Gift cards are important today as they help people transfer and store value in form of currency. Because they are virtual currency and valuable on to specific brands or markets, there is a lot of risk when buying or selling gift cards. If you are one of those who are always trading gift cards or you are considering trading gift cards as a business, here are some important tips that will help you to stay safe.
Use a marketplace like CoinCola that makes use of escrow services to protect both buyers and sellers. There are some platforms that have dispute mechanisms but sometimes these are biased towards customers. When dealing gift cards, be sure that the platform you are using has a fair and equitable way of arbitrating disputes so that you don’t get caught on the wrong side of a transaction.
Check and verify physical cards
If you are buying a physical card like Amazon, iTunes or Google Play, make sure that it has not been tampered with and the holographic stickers are intact. Some criminals remove the seals, use the card and try to sell it as new. Make sure you check the cards very well before you make payment to avoid buying a used card. Even when dealing with trusted sources, it pays to check especially when there are multiple cards involved in the transaction.
Read old reviews and testimonials
It pays to deal with old timers on any platform as you have a better chance of dealing with a trusted seller or buyer. A lot of gift card trading platforms offer reviews so you can look up what other people that dealt with them have said about them in the past. If a buyer or seller has many negative reviews, then you must be wary so that you don’t get scammed. Some websites allow fake reviews so also be on the lookout for those. Better to go with someone with many reviews than a seller or buyer with no previous trades.
Do not send money to a seller or buyer who is not registered on the platform that you are transacting on. Ignore random messages from people offering good rates. Most are scammers. Trust websites that offer KYC services for both buyers and sellers so that there is a level of recourse whenever something goes wrong. Many platforms verify identities and so this helps to make them safe platforms for business.
Don’t store gift cards after transactions
Make sure that you use up gift cards immediately you buy them. Instead of keeping the codes, load them into your account on the website immediately. Once a card is released from escrow, you no longer have a means of ensuring that the other party keeps to their end of the bargain. Escrow services are most effective when you make use of the card immediately the escrow service is over. This helps to reduce incidences of scammers who wait for funds to be released to try to load cards that they just sold.