If you receive a gift card from a store that isn’t your thing, you don’t have to stick it in a drawer and forget about it. You can make money off of it! And if you want to SAVE money, you can buy other people’s unwanted gift cards for as much as 30 percent off and die them as gifts or shop with them. My guest is George Bousis, founder and CEO of Raise, one of the best online gift card marketplaces. Welcome, George!
First tell us about the huge amount of wealth trapped in unwanted, unused gift cards.
Nearly $1 billion worth of gift cards go unused each year. Just as consumers wouldn’t leave a check uncashed, they don’t have to leave a gift card in the drawer unused. Consumers can use Raise to sell their unwanted gift cards and receive cash in return, to spend it on what they really want. Now more than ever, people need to get the most out of their money. Raise helps put the purchase power back into the hands of the consumer, and that’s what giving yourself a raise is all about.
Tell us how Raise works from a money-making, gift card-selling perspective first, George.
On the Raise marketplace, you can sell gift cards for cash at the price you choose. Listing your gift card is FREE! We accept gift cards and merchandise credit from any brand or restaurant, and you get paid when the gift card sells. Simply choose the selling price, and your gift card will be featured on our marketplace in front of thousands of savvy shoppers.
Do you accept ANY gift card, or only certain ones?
We accept gift cards and store credits from most brands, retailers and restaurants. Raise currently accepts gift cards from more than 3,000 different brands! Since each brand has unique redemption rules and restrictions, we may need to place your listing in review.
Which kinds of gift cards sell best?
General interest gift cards that allow people to buy multiple kinds of merchandise tend to sell the best. Niche gift cards to stores that only sell very specific things fetch less.
When somebody buys your gift card, do you have to mail the physical card to them?
Please keep in mind that if the gift card you’re selling will be listed as physical, you will need to download and print the shipping label provided by Raise. Physical cards are shipped to the buyer via USPS and can only be redeemed in store.
When I sell a gift card on Raise, how do I get my money?
Once your gift card has sold, you will receive an email when your funds are available for withdrawal. We currently have three payout options: Direct Deposit, check and PayPal.
I ask this of every company I interview. How does Raise make money when I sell a gift card?
It’s free to list your gift cards. However, once the cards sell we take a 12% commission from the selling price. If you sell in bulk this commission might be lower. Then, if you’re selling a physical card we charge the greater of $1.00 or 1% of the value of the card for shipping.