6 ms·
GiftRocket's new design has launched
- biot 15y ago> GiftRocket uses my location to check I’m actually at the pub and > when my location is confirmed I get my gift. The GiftRocket > amount is transferred into my Paypal account and I pay as normal. So it's essentially a money transfer between two people but GiftRocket takes their vig and the recipient needs to be at a certain location (or fake the location) to receive the transfer. Depending on the percentage, this could be abused to launder money through the pretense of a gift purchase.
- kapilkale 15y agoWe're a payments company in disguise.
- pitdesi 15y agoI like that... Can you elaborate, or is it hush-hush? Also, what happens when the other person doesn't redeem? (I tried to send myself the free $5 but found the process cumbersome so I didn't redeem). There will be a lot of breakage on this product, which is potentially great for you in the short run but bad in the long run.
- nbaum5 15y agoWhat specifically was cumbersome?
- biot 15y agoYou're essentially a money transmitter and the location hook is a facade. How have you tackled the uncertainty around the Money Transmission Act? (ref: http://www.quora.com/Aaron-Greenspan/In-Fifty-Days-Payments-Innovation-Will-Stop-In-Silicon-Valley http://www.quora.com/Aaron-Greenspan/In-Fifty-Days-Payments-...)
- deleted 15y ago[deleted]
- samtp 15y agoThis isn't really a gift certificate to anywhere. It seems more like just paying your friend to go somewhere. They can redeem the gift, then spend the money anywhere. Also I may be wrong, but 99.9% of physical stores don't accept Paypal, so your friend would already have to have the gift amount in cash or credit/debit.
- IgorPartola 15y agoRight. I see that this is a distinction from just sending my friend money via PayPal. However, it (1) requires my friend to have a smartphone and (2) makes them get a PayPal account, which most of my friends have never heard of. Also, the idea of sending a gift card through email seems very tacky to me. But then again, I may not be your target audience.
- nbaum5 15y agoGiftRocket is a new take on gift cards. Recipients prefer cash to gift cards, but it's tacky to give cash as a gift. We're trying to capture the sentiment of a gift card (I thought of you, I thought you'd enjoy this place) without the restrictiveness of a traditional gift card.
- div 15y agoReally like the look and feel of the site, but as someone who dislikes gift cards in the first place, it seems like GiftRocket just makes the idea more cumbersome.
- tuckbuck 15y agonot a good idea. To gift my friend, iam paying a cut to giftrocket and also forcing my friend to pay at the selected location. why not just send the paypal gift to my friend directly and let him/her pay wherever he/she wants to ? Just send ur preferred location along with your gift email . This model would make sense if businesses pay a cut to giftrocket and not the end customer, giftrocket has to then signup businesses one by one - not an easy thing to do.
- emrosenf 15y agoIncredible work Mike!
- deleted 15y ago[deleted]
- ErikRogneby 15y agoOne of the nice things about gift cards is their atomic portability. I don't see that here. If someone gives me a starbucks card I can re-gift it to a homeless guy on the street. Also how would "any business" work if that business has no physical location?
- dools 15y agoWhen I purchase the gift card, presumably I'm purchasing via PayPal. The recipient then receives the money via PayPal. So like - I could just give my friend some money via PayPal and say "hey dude, have a night out on me".
- pbreit 15y agoAlmost identical to Giftly including the chutes and ladders diagram: http://begiftly.com/what-is-giftly http://begiftly.com/what-is-giftly