CoinOut is the newest app that offers round-ups for cash transactions and pays you for all receipts you scan! It’s a great money making app and a great way to save for an emergency fund.
- 1 What Is CoinOut?
- 2 How Does CoinOut Work?
- 3 How Much Can You Make With CoinOut?
- 4 How Do You Scan Each Receipt?
- 5 CoinOut Round-Up Feature
- 6 How Do You Get Paid With CoinOut?
- 7 Other Ways To Make Money With CoinOut
- 8 CoinOut Referral Program
- 9 How Do You Contact CoinOut?
- 10 CoinOut Pros And Cons
What Is CoinOut?
Coinout was created in 2015 by Andy Pliszka and Jeffrey Witten. You might have seen them on Shark tank when they went on the show to pitch their idea in early 2018 and received a 15 percent equity stake offer for $250,000.
CoinOut has 11,000 likes on Facebook with ~30,000 app downloads according to CrunchBase. CoinOut has received $1.9 Million in venture capital funding and has been featured in the media.
In terms of reviews, CoinOut has 11,100 reviews and a 4.7 rating on the Apple store and 2,900 reviews and a 4.5 rating on the Google Play store. It’s safe to say that CoinOut is growing and works well overall.
How Does CoinOut Work?
CoinOut pays you for scanning receipts. Unlike other cashback apps that only pay you to scan certain types of receipts (for example Ibotta and CheckOut 51 for grocery store apps), CoinOut pays you to scan any receipt.
Another bonus is that CoinOut is the only round-up app that works with cash. This helps a large part of America without access to credit or debit cards.
How Much Can You Make With CoinOut?
Each day, CoinOut sets a minimum and maximum for scanning a paper receipt. The amount you get per receipt is randomized, and does not depend on how much you spent or which store you went to.
Paper receipts seem to get between $.01 and $.50, with most payouts ranging between the $.05 and $.10 range.
If you’ve purchased items online, you can forward your online receipt to [email protected] to get cash back for that receipt. CoinOut accepts 4 online receipts per day. You’ll need to provide your phone number for the order in order for CoinOut to confirm the receipt is yours. The cash back for online receipts are added to your account every Friday. You can try double stacking cash back with CoinOut.
While round-ups are not considered making money, you can save a ton more with round-ups.
How Do You Scan Each Receipt?
Make sure you’re not scanning duplicate receipts, otherwise the system may block your account. You can view all the receipts you’ve take a picture of, so if you don’t remember if you’ve scanned one, you can check.
For each receipt, make sure you have the following on the receipt:
- Date – make sure to scan your receipt within 2 weeks
- Name of Store
- Amount of Sale
- Price of Items
CoinOut only takes one picture of each receipt, so make sure that all the data is available. If you can’t see it all, try folding the receipt or standing further out from the receipt.
CoinOut accepts all receipts, but those receipts must be from actual purchases. Here are some examples of things that aren’t receipts:
- ATM receipts
- Lotto tickets
- Credit Card slips
- Money Orders
- Pictures of just Barcodes or QR codes
As you can see, these are clearly not receipts, but CoinOut just wanted to clarify in case.
CoinOut Round-Up Feature
When you sign up with CoinOut, you need to enter your phone number in order for the cashier to link you to your CoinOut account. CoinOut runs on the back of Clover, which is a payment processing service. Instead of giving you back change, CoinOut can simply put your extra put the change towards your savings account in the CoinOut app. Savings accounts are Federal Deposit Insurance Corporation (FDIC) insured.
For example, if you go to Walmart and spend $1.96 on a soda, you’d normally get $3.04 in change. With CoinOut, you can put that extra change into the CoinOut account and start building an emergency fund.
CoinOut doesn’t make money through the people who use the app (except through offering cashback for trying free products) — it makes money from retailers who use the Clover system to allow round-up transactions. On the Clover site, it says that it charges small businesses $19.99 per month for the service. I’m sure large retailers are charged much more per month based on volume. This saves retailers cash fees, which are likely much higher than $19.99 per month. For example, people who need cash coin and dollars will likely have to pay a bank fee, perhaps a part of an armored car fee, etc.
As you can see, the round-up process is a win-win-win for CoinOut, the user, and the retailer.
How Do You Get Paid With CoinOut?
You can get paid in three ways: Amazon gift card, bank, or PayPal. There isn’t a minimum for Amazon gift card or bank, but there is a $10 minimum for PayPal. You can cash out once per week.
It takes 24-48 hours to process each payout. If you choose bank payouts, it will take 2-3 business days for the money to arrive in your account. Amazon and Paypal cashouts should be near immediate.
Other Ways To Make Money With CoinOut
There are four other ways to make money with CoinOut: CoinOut Gold bonuses, Cashback via online retailers, CoinOut Badges that give out bonuses, and cashback offers for trying out a free product.
CoinOut automatically gives out bonuses for some receipts scanned daily.
Cashback Via Online Retailers
CoinOut has moved into the cashback space, intending to compete with the big leagues of Ebates and BeFrugal for cashback. Though the companies they offer cashback for are limited, CoinOut has stated they intend to have the highest rates in the cashback market. If you’re looking for cash back via online retailers, I’d suggest you take a look at Ebates [$10 signup bonus] and BeFrugal [$10 signup bonus] before making your decision.
There are different badges, but most badges offer a small bonus. Here are a few examples:
- Extra $1 after your balance is over $20
- Unlimited withdrawals for a week if you do 2 Coinout online purchases (though you can just wait the next week to cash out)
- Get double in-store receipt bonuses when you forward one CoinOut online purchase
- Extra $2 for Sam’s Club purchases
The badges aren’t super exciting except for the $20 one and Sam’s Club bonus if you’re a member. Note that not all badges are always available, so they might be different when you take a look.
Coinout has a weekly Trivia pot of a few hundred dollars. We entered one week when the pot was $300. The trivia game is run through TypeForm, a questionnaire software. The game is pretty slow, so I had to wait several times for the questions to load.
The questionnaire tries to get you to do the cashback offers for free products in the app by asking about them first, but they weren’t the highest paying cashback offers for them (Bloom, life insurance, etc). I’d check out SwagBucks for those offers because Swagbucks [$5 bonus signup] offers much higher cashback on those offers. I don’t know the odds of winning the trivia game, considering there were ~30,000 downloads of the app in the last month. It’s unlikely you’ll win, so you’ll have to decide if you want to spend time on the trivia questions.
Overall, the trivia questions were easy to Google and there was no timer on the form.
CoinOut Referral Program
Once you join CoinOut, you can refer your friends and family. CoinOut pays you $.75 for every user you refer.
How Do You Contact CoinOut?
CoinOut Pros And Cons
The CoinOut app has a lot of cool features that don’t exist in other apps, but there are some cons as well. We’ve summarized the pros and cons before.
CoinOut is the only app that allows you to make money scanning any kind of receipt at all.
It’s also the only app that allows you to get round-ups from cash transactions.
Coinout pays out in Paypal, bank, or Amazon gift cards, which means you can access your cashback and round-ups easily.
Lastly, CoinOut pays out $.75 for everyone you refer. Since it’ll save your friends and family money, it’s easy to refer people.
The major con of Coinout is their app design. It doesn’t look like an app built in 2014. The company has received multimillion dollar funding, so I’m not sure why they haven’t used some of that money to make the app interface more aesthetically pleasing. The app works though, so if you don’t mind the design, it’s a great app.
Some of the features of CoinOut were a little slow to load, most notably the trivia part.
Olivia worked in finance and wants you to learn the secrets of financial independence. She believes there are so many ways to monetize your life and make money doing the things you're already doing because so many companies offer free money.
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