Coinout App Review
Cashback has been a new trend in the shopping and finance industry in the last 5-7 years. We have seen numerous companies being set up and apps being launched that deliver the customers cashback based on various customer behavior, especially spending, transferring, and using their money. There are various means and business models by which it is delivered to the customer.
The History
Coinout is a company started by a New York-based entrepreneur, Jeffrey Witten. There are quite a few apps that work on the same business model, but Coinout became popular when it appeared in the popular TV show Shark Tank. For those who don’t know Shark Tank is a series where budding entrepreneurs get an opportunity to pitch their product ideas to 5 investors who are termed as the “Sharks”. The Sharks will decide if they want to invest in the idea as business partners and bring in equity participation. Coinout appeared in February 2018 and that’s when it got immense popularity because of the show. Apart from gaining a wide audience and user base the pitch was also accepted by Shark Tank investor Robert Herjavec. Robert committed to an investment of $250,000 and received a 15% stake in the company. Following the investment, it became even more popular and amassed a massive following.
Now Coinapp has investors who include the top companies of the business world including Clover, BNB, orgHunter, First Data, Amazon, Epson, and more.
What is Coinapp?
Coinapp is essentially a receipt scanning app. The basic idea is to have customers scan their receipts after shopping to their app and get cash back and offers in return. It’s a win-win for the customer as all they have to do is just scan the receipt and scan to get money in return, almost as good as doing nothing extra at all. Also, it allows users to save loose changes as well. The biggest USP of the product is customers can earn extra money on every purchase by doing nothing. The rewards are in the form of money which can be transferred out to various mediums irrespective of the amount involved.
How does Coinapp work?
Essentially, Coinapp is a receipt scanning app, which like most finance apps, also provides a digital wallet. Let us help you get started with using the app.
- You can download the app from Google Playstore as well as iTunes.
- Install the app and register the app. It will ask you for a phone number and verification to get started. Users have commented that you will be able to use VOIP as well as Google Voice numbers (which are virtual numbers).
- As per the ongoing offers, you may also get cash back or other gifts when you signup.
- Finally, you will have to set up the account in which you have to share a payout mode which can be a bank or a mode like Amazon gift card, direct deposit, or PayPal. Input all the details of the option you want to use. The account is all set up now.
- To get started, scan the receipts from your purchases. The receipts can be from any online or offline store purchase. The receipts must be scanned properly and show the complete receipt and the details printed on it.
- Coinout will then deposit your earnings into your account which can be visible in a few minutes.
- You can transfer your earning to any mode like bank or PayPal that you have selected earlier.
This is as simple as it can get. By just following these steps, you can start earning money in return for submitted receipts. If for any reason, you are facing any issues, their customer service is very responsive and will resolve your issue in no time.
Coinapp Pros and Cons
Every business and product will have its pros and cons. This can be w.r.t the issues with the app, the legitimacy of the product, customer service, and many more. Though it has received wide media attention and popular following amongst users, it can still have its drawbacks. Here we will study the product and note its features.
Pros
- The app is completely free like most others. There is no subscription or one-time fee.
- The process of scanning receipts is fast and simple. There is no complexity here.
- If you want to transfer your balance to Amazon gift cards or do direct deposits, you can do so easily and instantly.
- There is no limitation of products that you can purchase and you can also upload almost all receipts to the app and get rewarded. There is no minimum billing, you can scan a receipt of any amount.
- There are other options to make more money like e.g. badges, quiz and more of such.
- You can also earn additional money using their referral program.
- Overtime Coinapp has received positive reviews from users and has also been recognized by the financial services industry. Coinapp is backed by investors, some of which are large brands and corporations. Therefore, the company is 100% legit.
- The personal details and user data of customers are kept secured using SSL encryption and using AWS (Amazon Web Services).
- A quick and responsive Customer Service team compliments the above factors.
Cons
- There is no specific calculation method to know how much spending will earn you how much cashback. The user will come to know the cashback only once it is scanned and the earnings deposited. Coinapp themselves state very clearly that the cashback is completely randomized and so no one can calculate a set percentage and apply it for a similar purchase. In other words, even two similar purchases can get different cash backs. They set a minimum and maximum range of the amount you can receive from a receipt.
- The cashback earnings seem to be lower when compared with competitive receipt scanning apps.
