You heard some good stuff about a cool-sounding app called Coinout. And, now you have a bunch of questions. Like, just what is the Coinout App, and how does it work? I know it sounds a little too good to be true, right? Or at least that’s how I felt when a friend first told me about it.
Turn any retail receipt into cash?
I like the sound of that because it seems I’m always buying something. And after joining the platform back in 2018, I submit my receipts faithfully every week. I mentioned Coinout a few weeks back when I blogged about easy ways to earn gift cards. But I realized that my full review was long overdue.
By the way, I can guarantee that reading this Coinout Review will save you a ton of confusion. Before signing up back in 2018, I read several reviews first as I routinely do. Imagine my surprise when I joined and discovered the app bore little relationship to anything I read!
Shortly after launch in early 2018, the concept behind Coinout changed dramatically. Yet, even today, the reviews of the platform have not caught up. I spent some time scratching my head before going back and digging deeper. So, hopefully, I can spare you the confusion.
Let’s dive into the details of the Coinout mobile application as it exists today, shall we?
What is the Coinout App?
Members can scan retail purchase receipts to earn a randomized amount of cashback. You can shop online through the app and enjoy cashback from Coinout retail affiliate relationships. Or, you can enter into some sweet deals for things like insurance, financial products, and other services through the Coinout product marketplace.
New York entrepreneur Jeff Witten is the founder and Ceo of Coinout. The app took off after Witten’s appearance on Shark Tank in February 2018 which led to a $250,000 equity investment from Robert Herjavec Coinout is available for both IOS and Android devices and is highly rated on both the App Store (4.7) and Google Play (4.4)
How Does Coinout Work?
Coinout’s mission is to keep things simple because they believe that other receipt scanning apps are too complicated. That simplicity starts with sign-up, which requires only a mobile phone number.
Once you download the app and input your number, there are several different ways to start earning.
Scan In-Store Purchase Receipts
You can scan any retail receipt from any establishment, regardless of what products you purchase. The only requirements are that the receipt is legible and clearly shows the name of the vendor, the items purchased, and the date of the transaction. Additionally, you can’t procrastinate. The receipt has to be uploaded within 2 weeks of purchase.
Just open the app and hit the large orange scan button to initiate the process. The app will use your device’s camera to snap a picture. Lay the sli[ on a flat surface, line it up within the on-screen frame, and press the camera icon. Within a few seconds, you receive a randomized award that is added to your account balance.
The amounts to be awarded are determined each day. I have received amounts ranging from 1 cent to 18 cents per invoice. Others claim to have received as much as 61 cents. But I have not personally seen that much yet. There is a daily limit on the receipts you can upload, which is usually 6 or 7.
The products you purchase may be used to tailor the offers that you are presented within the app. For example, I buy a lot of pet products, and I often see an icon for Chewy offers. The cashback amounts are small. But if you’re consistent, they definitely add up over time.
Think about all the different types of items you buy. Receipts can be for groceries, clothing, household goods, gas, take out food, dine-in restaurants, haircuts, and so on.
Do you purchase online? You can email your e-receipts to receipts@coinout,com to receive awards for those also. You have to forward the e-receipt on the same day you receive it. And, be sure to include your phone number in the transmission.
Get Cash Back For Online Purchases through the App
Coinout has affiliate relationships with a couple of dozen online merchants, including Walmart, eBay, Groupon, Home Depot, and Macy’s, to name a few. When you decide to shop online, it’s always an excellent idea to investigate available cash rebates.
Why pay full price if you don’t have to?
To save money on your online purchases with Coinout, you must go through the app. On the app’s home screen, you’ll see an icon labeled ‘All Stores”. Touching this button will open a list of retail merchants who partner with Coinout. Find the vendor you’re interested in and use the ‘Shop Now’ button to go directly to the merchant website.
The ‘Shop Now’ button is an affiliate link. Coinout will earn a commission for sending leads to the vendor. A portion of that commission is then shared with Coinout customers. Cashback percentages are listed and will vary by vendor. The process of earning cashback with Coinout is very similar to using other sites like BeFrugal or TopCashBack.
As a Coinout user, you will see Badges on the home screen that represent various different Offers from organizations that Coinout partners with. New Offers are added all the time. These Offers represent good deals on various financial or subscription services.
For example, you can get an insurance quote, start investing with Stash, or perhaps get a debit card for your child. Most Offers involve cashback bonuses.
Another way to earn some cash with Coinout is by referring your family and friends to the program. Just use the ‘Share and Earn’ button on the home screen to get your unique link. Share the link on social media or through email to make $1 for each person you refer to the Coinout platform.
Newsletter and Other Features
Coinout is an engaging app. You can sign up for their newsletter to learn about new partnerships, Trivia Contests, and occasional sweepstakes. And, periodically, you may receive random gifts based on the number of receipts uploaded.
When Coinout’s founder, Jeffrey Witten, appeared on Shark Tank in 2018, the concept of the app was different. In addition to cashback for receipts, he envisioned a digital wallet that consumers could use to save loose change. The theory was that most people who transact in cash hate having to deal with coins.
When using the app, shoppers could request that their change from a cash purchase be credited to their Coinout account. He had some mind-boggling statistics showing that the loose change consumers leave behind in the course of a year (because they can’t be bothered to carry it in their pockets) amounts t0 $62 million.
Of course, crediting the coins to a shoppers’ Coinout account would require special equipment on the part of merchants. Apparently, it was an exciting concept that wasn’t feasible. I haven’t been able to find any discussion about this feature. But I can confirm that it’s no longer part of the app.
How Do You Get Paid With Coinout?
You have 3 options for cashing out with Coinout:
- An Amazon Gift Card
- A Direct Transfer to Your Bank Account
- Cash Via PayPal
To request a PayPal distribution, you need a minimum of $10. Amazon gift cards or direct bank transfers have no minimums and can be claimed in any amount. The app indicated that transfers might take up to 5 business days to process. But in my experience, it’s usually faster than that.
To request a withdrawal, just tap the orange dollar sign ($) on the home screen.
I hope I thoroughly answered your question, what is the Coinout app, and you now have a much better understanding of how it all works. As always, if you have any remaining questions, please give me a shout in the comments below. I’ll be happy to get back to you.
I’m sure it’s quite clear that you’re not going to make bank with this app. But hey, it’s free money, and for the seconds it takes to snap a pic and upload your receipts, I think the extra money is worth it. I cash out a few times a year. And, as long as your snapping pics, why not submit them to Receipt Hog and Fetch as well?
But if you’re looking for a way to make a lot more money online, why not investigate the platform where I built my website? You can check it out at no cost or obligation.
Join the Conversation
Have you tried Coinout yet? Why not jump into the comments and tell us about your experiences? Or, maybe you have another favorite receipt-scanning app. We’d love to hear about that too!