BizX keeps a large inventory of gift certificates and gift cards in stock for our members. Below is more information on how and why selling them through BizX may be good for your business.
Benefits of selling gift certificates through BizX
Possible Cash Customers
Since they are mostly purchased as gifts, they will be given to a wide variety of potential ongoing cash customers and “word of mouth” advertisers.
Breakage
Since it is rare that someone would spend the exact amount at any given time, there is most likely going to be breakage. Also, on average only 73% of gift certificates ever redeemed. That means that you get credit for the full amount, but you will most likely only have to fulfill on 73% of what you sell.
Credit up front
When you sell gift certificates/cards to BizX, you get the full credit up front to spend immediately. We then take them into inventory and promote them to our membership. Essentially this is an interest-free loan.
General considerations when fulfilling gift certificates
Gift Certificates are sold on consignment
Seller agrees that gift cards will have no expiration and all gift cards sold to BizX are held on consignment. BizX may return any gift cards to the seller, at any time for any reason, and BizX will be refunded the full purchase price of the returned Gift Cards.
No expiration dates
BizX does not allow expiration dates on gift certificates, except in some extreme situations. It is illegal in certain situations to enforce expiration dates in California and Washington State.
Leave it blank
Please do not make the gift certificates/cards out to BizX or include the BizX name on them.
Sequential order
We log all of the gift certificates into our system. Please provide the gift certificates in sequential order so that we can quickly and easily enter it into our system.
Sign the Scrip Agreement Form
We require that all members that sell us gift certificates/cards fill out a Scrip Agreement Form. Essentially this means that at any time if we need to return them, we have the right to do so.
How to sell gift certificates through BizX
1. Ask your Account Manager if BizX can buy any certificates or gift cards on consignment from you. They will check with the Inventory Manager to get the approval for an order.
2. The Account Manager will place the order with you in specific increments based on previous sales of that particular gift certificate or card. Please refer to the guide below on the specifics on gift certificate/card fulfillment.
3. You provide the certificates or gift cards and the “Scrip Agreement Form” to the Account Manager.
If your gift certificate order isn’t approved, BizX may decline the opportunity to buy your gift certificates. If this happens, you may still list gift certificates as Products on the Marketplace. Log on to the website to post your gift certificates as a product!