David Leeds

So basically, it's very simple.

We would create an account for top entrepreneurs.

You would fund that account for, say, $10,000 in your example.

We would create a branded email that preserves your brand and your image and your messaging.

And then via our API, you would basically just, every time that you wanted to send out, say, a $1 gift card,

whoever that's to, that would trigger a call on our API.

And then we would send out that $1 gift card on your email template and then just reduce your account by that amount.

How do they redeem it?

Well, in most cases, we're sending a specific digital gift card.

So this could be to Amazon or to iTunes or to Starbucks.

The list goes on.

We've got about 300 different digital products, if you will, in our catalog.

And so when you receive that gift card, there are two or three instructions that explain to you how to redeem that.

So in the case of Amazon, if you already have an account, you just click a button and it binds that Amazon gift card to your account and you have that to spend at Amazon.

There's a huge range based on the various folks we work with, but the average ends up being a little bit north of 6%.

Yeah, you know, it's obviously a big issue in the gift card world.

I think, you know, if you kind of net it all out, there are, you know, probably four or five percent of the value of a gift card, you know, ultimately does not get used.

And this is what the industry calls breakage or just unused value.

Typically, with the brands that we work with, that I would say are the better brands, the higher reputation brands, that number is extremely low.

When you're getting a gift card to a merchant like an iTunes or a Starbucks or an Amazon, the vast majority of that value gets used.