CoinOut is a mobile app that lets you get cash back by scanning your receipts. It is a convenient approach to generate some extra cash passively. You might think that numerous cashback apps are available in the market that claims to be the best; what’s so different about this one? While other apps are full of glitches, errors, and viruses, this one stands out.
You can obtain money from any store by using CoinOut. To get your cash back, you must snap a picture of your receipt. It is that easy – a quality not shared by many apps on the market. You can download the free mobile software CoinOut for Android or iOS operating systems.
It’s important to note that CoinOut is also a digital wallet, one that can be used to gain rebates on regular transactions.
The software is built around the premise that individuals are lazy and won’t count their spare change. Therefore, this app eliminates another time-consuming task. This software may be the best option if you hate dealing with change.
This app has three significant benefits: you can get prepaid Amazon cards as gifts or transfer the amount directly into your bank account. You can also get direct payment into your PayPal account. The ability to withdraw funds by gift card or direct deposit with no minimum is a great feature of the app. Almost every other app has an excessively high minimum balance required before you can cash out. Payouts from these apps can take a while, making it nearly impossible for a quick payment.
You can upload a scanned receipt from any store as long as the following information is included:
- Money spent
- Name of the store
- Total transactions
- Dealing date
- Details of what was bought and how much it cost
CoinOut is an efficient app beneficial for those with numerous transactions to make daily. They are still operating and doing rather well. The company had so much success that another company recently acquired it for a large sum of money. CoinOut generates annual revenues of about $12 million.
Jeff, the owner of CoinOut, offered 7.5% ownership in exchange for his capital for an initial investment of $250,000. He finished his presentation by fielding questions from the investors about how the software functioned. Kevin posed a question that bothered many. He was worried that a well-established payment system would destroy this app quickly. This prompted him to inquire about Jeff’s plan for dealing with his competitors.
In response, Jeff stated that the payment processing industry generally believes that cash is becoming obsolete. But that won’t happen anytime soon. Mark Cuban agreed with this viewpoint.
He also stated that shopper loyalty programs are also helpful. A 3% transaction fee and a $20 monthly fee are imposed on merchants. At this point, Mark became a little reluctant and excused himself.
While Lori found the idea intriguing, she wasn’t sure she could make her money back if she invested. This resulted in her leaving as well.
When asked if Jeff had a shot at making it, Barbara said yes. She offered $250,000 in exchange for 15% of the company if Jeff could sign up 700 stores by the end of the year.
With half the year behind, Jeff found it to be a daunting undertaking. He thought that time would run out before he could complete the task.
Mr. Wonderful put forth a condition-free $250,000 in exchange for a quarter of the company’s ownership.
Robert proposed a deal where he would invest $25,000 for a 15% stake in the company, stipulating that the pilot project with a big shop becomes a success.
Despite the business owner’s acceptance of Robert’s offer, a contract was never formally signed.
Our Review of CoinOut
Even though many investors were interested in the business idea, nothing much could come out of this deal. Nevertheless, CoinOut has continued to thrive. The app’s user base expanded dramatically over time. In 2021, the app was used to scan over 3 million receipts monthly. IRI Worldwide acquired CoinOut in March of 2021 for an undisclosed price. Market experts say that CoinOut is making money off of its popularity.
However, once you test the app, you’ll testify that it couldn’t be easier to use. It’s quite simple to join. In fact, this app makes things even simpler for those not familiar with the technology. Its sole function is to serve as a scanner for your receipts.
The only true complaint about this software is that you only get a few cents per scan of a receipt. That’s to be expected, given the meager yields of similar free money-making apps in the past. The amount you receive from other apps will not likely be noticeably higher. If they provide slightly bigger amounts, there will be stipulations, such as using a specific credit card or shopping at a specific store.
However, there is no danger in doing so because the software costs nothing and might help you earn some extra income in your spare time.
Pros
- Super simple in every way
- Costs nothing
- Can be used at any store
Cons
- Poor payouts
Who is CoinOut Best For?
CoinOut is for those who have a smartphone and don’t mind turning in even the smallest receipts for cash. It is so easy to use that those with difficulty handling technology can easily scan their receipts.
Are There any Alternatives?
You can use the following alternatives to CoinOut if you’re interested in scanning receipts in exchange for cash – Ibotta, SavingStar, Receipt Pal, and Drop.
Our Final Thoughts
Using CoinOut won’t make you rich. However, it’s easy to earn a few bucks sitting at home. There’s no reason to turn down any amount of free money you can make by selling off your receipts using this program. The requirements to use CoinOut are low, and its usage is more flexible than its competitors.
