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I’ve been thinking about something lately and would love to hear your feedback. Our crypto payment provider (CoinPayments) recently introduced a feature where we can buy Gift Cards with crypto! This got me thinking, especially after dealing with a recent ticket where a new user wanted to sell but had zero knowledge about crypto or other payment methods. Gift cards came up as a potential solution.
So, I’m wondering – should we start offering Gift Cards as payouts for newbies or those who can’t use crypto?
We can purchase 1000’s of different Gift Cards with balances up to 2,000 USD, but I do have a couple of concerns:
Geolocking – CoinPayments warns us that some Gift Cards are GeoLocked, which could be a big issue. Is there a reliable way to check this beforehand? If anyone has experience with this, I’d love to hear your insights!
Rounding Amounts – We can’t buy Gift Cards for exact amounts; they’re always rounded to the nearest denomination (100, 200, etc.). This could create some challenges when calculating fees and payouts. How would you suggest handling this?
I’d really appreciate your advice and thoughts on whether it’s worth exploring this option further. If anyone has experience using Gift Cards for payouts or knows ways around the geolocking issue, let’s talk!
Not sure if it would be worth the hassle, but if you really wanted to do it then I think there are better providers for that than doing it through CoinPayments. For example there are platforms that allow issuing cards in exact amounts, etc.
What you could do is introduce a option where the buyer pays with a credit card, debit card, paypal etc but the seller receives it in crypto. The necessary fees should be payed by the buyer because he is the one with out knowledge of crypto
No I am not saying you registered yourself as a crypto exchange platform.
I am saying that you are already using coinpayments just use them for this
coinpayment could just add another here option to pay with as mentioned above
I believe it could get too complicated. Instead, you can suggest that the sellers accept crypto or recommend a trusted user on the site who can receive their payment and purchase a gift card for them (essentially acting as a currency exchange). Gift cards come with too many potential issues, and resolving disputes can be challenging due to the lack of transparency.
Alternatively, if you see significant value in working with these sellers, you could consider personally handling their payout and purchasing a gift card for them so that it’s not Swapd as a company acting as an exchange.
