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re: Coworker was propositioned with a ponzi scheme....- Updated-Gets Worse
Posted on 9/5/13 at 10:13 am to Ace Midnight
Posted on 9/5/13 at 10:13 am to Ace Midnight
quote:
I'm wondering if the guy isn't faking the prepaid cards - surely he would have gotten caught by now, huh? Or, he has found some exploit with a prepaid program that somebody hasn't figured out yet - maybe an extended promotion.
I might be wrong, but from what I understand about the gift card industry is that there are discounts offered to bulk purchasers. So, for instance, if you buy a shite-ton of $20 Red Lobster gift cards you can get them for like $15 each.
I don't know if the Visa gift cards work in a similar manner or not.
But this is basically how companies like Gyft.com make their money.
1
Posted on 9/5/13 at 10:20 am to WikiTiger
quote:
I might be wrong, but from what I understand about the gift card industry is that there are discounts offered to bulk purchasers. So, for instance, if you buy a shite-ton of $20 Red Lobster gift cards you can get them for like $15 each.
yeah its a good investment on the behalf of the retailer, red lobster in this example.
1) they know gift cards arent redeemed 100% (i dont know what the number is but i bet Darden group does)
2) even if #1 wasnt true, the gift card acts as a catalyst to get a customer in the door whom may have not come in previously. additionally, how many people spend EXACTLY whats on the gift card and nothing more? anything extra is profit that would not have been ordinarily realized.
i wonder how steep a discount this guy is getting
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