As Businesses evolve in this technological age, the advent of Gift cards is revolutionising the way people give gifts for the purchase of products and services. And many businesses are embracing these gift card innovations to advance and maximise their profits. One such business model is called Square.
Square, renowned for its user-friendly and innovative payment solutions, offers a seamless platform for selling and redeeming gift cards, providing a win-win situation for both businesses and customers.
With Square’s intuitive interface and powerful features, you can effortlessly customize gift cards to reflect your brand identity and leverage them as a powerful marketing tool. In this guide, we will take you on a step-by-step journey through the process of selling gift cards on Square.
Understanding Square Gift Cards
Square supports different types of gift cards, making it a versatile platform for businesses of all sizes. By offering gift cards, you empower your customers with a convenient gifting option, thereby increasing customer loyalty and retention. Familiarize yourself with how Square gift cards work for customers, as it will help you cater to their needs effectively.
Additionally, before listing your gift cards on Square, ensure they are properly branded to represent your business’s identity. Choose the value and denominations wisely, as customers appreciate options that suit their budget and preferences. Additionally, consider adding expiration dates and terms to create a sense of urgency and encourage timely use of the gift cards.
How to Integrate Gift Card Sales on Your Website
One of the most effective ways to sell gift cards is by integrating them into your website. With Square’s gift card widgets, you can seamlessly embed gift card options on your site, making it easier for customers to make purchases. Don’t forget to customize the design and appearance of the widgets to align with your brand.
1. Promote Your Square Gift Cards
To drive gift card sales, it’s crucial to promote them effectively. Social media marketing is a powerful tool to create buzz and attract customers to your gift card offerings. Design eye-catching graphics and posts that showcase the benefits of buying your gift cards. Offering special promotions or discounts can also entice potential buyers to make a purchase.
2. Manage Gift Card Sales and Redemptions
As gift card sales pick up, efficiently managing your inventory and tracking sales performance becomes essential. Utilize Square’s built-in tools to monitor the movement of gift cards and stay informed about customer activity. Additionally, be responsive to customer inquiries and provide excellent support for a seamless gift card experience.
3. Leverage Square Analytics for Insights
Square’s analytics feature provides valuable insights into gift card trends, customer preferences, and behaviour. Use this data to refine your gift card strategy, identify popular gift card options, and optimize promotions. The better you understand your customers, the more successful your gift card program will be.
4. Ensure Compliance and Legal Considerations
When selling gift cards, it’s vital to comply with applicable regulations and taxation requirements. Understand the laws surrounding gift card sales in your region and ensure that your business operates within the legal framework. Additionally, protect customer data and privacy during gift card transactions to build trust and credibility.
5. Manage Refunds and Exchanges
Occasionally, customers may request refunds or exchanges for their gift card purchases. Establish clear refund policies to handle such situations professionally and maintain customer satisfaction. Address any issues with gift card redemptions promptly and ensure that customers have a positive experience when using their gift cards.
Read Also: Types of Gift Cards in Malta
Square Gift Cards for Small Businesses
With Square’s gift card service, you can offer your customers a convenient and flexible way to support your business. These gift cards can be sold through your Square POS system or online store. If you prefer, you can order physical gift cards to sell in person, or you can go digital with Square eGift cards, allowing customers to purchase them online. These gift cards work just like cash, enabling customers to buy products or services from your business.
The possibilities with Square gift cards are endless. You can use them for special occasions, encouraging customer loyalty through promotions, or even as prizes in online contests. Square has designed its gift card system to be user-friendly for both you and your customers. Creating, selling, and accepting gift cards is a breeze. Plus, customers can easily purchase, reload, and check their gift card balances hassle-free.
When it comes to affordability, Square offers competitive pricing for its physical gift cards. And if you opt for the eGift card program, it’s even better – completely free! The only cost is a small fee when an eGift card is purchased. The best part is that there’s no need for additional add-ons or integrations; everything you need is right there in the Square app.
How to Sell Gift Cards on Square Marketplace
If you’re looking to reach a wider audience, Square has made it easy to get your Gift cards into online marketplaces. This is how you can achieve this:
Sign Up on Square
By following these few steps you can sign up:
- Visit the Square website
- Enter your full name or Company name, email address, choose your password and confirm.
- Click on sign up.
- Select how you will use Square by clicking the drop-down menu.
- Enter your name, address and phone number and select your date of birth.
- Click the check box to agree to Square terms and services.
- Click continue to complete the process.
Once the sign-up process is finished, you can now log in with your email and chosen password. Which will give you access to your dashboard.
- To get started with the marketplace, access the “Gift Cards” section in your online Square Dashboard.
