Everybody is looking for a way to make money online. Gone are the days when the only means of acquiring cash was waking up before the sun shines, heading to a place of work, and coming back at the end of the day. The world is now open to the idea of being able to make money even from your home.
There are tons of advantages to being able to make money online such as;
Benefits of Making Money Online
- You can work from anywhere in the world
- You do not have to quit your day job
- It serves as an extra means of income
- It is flexible and not as rigid as a normal job.
There are thousands of ways to make money online legally. Even I don’t know all. However, I can give you in-depth knowledge of how to increase your pockets by gift card brokering.
What Are Gift Cards?
The first question that would come to mind if you aren’t too familiar with the term.
They are digital assets that were created to serve as an additional method of payment at their designated brand. Gift cards make purchases more convenient, simpler, and also easier to track your expenses. For example; a $100 Steam gift card can be used to purchase any game or digital content worth $0 – $100 on steam.
You do not have to use up your balance at once, you can keep redeeming your gift card until it’s low and most gift cards do not have a near-expiration date.
Gift cards come in two forms. Physical and E-codes.
- Physical Gift Cards: These come in hard paper or plastic form. They are sold online, but also at retail or physical outlets. They usually have their brand’s logo and color around them for easy identification.
- E – codes: On the other hand, these forms of gift cards are electronic or digital. You can only purchase them online and they would be sent directly to your email address. Some brands only produce this form of the gift card because of its convenience. E.g Razer Gold.
What is Gift Card Brokering?
In simple terms, a broker is a middleman. Gift card brokering involves the act of buying gift cards from individuals who need the cash equivalent and selling it to individuals or businesses for a profit. Which would still be at a discounted rate compared to the price from the brand.
Do not mistake Gift Card Brokering with Gift Card Breakage, they are two different things.
What is The Difference Between Gift Card Brokering and Breakage?
As I said earlier gift card brokerage simply entails buying and selling for profit. However, breakage means the revenue or income made from an asset paid for but not used.
Meaning if you bought a gift card and never went on to redeem it before it expires, the company would make money from the breakage.
Can I Genuinely Make Money From Gift Card Brokering?
Just like any other profitable business, you have to find a way to create a solution to an existing problem. There are millions of people who want to sell their gift cards for cash and a bunch of individuals who need these digital assets in bulk to offset their payment or cost at a particular brand.
With adequate research, time, and networking, you can make very cool cash from this business.
How Can I Start Making Money From Gift Card Brokerage?
With these 5 key steps, you can successfully make a profit from gift card brokering.
1. Research: The term Do your research (DYOR) is not only limited to cryptocurrency trading alone. For every business you plan on delving into, research is important. Research on gift cards, the market, rates, and many more. You can then decide how to be unique or add a different touch to your brokering.
2. Find Buyers: You need buyers or a partner to sell your gift cards from after buying them from your customers. Run proper background checks, then discuss and conclude your prices.
3 More To Go!
3. Understand Your Buying Rates: Your buying rate simply refers to the amount you pay for your customer’s gift cards. Because the market fluctuates, you cannot have a fixed rate, especially because all gift cards are different. To aid your decision, you can also check already established platforms like Cardtonic, for the best gift card rates in the market.
Although you might not be able to offer rates that good at first, to stay afloat, it helps build a mental framework.
4. Market Yourself: This is where the main work is. You need to network and market yourself constantly. Without customers, there is no business.
5. Be Genuine: You need to make it an oath to yourself, to be honest when dealing with customers and partners. It is very easy to get carried away with greed. But to ensure continual patronage you have to be genuine.
Gift card brokering might not be easy at first, which is similar to almost every money-making venture out there. However, following these few steps continuously, can almost guarantee you success and you would have yourself to thank for it.