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Home BUSINESS IDEAS How to Start a Lucrative Gift Card Trading Business in Nigeria

How to Start a Lucrative Gift Card Trading Business in Nigeria

If you are looking for good information on how to start a lucrative gift card trading business in Nigeria, read this post till the end. 

One of the many methods to earn money online today is through trading gift cards. You may have noticed some sellers on your timeline if you were paying attention. 

Additionally, you can swap and profit from a variety of gift cards. You can therefore stay in your room and earn money every day if you want to make money online. 

When you are prepared to exchange gift cards for cash, though, it would be preferable if you were cautious in your approach. You can sell to specialized websites or exchange with other internet traders.

Choosing the best strategy for trading gift cards is really challenging. Thus, we’ll inform you of the ideal technique to begin trading gift cards in this short article.

What exactly are gift cards? 

Gift cards are prepaid debit cards with a certain amount you may use to buy products and services from the company that provides them. Almost all reputable e-commerce sites have gift cards. These businesses pre-load the cards with a certain amount, which clients can use whenever they like. 

Gift cards are thus named because that is what they are used as gifts for loved ones. As a result, you can give someone gift cards instead of a present, allowing them to choose whatever they like. 

There are numerous pre-loaded amounts available for gift cards. As a result, you can find Amazon gift cards for $50, $100, etc.

Gift cards come in two primary categories. There are two types of gift cards: closed-loop and open-loop. You can use gift cards with an open loop everywhere they are accepted. Gift cards with a closed-loop system can only be used in that particular retailer.

How Can Gift Cards Be Used to Make Money? 

You can always exchange gift cards for cash rather than using them in the specific stores where they were issued. You can purchase other items when you exchange gift cards for cash. 

Most likely, you won’t require the products and services provided by the business that issued the gift card. For instance, you might not need to make any in-app purchases if you have a Google Play gift card. As a result, exchanging gift cards for cash makes perfect sense. 

The concept of exchanging gift cards for cash is straightforward. Gift cards are acquired from one person and then sold to another. Many people are interested in trading their gift cards for cash.

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However, it’s recommended to offer gift cards to specific websites and apps due to the internet scam that is rampant. These platforms are powered by reputable companies. You’ll receive the greatest trading rate and your money immediately once you’ve found the best one. 

Security is the key benefit of selling to specialised gift card trading companies in Nigeria. You have faith that the business won’t steal your money. 

However, you should use caution in this situation as well because a lot of phoney websites are appearing. Always do your research to be sure the company you are purchasing from is.

Various Gift Card Types 

Physical and electronic gift cards are both available. 

  • Physical cards: These are branded plastic cards purchased from actual shops. 
  • E-gift cards: They go by the name E-codes as well. You may purchase These digital codes online and have sent or texted to you.

Popular gift cards include the following:

1. Walmart gift cards

2. Target gift cards

3. Amazon gift cards

4. Google Play gift cards

5. iTunes gift cards

6. Footlocker gift cards

7. Nordstrom gift cards

8. eBay gift cards

9. American Express gift cards

10. Vanilla gift cards

And so on…

Gift cards are available in a range of denominations, as I previously said. For instance, Walmart gift cards have a minimum of $10 and a maximum of $1000.

What’s the state of the Nigerian gift card industry?

Gift card payments online are not very common among Nigerians, as is well known. As a result, when they receive a gift card—say, an iTunes gift card—whether they bought it themselves or received it as a present, they prefer to exchange it for cash so they can use the money to buy something better. 

In order to address this issue, business-minded people established online marketplaces, creating a forum where individuals could conveniently and stress-free sell gift cards in Nigeria. 

How can you exchange gift cards for money in Nigeria? 

Like most people, you’ve probably wondered how people who trade gift cards make money. Basically, they buy gift cards at a lower price and sell them at a higher price. For instance, if someone is willing to sell a $100 Amazon gift card for $60, the buyer can later trade that gift card for $80 and keep the $20 profit. 

