Lehmann says the average discount across all devices that have come through Tiptop's system so far is about $287.
The merchants selling the item pay a fee to Tiptop just like they would for any other payment processor. That fee is somewhere between 5 and 12 percent, Lehmann says, depending on the value of the item being traded in.
Lehmann says Tiptop has cataloged around 50,000 specific products that it will accept as trade-ins. Behind the scenes, Tiptop uses some algorithms to dynamically estimate the value of everything on its list based on market values and some adjustments for depreciation.
The genesis of Tiptop started after Uber bought Postmates in 2020, when Lehmann says he took some time off to be with family and consider what his post-Postmates life might look like. 'After a while I started thinking about how my house is full of stuff,' he says.
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