- To prohibit commercial usage, there is an upper limit on the number of receipts that can be scanned every day. (same with other similar apps)
- For using PayPal to cash out, you need a minimum of $20 in your account balance to be able to cash out. This is huge because, for a typical user, you will generate around $5 – $10 per month, so you will be able to withdraw only after 2 months or more.
- Referral programs change continuously. Also, the earnings may not be consistent across all offers.
- A section of users has reported that the apps run slow on their phones. Although this may be a device-specific issue, that remains to be investigated.
The pros outweigh the cons by a large margin. At the end of the day, it is free money received just for scanning the receipts, which is little to no effort. And users spend money daily for a variety of reasons. From refilling fuel, stopping at the store, picking groceries, buying a cup of coffee, etc. we shop every day.
Coinapp rules for scanning receipts
Coinapp is differentiated from other similar apps by the fact that it accepts almost every app. Scanning receipts is crucial to getting paid, so it has to follow certain rules and regulations as mandated by Coinapp. We will discuss them below.
- Display the store’s name clearly (online or in-store), date of transaction, the details of the purchase, and the final bill amount.
- The receipt must not be torn or damaged ideally, else you will have to contact the customer service team.
- Do not scan only bar codes or QR codes. Scan the entire receipt, else they will not be accepted.
- Any receipts that are older than two weeks will not be accepted. So scan as soon as you are out of the store.
- Should not have been previously scanned either by you or any other user (even your family).
Receipts for money orders, financial transactions, credit card slips, coupons, lottery ticket purchases, and ATM use cannot be used with Coinapp. Also, receipts that are not in English, that do not have products listed or from someone else’s purchase will not be accepted.
Scanning store receipts: The best way to scan a receipt, and not get rejected is to lay it on a flat surface (without folds and creases) and click a high-quality picture. If successful, the cashback will be instantly credited to your app. According to some users, the cashback is small and usually varies from $0.01 to $0.07. This means over a month, you can accumulate $5 – $20 depending on the number of purchases, which is not bad, considering its essentially just free money. Also, you will get special offers from the stores you purchase from. If the receipt is too long, try folding the receipt to get all the crucial info in one photo, else send an e-receipt of the same if you have one.
Scanning e-receipts: We live in a world where everyone wants to go paper-free and not all stores will give paper receipts or, if you are shopping online, you will receive an e-receipt. In such a case, just send the e-receipt to the Coinapp email ID [email protected] along with your registered name and phone number on the app for validation. To receive cashback for e-receipts, you will have to email it to them on the same day and Coinapp allows 8 such e-receipts per day per account. All that the user has to do is simply register their email through the survey link they receive via email post sending the e-receipt.
How much money can you make with Coinapp?
This is a debatable topic because at the end of the day it is only Coinapp that decides how much you will receive per purchase. No set percentage formula will help you understand that beforehand. However, there are a few factors that overall control the earnings as listed below:
- The number of receipts scanned.
- Amount of money spent in a month.
- The number of new users referred by you.
- The number of bonus offer schemes redeemed in your account.
- Amount of shopping on the Coinapp online portal.
- The partner merchants you shop from and their relationship with Coinapp.
To earn the maximum for Coinapp, first, use your referral link from the app to earn for every verified referral. Second, badges will show you options for partner offers, trivia, to increase your receipt limit, and more. Third, keep an eye out for the In-Store offers to earn bonuses. These 3 steps will ensure you max out on the earnings from the Coinout app.
Our Verdict about Coinapp
There are a lot of reasons why we love this product. Now that we have studied every aspect of the app and studied the user reviews, we can share feedback about this innovative financial product.
- The Coinout app and company are legit, can be trusted, and has got good backing from large investors and also the industry. There are a few other companies that operate on a similar business model.
- Users, partner merchants, and financial experts have given high reviews for the app.
- The cash-out mechanism is tried and tested by thousands of users in the last couple of years.
- Cashback is instant and efficient. There are several cashout options available for the user. The company adheres to the agreed timelines for rewards, cashouts, and other services provided.
- In case of any issue, there is a very efficient Customer Service waiting to help you.
- The user data and personal details are kept safe. The company clearly states that it is against selling any of your personal information or shopping information.
Like we have said multiple times, this free money, although not a lot. But the effort is worth it as you have to do nothing to get that money.
Summary
The product and idea were unique which is why it got an investor in the Shark Tank series. That should say a lot in itself. Over the last couple you years the company has grown a lot and created its niche in the market.