Are you shock to find out that Americans toss away approximately $62 million in loose change a year? Those little pocket change can really add up!
A New York entrepreneur, Jeffrey Witten, took this matter into his own hand by creating CoinOut – a simple wallet app that allows anyone with a mobile number, to save loose change and in turn, convert those receipts into effortless money.
So does CoinOut stack up in this regard? The concept of scanning receipts is not new, how is CoinOut different from other reward apps in the market?
If that is the question on your mind, you have come to the right place.
For those of you who have been following my website, you’ll know that I always go deep below the surface to find out what a product truly is, before making my recommendation.
Honest, unbiased reviews – that is what you will find here.
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Product Name: CoinOut
Founder: Jeffrey Witten
Product Type: Reward Apps
Summary: CoinOut is an app that allows you to earn cash rewards for your receipts.
Overall Ranking: 6/10
CoinOut Before Shark Tank
The concept for CoinOut is based on Whitten’s belief that people don’t care to bother with loose change. According to him, loose change is generally regarded as filthy and doesn’t fit into a wallet or skinny jeans. Getting coins back from your cash is annoying, inefficient, and a stupid way to transact.
Thankfully, CoinOut app is going to change all that! It allows users to save the loose change and convert their receipts into easy money – think of it as a digital piggy bank.
The idea of reward apps is not new, there are many other apps doing the exact same thing already.
However, seeing Jeffrey Witten walking away from Shark Tank with Robert Herjavec’s offer of $250,000 investment for 15% equity in the company, it makes us wonder what set this app apart from others. Having one of the sharks swimming along with him has definitely helped propel the app into the limelight.
How Does CoinOut Work
To get started, just download the app to your smartphone, create an account (mobile number required to do so), and voila! You can start scanning your receipt and earn your reward.
They accept almost ANY kind of receipt, as long as it is not older than 14 days from the date of transaction. The only few exceptions are ATM receipts, lottery tickets, credit card slips, money orders, coupons, and receipt barcodes or QR codes. But those are the only restrictions.
There are a few ways for you to do that:
1. Participating CoinOut locations allow you to scan your receipt or enter your mobile number at the cash register, the changes will appear instantly in the wallet
2. Upload/scan receipts from large retailers using your mobile app. Your scanned receipts need to show clearly the date of the transaction, the store name, the total amount, and line item with the prices. Everything has to be clear and readable.
3. In the case of e-receipts or digital receipts issued by in-store purchases, all you have to do is to forward your e-receipts to firstname.lastname@example.org on the day of purchase. CoinOut accepts up to four e-receipts per day.
4. You can also earn a cashback percentage for online shopping through the app at participating stores.
Now that you’ve submitted your receipts, it is time to earn some cash back. We were told that:
“You take photos of your receipts after your purchase. We give you randomized rewards. That’s it! We use the purchasing data to show you more relevant offers in the app and chances to earn through partners, feedback forms and other ways. We NEVER sell your information.”
So from here, we know that the amount of your reward has nothing to do with the amount of your spending – it is randomised, meaning that you will not know how much you can get upfront, and it is given in exchange for your purchasing data (so they are basically studying your purchasing behaviour).
Finally, it is time to cash out! You can cash out directly to your bank account, gift card, or Paypal at any given time. For direct deposit or Amazon gift cards, there is no minimum cash out amount, while a minimum payout of $10 is required for PayPal.
Other Ways To Make Money With CoinOut
CoinOut also offers a referral program – where members get rewarded for getting others to join the platform. You can find your unique referral links are under the ‘Share & Earn’ section of the app.
Again, it is not stated upfront how much money users can earn through referrals. But from what I gathered, you can expect to get $0.5 – $0.7 for every successful referral that you made.
There are also trivia that you can participate in – just answer some questions (usually pertaining to the app) and if you manage to do it correctly, you will split the pot with the other winners.
How Much Can You Earn With CoinOut?
Since the amount you get per receipt is random, there is no straightforward answer as to how much you can really make with CoinOut.
Based on the users’ review, you can expect to be paid anything between $0.01 to $0.20 per receipt. Most users reported getting less than $10 per month, which honestly isn’t that much.
My Take On CoinOut
Reward apps don’t usually pay out well, and CoinOut is no exception. So don’t expect to make a living by scanning receipts with CoinOut.
If you are already into the habit of scanning receipts, then this is a bonus for you. With a realistic expectation, CoinOut actually worth a shot. It is risk-free and easy to use, so no harm trying it and see it for yourself.
However, if you are a little more ambitious, then the reward given may not worth the time spent on scanning receipt. Those precious time of yours could have been put to better use by building your online business instead.
In a nutshell, here are some Pros and Cons that I have gathered:
Good reputation with strong support team
> Free to use
> User friendly and easy to use
> You get reward for almost any type of receipt
> Online shopping through participating store can earn you the reward without you spending time scanning the receipt
> User data is highly protected with SSL-encryption.
> Data is secured through Amazon Web Services (AWS)
> Amount of payout is not made known upfront
> Too much time spent in order to earn pennies
A Better Way To Make Money Online
Obviously, you can’t strike rich with this app, just a few dollars here and there, enough as your ‘pocket money’.
It is possible to make good money online – even when you are asleep! And that is called passive income. But like anything worthwhile, it would not be as easy as scanning receipts. Success is the result of learning a proven process and working hard to build your business.
Look at these people, they are not some extraordinary genius, they are people just like you and me.
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What do you think about CoinOut? Share with me your thoughts at the comment section below!