Online musical instrument marketplace Reverb has launched a new feature designed to help sellers save up cash and create a "gear fund" to spend on the platform: Reverb Wallet.
With Reverb Wallet, sellers earn 1% cash back on their sales when they opt to store their proceeds on Reverb. This helps users earn more from their sales and keep their gear budget in one place. As there's no additional bank processing involved, earnings are received faster than with a conventional sale, too.
Reverb's announcement follows the marketplace's recent UK relaunch, which saw the platform reducing its seller fees from 8% to 5% in an effort to persuade more British musicians to sell their gear on Reverb. The company is also offering sellers discounted postage labels and new assistive pricing tools that provide access to UK-specific market trend data.
"One of the most important parts of music making is trying out new sounds," said Reverb CTO Jason Wain. "Whether you’re upgrading from an Epiphone Les Paul to a Gibson, or starting a new project that needs the dreamy tone of a Roland Juno rather than the gritty sound of the Moog Grandmother, we want to make that journey as easy as possible."
"With Reverb Wallet, players get access to more gear when they turn their old guitars, synths, pedals, and other instruments into higher earnings that help them refresh their rig."
To use Reverb Wallet and take advantage of the cash back bonus, Reverb sellers can visit their Shop Settings page, navigate to the Policies page and select Reverb Wallet in the payment section.
Cash back earned using Reverb Wallet must be spent on Reverb and can't be withdrawn to use elsewhere, and money can't be transferred from the Wallet to a bank account while it's active. (If you choose to stop using Wallet, but still have funds, Reverb can arrange a balance transfer.)
