Small businesses are one of the hardest-hit sectors of the coronavirus pandemic. Lockdown measures to halt the spread of COVID 19 in our communities mean that most of those businesses have remained closed.
Normally, that would mean zero income. However, gift cards have proven to be a welcome lifeline for businesses that are undoubtedly feeling the pinch. Gift card sales provide a much-needed cash infusion to businesses that can’t operate and are struggling to stay afloat. Think of it this way, when you buy a gift card, you are extending an interest-free loan to a business right when it needs it the most.
Gift cards have been widely used for a long time. They are probably most popular for retail and dining businesses but most every industry offers gift cards. This includes services (salons, pet-grooming, spas), wellness (gyms, yoga studios), and entertainment and recreation (theater, museums). But since the start of the lockdown, many business organizations have mobilized to encourage and incentivize the sale of gift cards, as well as to equip and provide support for small businesses that have only just started offering it.
What Can You Do With Unwanted Gift Cards?
What if you find yourself the recipient of an unwanted gift card? Don’t stash it in a drawer and forget about it. Gift cards are as good as cash and it would be a shame to let it go to waste. Early this year, it was reported that Americans are sitting on over 20 billion dollars of unredeemed gift cards or leftover credits. That’s 20 billion dollars that haven’t been used.
Here are three things you can do with your gift card instead.
Regift
There’s a good reason why gift cards are among the most regifted items during the holidays. It’s so versatile and you don’t even need to wrap it. But why wait for the holidays? Perhaps you have a gift card for a store that doesn’t suit your style or for a service you have no use of. Think of someone in your circle–a colleague or a friend–who will put it to good use.
Sell
You might as well get some cash out of your gift cards if you don’t plan to use it. Make sure you protect yourself from scammers. Choose from the numerous sites where you can safely sell or exchange your unwanted gift cards.
Donate
If you don’t need the extra funds and you have no one to give it to, consider donating your gift card. There are many different charities and non-profit organizations that accept gift card donations. Choose one with an advocacy close to your heart.
Communities have been more than willing to step up to the challenges posed by the coronavirus pandemic in their local economies. Many people want to help the entrepreneurs and small businesses in their neighborhoods. And they want to help now, not when restrictions to business operations are lifted.
Buying gift cards is a great way to shore up a small business in these tough times. These small businesses do a lot for their communities, so show them some love–they could use more of it. Every bit helps.
Payment Pilot is all about helping small businesses and equipping them for growth and success. Get in touch with us to find out how we can help.