- Next, navigate to the “eGift Cards” tab and click on “Configure.” Toggle on the options for “Sell eGift Cards online” and “Show a link to my eGift Cards in public directories.”
Note: You also have the flexibility to adjust your participation at any time by simply turning these toggles on or off.
Once you’ve set up your free online eGift Cards order site, your customers can easily purchase and send eGi ft Cards via email to individuals, multiple recipients, or even themselves. Additionally, they can create a group gift by allowing contributors to add funds to an eGift card online before sending it to the recipient.
Redeeming eGift cards is so easy, as customers can use them for in-store purchases, on Square Online, or with select Square Partners like Magento.
To cater to customers who need to purchase multiple eGift cards at once, such as for family members or employees, you can enable bulk eGift card ordering. This feature allows them to buy multiple eGift cards from your online eGift card order page.
Here’s how to get started:
- From your Square Dashboard, go to Payments > Gift Cards > eGift cards.
- Select Configure and toggle on Allow bulk eGift card ordering.
- Enter the maximum number of eGift cards customers can purchase per order and Click “Save”. You also have the option to customize your eGift Card Order Site and set default amounts for eGift cards.
Selling eGift Cards to your customers is seamless with the Square app. You can do it on all devices, including iOS, Android, Square Register, and Square POS Terminal. Just update your app to access the latest functionality.
How to Sell an eGift Card through the App
- From your item library, tap Gift Cards > eGift Card.
- Present the options to the customer, such as design, eGift Card amount, and email address.
- Complete the sale: Customers will receive the eGift Card via email and can either print it or send it to a friend.
Furthermore, you can promote your eGift Cards by sharing your unique eGift Card order page URL with customers. Link it to your business website and social media pages to boost visibility.
Your Customers can also order eGift Cards through the Give and Get Local Directory, which lists businesses offering Square eGift Cards. When customers order through this directory, they will be directed to your custom eGift Card order site to complete the purchase.
To ensure your business stands out in the Give and Get Local Directory, you can update the appearance of your business name and location. Simply visit the Account & Settings tab from your online Square Dashboard.
Additionally, you can customize the eGift Card image associated with your business in the directory by going to Payments > Gift Cards > eGift Cards and selecting Manage Designs to upload your preferred image.
Being included in the Give and Get Local Directory is a great way to gain visibility for your business, especially as it is featured and promoted by select partners to encourage more customers to support local businesses.
Square’s Give and Get Local directory is a particularly exciting feature, as it showcases businesses offering Square eGift Cards. This way, buyers can easily browse and purchase eGift cards from local businesses in their area, creating a sense of community support.
2. Integrate Square Gift Cards with Point-of-Sale Systems
If you have a physical store, integrating Square gift cards with your Point of Sale (POS) system can streamline the checkout process as Square has this product as part of its offerings. Customers can easily redeem their gift cards at the counter, enhancing their shopping experience. Ensure that all gift card transactions sync with your Square Dashboard for accurate sales tracking.
3. Expand Your Business with Square Gift Cards
Gift cards can be potent marketing tools to attract new customers. Consider partnering with other businesses for cross-promotion, extending your reach and attracting a wider audience. As your gift card program gains traction, scale it strategically to drive business growth and success.
Square has partnered with multiple gift card marketplaces, making it effortless to expand your business’s reach.
These public gift card marketplaces present a fantastic opportunity for internet users to discover your business and easily become your new customers.
Enrolling in these marketplaces is a simple process, requiring just a few clicks.
The best part is that you can expand your reach at no extra cost. It’s not only easy to appear in these marketplaces, but it’s also free. You’ll only need to pay the standard processing fee when a customer buys your Square eGift Cards.
Appearing in public gift card marketplaces can be a game-changer for your business. It gives internet users a chance to discover your business and potentially become new customers.
When you set up eGift Cards through Square, you automatically become part of several public gift card registries owned by Square’s partners, including Thnks, TruCentive, Giftogram, and the Square Give and Get Local Directory. This gives your business added exposure and makes it easy for customers to find and purchase your digital eGift cards. And any sales made through the partners will appear in your gift card sales reports in your Square Dashboard.
Remember, you have full control over whether you want to appear in these directories or not. If you change your mind, you can easily adjust your settings in the Square app.
Limitations Associated with Square Gift Cards
Square has built a system that integrates gift cards into your business to enhance sales of these cards. However, beneath the surface of this seemingly attractive offering lie several drawbacks that you should carefully consider. Let’s examine some of the challenges and limitations of selling gift cards on Square and explore alternative strategies to enhance customer loyalty and boost business growth.