The buyer can complete the month with a sizable profit if they continue to operate in this manner. Imagine what your account balance would look like if you were to earn as much as N300,000 per month from only trading gift cards, as I have seen individuals do.

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Before you decide to start buying gift cards and making money by selling them, there are a few things you should know, such as how to advertise your business (this, in my opinion, will be what will make or fail your business), how to get gift cards at a discount, where to sell your gift cards, etc. 

You might consider some gift cards to be worthless because they cannot be used in Nigeria. Additionally, perhaps you simply don’t want to utilize the card. The gift cards can be exchanged for cash to solve this problem. Several gift card trading sites are available for you to use in this.

Be cautious because it is very simple to get scammed when selling your gift cards, so check out these sites and companies before doing business with them. 

Even though the process varies depending on the platform, you typically go through the following steps: 

1. Create an account first 

2. Enter your card information. 

3. Trade!

How to attract clients for your gift card business 

Your ability to trade gift cards in Nigeria will depend on how well you are able to attract clients for your enterprise. 

There are several ways to attract clients, including the following: 

1. Let everyone in your family and circle of friends know about your business so that they can connect you with anyone willing to sell their gift cards. 

2. Promote your company on well-known social media sites like Facebook, Instagram, WhatsApp, etc. so that people are aware of it. 

3. Create a website: a website will give your company a more professional appearance, and if you know a little bit about crypto SEO (search engine optimization), you can attract customers using this platform.

4. You can also print banners about your company to distribute to the public; the banner should include your contact information, including your website address, mobile number, and other means of contact. 

5. Ensure you have a referral program, such as a reward for customers who refer you to others. In this way, you can continue to gain customers while others advertise your business. 

You will continue to receive recurring business once you are able to please your initial few clients. 

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That is all I have to say about clients.

What price will my gift card fetch in Nigeria? 

It’s crucial to examine the daily updates of gift card prices because they are not stable and constantly fluctuate. Your card’s rate will vary depending on a number of variables, including: 

1. The type of card you have

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2. The nation the card is from 

3. The card’s balance 

Thankfully, some platforms offer a gift card rate calculator option that allows you to see what your gift card is currently worth.

Where Can I Find Useful Information on Gift Card Trading in Nigeria? 

If you’re looking for news, information, or instructions on gift cards and gift card trading in Nigeria, Sellgiftcards.Africa is the place to go. In order to help you trade your gift cards on reputable and safe marketplaces, they offer helpful information and tools.

Challenges in the gift card trading industry 

There are drawbacks to gift card trading in Nigeria, just like with any other industry: 

1. Trust: Be very careful who you deal with because some people you will deal with are unreliable and may come to you with the intent to con you. 

2. Rate: Some people want absolutely absurd prices for their gift cards, so you should always make sure the rate you are buying is advantageous to you and your company.

3. Payout speed: If you pay people quickly after confirming that the gift card is authentic, many people will trade with you. To illustrate, consider how quickly you are willing to pay the seller after you have confirmed that the gift card is authentic. 

Finding a balance in the gift card industry will be crucial to your success. Overall, just be sure to be dedicated to achievement and always do your research on concepts you don’t fully comprehend.

Wrapping things up

In Nigeria, it takes only a few minutes to exchange your gift cards for cash, so if you have any on hand, take advantage of this. You can start the process of achieving financial independence by opening an account with a reputable and trustworthy trading platform.

What do you think about this business? I would like to hear from you. You can leave comments below. 

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Usman Atandahttps://starthustlenow.com
My name is Usman Atanda - the man behind StartHustleNow.com. I'm a serial hustler from Lagos, Nigeria. Here at StartHustleNow.com, I cover topics such as Business Ideas, Side Hustle Tips, Business Tips, Side Hustle Ideas and much more. My ultimate goal is to make the building legitimate and lucrative small businesses and side hustle to be achievable.
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