.
What Is Gift Card Brokerage?
The word “brokerage” may sound familiar to you, especially if you trade financial instruments or forex.
Before we discuss gift card brokerage, let’s understand the meaning of “broker”
A broker is a middleman in a transaction who facilitates the buying and selling of a commodity or asset between the buyer and seller.
Gift card brokering is simply the act of buying gift cards from people who may not want them anymore and need the cash equivalent and selling them to other people and businesses who need them and making profits from the net price.
Of course, these gift cards are sold at a discounted rate when compared to the price given by the brand.
How To Make Money Online With Gift Card Brokerage
If the above explanation of gift card brokerage sounds like what you would like to try out, here’s the deal for you.
1. Make Your Research:
The importance of making good research before venturing into anything can never be overemphasized. The popular phrase Do Your Research (DYOR) is not just limited to cryptocurrency trading alone.
Researching any business you want to venture into, will give you a glimpse of the benefits and challenges you’ll likely face in the business.
For a gift card brokerage business, you need to analyse the gift card market, rate fluctuations, types of gift cards and their demand etc.
These will help you strategize your approach the way you want broker gift cards.
2. Find Buyers:
You may not like the sound of this, especially if you lack marketing skills but it’s something you must do.
Your gift cards will not sell themselves in your custody, you will need to look for buyers or partner with someone who will buy the gift cards from you.
Endeavour to run underground checks on your partners to be sure they’re reliable. Then discuss the terms of the business with them, including prices.
3. Understand Your Buying Rates:
Always remember that you must not have a fixed rate because the gift card market fluctuates. Therefore your buying rates are important to you because they can sustain you in the business or destroy your business if you buy for too high.
To make things easier for yourself, you can always check the rates of big established gift card brokerage platforms like Prestmit to get the best and most real-time gift card rates.
4. Market Yourself:
You’ll need all your marketing skills at this stage if you want a large customer base. This is where some people get tired and fall off but consistency and smart work are required here.
You’ll need all the customers you can think of and the best way to do this is by networking and advertisement.
You need to identify your target audience and think of how to reach them because, without your customer, your business cannot stand.
5. Be Sincere:
The integrity of your business is more important than anything else because your customers can win you more customers when you’re genuine to them. They can also ruin your business when you’re not sincere with them.
Make it an obligation to uphold honesty when dealing with your partner or customers. If you want to gain more customers and patronage, you must shun greed and be very genuine.
Benefits Of Making Online With Gift Card Trading
There are quite a several benefits you will derive from making money online, especially with gift card brokering.
1. Work Anywhere:
It allows you to work anytime you wish and from anywhere in the world without stress. Everything you need for your job is online.
2. Extra Source Of Income:
You need not quit your full-time job for this, rather you can use it as an extra income source to supplement your primary income.
You can work whenever you want to without risking anything, unlike a normal job where you may risk being fired for not being punctual.
Nothing good comes easy, they say, neither is gift card brokerage. It takes perseverance and consistency to build a successful money-making career online.
However, if you continuously follow the steps listed in this article, you would be a successful gift card broker.