What is Scrip
What is Scrip and what does it have to do with business and bartering?.
If you’ve ever purchased a gift card or gift certificate, then you’ve been introduced to what businesses call Scrip. Scrip is not to be confused with Script like in a movie but SCRIP as in gift cards or gift certificates, which is widely used by millions of people and found in stores everywhere.
Using Gift Cards In Your Business
The use of Scrip (Gift Cards) has become and is becoming more popular among consumers and business in recent years. The National Retail Federation, reports that 62 percent of consumers prefer to receive a gift card over pretty much anything. Shelly Hunter gives a really good breakdown on gift cards in her article titled “Top Gift Card Statistics.”
But how are businesses benefiting from the use of gift cards or Scrip and what impact if any is it making on their bottom line? “A recent article on Leapfin, “How to Properly Recognize Gift Card Revenue” states that “Financially speaking, a gift card is essentially an interest-free loan from the consumer to your company.”
In today’s episode, if you are not using Script in your business, you’ll have a better idea of what it is and how effective it can be in helping to grow it.
What You’ll Learn:
- Why do businesses issue them and how are they benefiting
- Why issuing Scrip is like printing money
- What is breakage
- When should you use blackout dates on your gift certificates
- How should you keep track of your Scrip
- How to barter using Scrip
Links & Resources:
Note: Some of the resources below may include affiliate links.
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