1. Single Focus on B2B
Square is primarily focused on dealing with businesses i.e. B2B, there is no integration for individuals to trade gift cards on Square. There is no room for P2P transactions. Businesses integrate their systems with Square to create gift cards for their business which can be a limitation for individual trade of gift cards.
2. Fees and Costs
While gift cards can be a valuable revenue stream, they come with transaction fees that can eat into a business’s profit margins, leading to unexpected costs for merchants. Additionally, some gift card programs may have hidden maintenance fees, further reducing the value of unused balances over time. For small businesses operating on tight budgets, these fees can have a substantial impact on the bottom line.
3. Expiry Dates and Unused Balances
Gift cards typically have expiry dates, which can be relatively short depending on the terms set by the merchant or Square. Short expiry periods may limit customer engagement and can be perceived as unfair by customers who may miss the redemption window. Managing and tracking gift card expirations can also pose challenges for businesses, especially as the volume of gift card sales increases. From a legal standpoint, unused gift card balances may become liabilities for businesses, leading to potential financial and regulatory complexities.
Lack of Refund Flexibility
Refunding gift card purchases can be a complicated matter, as businesses need to balance customer satisfaction with financial considerations. Square’s policies regarding gift card refunds may not align perfectly with a business’s refund policy, potentially leading to friction with customers seeking refunds.
Competition and Market Saturation
As gift cards gain popularity, the market becomes saturated with various gift card options. Businesses face the challenge of standing out from the competition and offering unique value to customers. Differentiating their gift card offerings and positioning them effectively becomes crucial for success.
While Square’s gift card feature offers convenience and accessibility, businesses should be aware of its drawbacks to make informed decisions. To mitigate the drawbacks of gift cards, businesses can explore alternative customer loyalty strategies. Implementing rewards programs, VIP memberships, or exclusive offers can engage customers in different ways while fostering loyalty. For individuals looking for a way to sell their gift card(s) then they must explore other platforms beyond Square as it doesn’t deal with individual gift card sales.
An Alternative for Direct Individual Trade of Gift Cards.
For an individual who is not an established business or entity looking for a platform to sell their gift cards swiftly, then you should consider other platforms other than Square. And one recommended platform if you are Nigerian, is SnappyExchange.
What is SnappyExchange?
SnappyExchange is an innovative website and app that makes it easy for people in Nigeria to sell their gift cards for cash or Cryptocurrency. With a secure and reliable platform, we offer a magical trading experience for digital goods, including various gift cards like Visa cards, Steam gift cards, Amazon gift cards, and more.
How to Sell Gift Cards on SnappyExchange
- To get started, you can visit our website or download the SnappyExchange App and create an account.
- Once you’re in, click on ‘SELL GIFT CARDS’. From there, you’ll find a diverse range of gift cards available for sale.
- Just select the specific gift card you want to sell, choose the country it’s from, indicate whether it’s a physical card or an e-code, and enter the amount you wish to sell (starting from US$20 or above).
- Once you submit your card details and upload an image of the card, your cash will be credited to your SnappyExchange wallet within 2-10 minutes, ready to be withdrawn to your bank account.
What Snappy Exchange Offers
- Unbeatable Rates: We offer extraordinary rates that you won’t find elsewhere. Our highly competitive prices will make you want to keep coming back for more.
- Lightning-Fast Payments: We understand the importance of swift and efficient payments. Our system ensures that your orders are processed promptly, granting you rapid access to your funds. When it comes to trading your gift card for Naira and receiving instant payment, we excel.
- Customer Satisfaction at Its Core: Your satisfaction is our priority, and we strive to complete transactions promptly. Our dedicated 24/7 customer support team is always ready to assist you should any issues arise.
- A Scam-Free Environment: Rest assured that snappy exchange is a fully registered platform with a physical address. Your trades are safe with us, and we’re here to address any transaction disputes that may occur.
- A Wide Array of Gift Card Options: We boast an extensive selection of gift cards for trading. No matter what type of gift card you have, you can find a wide range of options to sell. It’s time to explore our platform and discover the possibilities.
- Promo Codes & Trading Bonuses: As an added perk, we offer trading bonuses and exciting gifts through exclusive promo codes. To stay updated with the latest offers, be sure to follow us on Instagram.
Conclusion
With its user-friendly interface and powerful features, Square provides a seamless platform for creating, selling, and redeeming gift cards, making it an invaluable addition to any business owner’s arsenal.
However, as with any aspect of business, it’s essential to explore alternative options to ensure you are making the most informed decisions for your company’s growth. One such alternative is Snappy Exchange, a reliable digital assets platform. It offers a unique twist on gift cards, providing a platform where customers can exchange their unused or unwanted gift cards for ones they truly desire, all while allowing businesses to tap into a broader customer base.
