Reverb Wallet Entices Sellers With Rewards To Keep Funds On Site In "Gear Slush Fund"
Musical instrument marketplace Reverb hopes to convince sellers to forgo payouts to their banks and keep funds on account in exchange for 1% cashback with new Wallet feature.
Introducing Reverb Wallet
Reverb Wallet is a new way to enjoy higher (and faster) payments with your own personal “gear slush fund.”Get your earnings faster with quicker payouts
No more long waits before receiving funds from your latest sale transfer to your bank account.Earn 1% more from every sale
Sellers that use Reverb Wallet will enjoy 1% cash back on each sale.Keep your gear budget in one place
When you sell your music gear, you deserve to reinvest the money you made back into your gear collection. Reverb Wallet makes that easy.
How does Reverb Wallet work?
With every sale where the seller chooses to receive funds in their Reverb Wallet, they'll earn 1% cash back. This cashback cannot be withdrawn to a bank account - it will automatically be used towards future purchases and expires a year after it’s earned.
Reverb Wallet will allow sellers to access their funds faster than having payouts go to a bank account.
For new sellers, earnings are sent to the Wallet once the payment has been approved upon the item’s delivery. For repeat sellers, earnings get sent to their Reverb Wallet once the payment is approved upon the item being in-transit.
Sellers who wish to use Reverb Wallet will not need to have a bank account on file and money cannot be transferred from the Wallet to a bank account while Reverb Wallet is active - if the seller chooses to no longer use Wallet but they still have a balance, they'll need to contact support to request a balance transfer.
The move come as new owners Servco Pacific and Creator Partners look to make their mark after acquiring Reverb from Etsy earlier this year.
Liz Morton
Is 1% cashback enough to convince you to use Reverb Wallet? Let us know in the comments below!
