Secret: The real revenue basis for merchants issuing gift cards is for merchandise returns. Closed loop lock-in and high breakage (nonuse).
@__JasonMarshall @eric_research Jason, would have to disagree with Breakage numbers.This is an observable trend also state reporting records
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@BrianRoemmele@eric_research states don't escheat much, big programs take breakage to income & only report if forced. Data is super private -
@__JasonMarshall@eric_research Jason, true in some states other larger states have huge escheatment pools. The feed is large retailers. - 2 more replies
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