What Is CoinOut?
CoinOut is a fairly new hot market application which seeks to give loyal patrons of businesses a return on their purchases. CoinOut was featured on an episode of the hit series Shark Tank, where Jeff Witten, founder and CEO, produced his masterpiece to the world. His project was based on the notion that many people do not care for loose change, and thus with time and effort, Coinout was born. The app platform was officially launched in January of 2017.
Coinout’s Team & Company
The creator of the Coinout brand is Jeff Witten. He was exposed to the world of mobile app payments back in 2013 when he was positioned with Apple in the payment department during summer between law and business school. From there began his inspiration that led to his grassroots movement to allow for easier practices in cash counting for businesses and to reward loyalty to consumers, particularly regulars.
Next in line is the CTO, Andy. He had a similar desire in wanting to give back to patrons when having owned a Subway franchise. Following him are the board of advisors, CEO Sabah Asraf, CDO Atif Rafiq, and Ronald Mann, professor of law at Columbia Law School. Finally, a primary investor in the Coinout project is the late William Chairman, an associate of Witten’s from the Apple company who believed in Witten’s business idea enough that he endorsed a large portion of the startup investments.
Coinout is currently partnered with Amazon, Epson, First Data, orgHunter, BNB, and clover.
How CoinOut Turns Loose Change & Receipts Into Money
Like most mobile & digital apps on the market, Coinout operates in a similar fashion. The technology, while having been limited in the beginning to collaborate with select merchants now allows for cashback on any purchase. Did we just say any? Yes, we did. Hence why Witten’s work has very much taken off over the past year. The caveat to the consumer is that the merchant must be registered with Coinout in order for there to be a receipt balance to build on.
All that is required of the consumer is registering with the app, choose a payment option and voila, they are able to start scanning receipts. Whenever the user wants to retain their return investment, all they have to do is push the button labeled ‘cash out’.
Another beauty of Coinout is that there are no fees required of the user, only the merchants (sorry you all), at a minimal cost of $9.99 per month. Merchants have five different tender options once signing on to Coinout; cash, debit, credit, mobile pay or cash value in Coinout. Witten’s video diagram highlights the benefits for merchants also, as they have the advantage of decreasing register till counts, reducing cash processing fees, minimizing scenarios of administering wrong change, limiting fraudulent cases, fewer trips to the bank, and connecting with the customer through a form in which shows appreciation.
The system does not ask for any other personal information, other than a cellular number. If you are requesting to drop funds in your bank account, then the system will obviously ask for a routing number and a minimum of $5 app balance. Not into the banking institutions? No worries. There is an option of being paid on an Amazon gift card. Feeling philanthropic? In addition, an equally stellar action that Coinout offers which grant the user ability to donate their cash back to participating charity organizations provided the account has garnered $10 or more. Wowza.
CoinOut App Final Verdict
Cashback on purchases of our favorite things? Yes, please. Does it come at some personal cost of privacy? Potentially, but none that we have yet to witness.
This app is certainly swoon-worthy. All of its reviews from users have been positive, which is extremely rare these days. It allows for direct deposit, opportunities to be generous to charities, throw in the virtual tip jar for service and supports the inclusion of those who do not utilize centralized banking. Not to mention makes life easier for the detail saturated life of managers and entrepreneurs. Coinout even keeps track of all the transactions, so at the end, everything is stored in a neat, paper-free file.
Download? Yes. Our hats off to you Coinout.