More people are selling their gift cards in order to get cash to pay for their rent or buy groceries, while buyers are using CardCash.com as a new way to save money on day to day shopping.
East Windsor, NJ (PRWEB) August 27, 2012
With Gift Card Sales exceeding $100 Billion this year, estimates say that roughly 10% of the gift cards received are unwanted and are not redeemed. This has led to the creation of the secondary gift card market which has literally gone viral over the past few years enabling consumers to sell their gift cards to companies who resell them at a discount to others. CardCash.com, considered to be the most popular online exchange to buy and sell unwanted gift cards has experienced a revenue growth of 3,754% over the past three year period, qualifying it for such a high ranking on the Inc. list.
In a typical transaction, CardCash.com will purchase a gift card at 80% of its value, and then resell it for 90% of the initial value. Buyers use the discounted gift cards they purchased as their method of payment at the register of their favorite merchants. Gift cards are as good as cash and can be combined with coupons and any other discounts.
In an interview with Inc. Magazine, Elliot Bohm CEO and co-founder of CardCash.com relates, “The recession has made the service particularly attractive to both buyers and sellers. More people are selling their gift cards in order to get cash to pay for their rent or buy groceries, while buyers are using CardCash as a new way to save money on day to day shopping. Once you get exposed to the discounted gift cards market, it’s addictive”.
Inc. Magazine bases its rankings on the 2011 revenue of the company which Bohm says, “The company has been tripling its growth year after year and is anticipating to do close to $20 million in gift card sales in 2012”. “Even with our rapid growth, we are still only tapping into a fraction of the over $40 Billion pool of unwanted gift cards and merchandise credits in the United States. There is definitely a lot of room for growth and we have a lot of initiatives in the works,” said COO and co-founder Marc Ackerman.
Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at http://www.inc.com/5000.
An in depth Inc. Magazine interview with CardCash.com CEO Elliot Bohm can be found here http://www.inc.com/john-mcdermott/applicant-of-the-week-cardcash.html
"Now, more than ever, we depend on Inc. 500|5000 companies to spur innovation, provide jobs, and drive the economy forward. Growth companies, not large corporations, are where the action is," says Inc. Editor Eric Schurenberg.
About Inc. Magazine
Inc. Magazine, founded in 1979 and based in New York City, is a monthly publication focused on growing companies. The magazine is widely known for its publishing of an annual list of the 500/5000 fastest-growing private companies in the U.S., the "Inc. 500" and “Inc. 5000”. Inc. Magazine's guaranteed paid circulation is 700,000. Total readership exceeds 3 million per issue.
CardCash.com, a New Jersey start-up company was founded in 2008 and has since become the most popular exchange to buy and sell unwanted gift cards. It operates two websites ABCGiftCards.com and CardCash.com and controls more than a third of the secondary gift card marketplace. It offers the best pricing, highest level of security and buyer protection, and is known for its reputable customer service, efficient and fast processing.