Gift cards are a great way to give gifts to friends and family. They are personal, easy to use and can be given from any business or store.
Y Combinator startup giftrocket takes a different approach to sending and receiving digital gift cards. Founded in 2010 by Nick Baum, Jonathan Pines and Kapil Kale, the company offers users the ability to send gift cards and e-gifts to recipients, including friends and family.
A user can purchase a gift card for any amount online and send it to the recipient through email or Facebook, using PayPal, bank account transfer or check. The recipient can then redeem the card at the merchant’s location or use it to pay for something else.
The recipient can choose from a variety of gift card options for restaurants, stores and experiences, and they can send the gift to anyone in the world. The service also allows for customized messages to be sent with the gift.
Another feature that differentiates giftrocket is its mobile website, which allows the recipient to redeem a gift card from the site. When the recipient redeems the card, it is credited to their PayPal account.
If the recipient doesn’t redeem the gift card within 90 days, GiftRocket will issue a refund. The company does not partner with businesses and doesn’t need to, but co-founder Kapil Kale believes the social pressure and proof of location will make people use the cards as intended.
This new method of giving gift cards is a step in the right direction for consumers, but it still needs to be perfected. The service is not yet available in all areas, and it will likely need to sign up merchants in order for the product to work well.
Y Combinator startup giftrocket is a new way to give gifts that combines the thoughtfulness of a gift certificate with the flexibility of cash. Founders Nick Baum, Jonathan Pines and Kapil Kase wanted to help friends and family get the most out of their time together without having to worry about the expense and hassle of a traditional gift certificate.
A gift certificate is a paper or plastic card that can be used to buy goods from a certain company, often at a specific price. A gift card is generally less expensive than buying something directly from the company and is usually more memorable because it comes from a friend or family member.
The Y Combinator start-up, which is in San Francisco, aims to combine the idea of virtual gift cards with location-based services. Rather than having the gift recipient present a physical gift card to the restaurant or business, GiftRocket sends them an email that they can then redeem from their smartphone when they are at the location.
Once they redeem the gift, the money is transferred to their PayPal or bank account and they can then spend it at that restaurant. If the recipient doesn’t redeem the gift, the money is refunded by GiftRocket and can be used for something else.