Things to Know Before Selling Your Gift Cards in Nigeria
One of the best things about gift cards is that you can convert them into cash that you can use for things that you really want. Selling your gift cards is also not difficult and you can even make a lot of money if you find someone in countries like China to sell them. This is because gift cards are in high demand in these places.
When you have a gift card and you are looking to exchange it for a more liquid payment like cash or cryptocurrency, there are some important things that you should ask from your buyer before you finalize a deal for your gift cards. These will help you to stay safe and not lose money to criminals.
- Know who your buyer is
You should have a good idea who your gift card buyer is. When you want to sell a gift card, you will need to expose the secret passcode and send it to the buyer. Once you do that, an unscrupulous buyer can take your card and use it for himself without giving you your money. The risk of being cheated increases when the buyer is also anonymous. That makes it harder to track wrongdoers. It is highly recommended that you only make use of selling websites that have a KYC requirement and thus can keep buyers and sellers fair.
- Be sure of the rates being offered
Because gift cards are not very easy to liquidate, many vendors try to low-ball sellers with poor prices, as much as a 60% discount from the face value of the gift card. It is normal to get offers that are 20-30% less than the value but you should also try to drive better bargains. One good market to get the best rates is the Chinese buyers who are always happy to pay a premium for gift cards. You can find Chinese buyers and sellers on CoinCola and other similar platforms.
- Work with a buyer that pays quickly
Before selling your gift card, find out from the buyer how he wants to pay and how long this payment method will take. Wire transfers typically take 2-3 days to be process and mobile payments take hours at most. You can check services like PayPal that offer instant settlement and payment protection. It however comes with a high commission of up to 4.5%. PayPal also can be quite restrictive and prohibitive with its terms and conditions.
- Use secure transaction methods
Once you send the codes of a gift card, it is almost impossible to prevent them from being used. So that you don’t get scammed, be sure to insist on using an escrow service. Using an escrow ensures that your gift cards are secured until payment is received in full from the buyer. You could pay a small commission for an escrow service, but it will work out in your favor in the long run.
CoinCola is a great platform for buying and selling gift cards because it offers escrow services, KYC checks, dispute resolution processes and helps you to find the best rates from international buyers.