If you’re looking for a reliable business venture to invest in, then an excellent way to make money is to sell gift cards in Nigeria. A gift card is a prepaid account for a certain amount of money issued by a store or financial institution.
Gift cards are a favorite item in today’s market as they relieve you from having to choose a particular present for a person. You might not be sure about what someone likes, making it hard to find something that would please them. Other times you might have doubts about what kind of gift would suit a particular occasion, leaving you to sweat over your choices. All this tension is relieved with the use of a gift card, making them a popular option for many people around the world.
If you plan to sell gift cards in Nigeria, then it is vital that you understand the product’s different traits and characteristics. This lets you make informed decisions when it comes to choosing between the different options available.
What is a Gift Card?
A gift card is a card that allows the user to purchase items from selected stores. The card can be valued at different amounts depending on the buyer’s needs. These prepaid products enable the holder to use the card to buy anything they want from the selected store – provided the items do not pass the amount uploaded to the card.
Types of Gift Cards
There are generally two primary types of gift cards. Namely, cash cards and store cards.
Cash cards are mainly provided by established financial institutions such as American Express, MasterCard, Discover, and Visa. . They can be used in any store that accepts these lines of credit. Cash cards are a great option for consumers since it widens the range of the receiver’s options, instead of limiting them to a particular store. This card can even be used to pay your bills online.
If you want to start a business of selling gift cards, then cash cards are an excellent option. They do contain a small activation fee for the buyer, however, as well as a maintenance fee usually charged on a monthly basis. These charges are put in place to encourage the holders to make use of their cards sooner rather than later.
Store Cards are issued by particular retail outlets and can only be redeemed from the provider. These cards are excellent for people who like a specific store, and would most likely take any extra money they had there anyway. These cards are popular with options such as clothing and apparel stores, jewelry shops, electronic appliances, and vacation packages.
Providing this kind of gift card to consumers would require more planning than buying a cash card, as you would have to purchase it directly from the store in most cases. It is advisable to pick popular retail outlets with many branches around the country, to enhance the range of options available to a holder.
In conclusion, you should also take note of potential expiry dates that come with some cards. These time restrictions are more common in cash cards than their store-bought counterparts.