Bringing in cash from your receipts seems like an extraordinary method to earn. It’s easy to get started and almost anyone can do it. CoinOut provides you with this opportunity.
But is it a lucrative way to earn? Is the app a scam or legit? It is even worth your time? To determine this, you have to take a close look at what CoinOut has to offer and this CoinOut Review will do just that!
So, let’s go ahead and jump into this CoinOut Review.
What Is CoinOut?
CoinOut is a receipt scanning app. It allows anyone with a mobile number, to save loose change and in turn, convert receipts into money.
CoinOut was created in 2017 by entrepreneur Jeff Whitten. The concept for CoinOut is based on Whitten’s belief that people don’t care to bother with loose change. CoinOut became very popular in February 2018. This is when Witten pitched the app on the hit T.V. series Shark Tank. Shark Tank allows entrepreneurs to pitch their products to five investors. The five “sharks” decide if they want to invest as business partners.
Witten’s pitch was successful with Shark Tank investor Robert Herjavec. Herjavec made a $250,000 investment for 15% equity in the business. From there, CoinOut quickly became a popular receipt scanning app among users and finance critics. The company is now partnered with Epson, Amazon, First Data, orgHunter, BNB, and Clover.
How To Earn With CoinOut
With it being a receipt scanning, the most obvious way to earn is by scanning your physical receipts.You simply upload and scan receipts by taking clear photos of them. It’s a very simple process.
There are some general guidelines for scanning receipts. Things to keep in mind are:
- Receipts cannot be more than two weeks old
- You must submit a picture of the entire receipt
- You’ll instantly receive a set amount of cashback; the amount will vary with each receipt
CoinOut also accepts e-receipts but you have to forward your e-receipts to firstname.lastname@example.org. To earn from e-receipts, you need to forward them to CoinOut the day of purchase and the email must include the phone number associated with your CoinOut account.
Another way to earn with CoinOut is with cashback offers. With CoinOut, their cashback offers are for online purchases from their partner stores.
They have partnered with merchants like Walmart, Groupon, eBay, Travelocity, and others. To earn with cashback offers, just go to the cashback section, then choose which online store you want to shop from and click it. When you complete the purchase, you will receive the cashback reward. Unlike receipt scanning, the reward won’t be instant. Cashback offers generally credit about a month later.
Lastly, you can earn by welcoming others to join the application. You can copy your referral link from the Share & Earn button and give it to others. When they join the app, they will become your referral.
The reference prize changes every once in a while, so there’s no fixed amount. But you can guarantee the referral payment will be added to your account once the referral has joined.
How Much Can You Earn?
To be honest, the earning potential can vary. It seems everyone earns different amounts with CoinOut. The amount per receipt is completely random. But if you are uploading several receipts a month, you can earn some nice extra cash.
How Do You Get Paid?
You can withdraw your earnings via PayPal, direct bank transfer, or you can withdraw your earnings in the form of an Amazon gift card.
You don’t need to earn a certain amount if you want to do direct bank transfers and Amazon gift cards. But for PayPal withdrawals, you do need to have at least $10 in your account.
CoinOut Review Conclusion
You’re not going to make a ton of money with CoinOut but they are completely transparent about that. It’s simply designed to earn you a few extra dollars here and there. It’s risk-free and easy to use, so it couldn’t hurt trying it. If this CoinOut Review taught you another way to earn from home, please share with someone else!