Leverage: Ending gift card clutter!

leverage virtual wallet logo Do you have some gift cards from the holidays taking up space in your wallet? Wouldn’t it be nice to exchange those Gap cards for Nordstrom?

Leverage, an Irvine based start up affords its users an opportunity to purchase and track cards from hundreds of national retailers in one place. Unlike other gift card sites, Leverage’s business model is unique. Rather than paying extra for the privilege of purchasing a card, consumers collect interest on card balances on account. At a time when most cards go unredeemed and sites charge a premium to buy gift cards online, Leverage’s free approach is refreshing and makes a great deal of sense for gift card holders. Moreover, since cards are tracked electronically all in one spot, it helps in cases where a physical card is lost, gift card balances need to be checked, and it removes the need to hunt for all that plastic (especially when shopping online).

Once registered, unwanted gift cards can then be swapped with other users in the Leverage community. Members get full value in the exchange and Leverage does not charge a fee for the service - all of the other places you can swap or sell a card do charge fees.

The Leverage "virtual wallet" goes further in tracking loyalty programs such as frequent flier programs of major airlines, hotel stays, rental cars, etc. At a glance, a member can determine loyalty point totals from various programs rather than having to log on to each airline/hotel site separately, remember usernames and passwords, etc. How many of us can attest to losing frequent flier miles to expiration? Tracking loyalty points on Leverage provides full visibility and increases the chance that they will actually be redeemed for awards.

leverage virtual wallet

Additionally, Leverage offers consumers a way to receive specific, targeted offers and coupons. Leverage will anonymously combine the information gained from activity on the site with profile, gift card, and loyalty program information to “pull” offers to you from retailers and manufacturers. Such messages would only be delivered to members when they are in the mood for them rather than interrupting you with email (in other words, you see you pulled offers only when you log into your Leverage account). The Leverage user would essentially decide what messages they’d rather hear about; for example a 30% off in-store coupon at Borders, or a sale announcement at the exact online apparel store that they are holding a $50 gift card to in their Leverage wallet.

Additionally, with their Transparent-Targeting mechanism, Leverage provides members with the exact targeting rationales from the retailer for each offer that gets pulled. For instance, a communication from a retailer might be target you and let you know that "you received this offer because you’re a 25-40 year old female, holding at least $48 worth of our gift cards and you indicated an interest in fashion". This is all done anonymously and members would also be able to exercise full control by "dialing up or down the volume" to get more or less messaging from the retailer or the specific category.

This control and feedback, unprecedented in the industry, enables a member to anonymously ask for relevant information and for retailers to target their messages to a motivated consumer.

All in all, Leverage offers a unique approach to a sticky problem; that of purchasing and keeping track of gift cards and loyalty programs. It offers retailers targeting messaging and consumers with an ability to control what they want to see and hear about.

Contributed by Rabinder Sekhon, Sekhon Advisors

Technorati Tags: leverage,virtual wallet,gift cards

One Response to “Leverage: Ending gift card clutter!”

  1. By Janice S. on Feb 18, 2022 | Reply

    they have only about 150 retailers, so it is not very useful right now.

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