Have you ever made a purchase, only to discover a few days later that the item has been put on sale? It’s incredibly frustrating to realize you’ve paid an extra $20 or $40 due to your timing. Many retailers and companies often promise the lowest prices, some even offer price-matching or delayed discounts if you revisit the store later. But, realistically, with busy schedules and a lack of enthusiasm, many of us wouldn’t make the effort to claim these discounts. This is where Paribus comes into play.
WHAT IT DOES
Paribus, an ingenious app created by two Harvard graduates, assures its users a refund of the money they are owed. The founders, disappointed in how companies use customer data to manipulate prices, designed Paribus to empower customers. Once you connect the app with your email account, Paribus monitors your shopping expenses and compares the prices you paid with any subsequent price drops or available coupons. It then communicates with the stores on your behalf to maintain a refund of the money you could have saved. Impressively, without any work from your side, Paribus examines your receipts, identifies price changes, and claims the refunds. The refunded money lands straight back into your wallet once claimed, thanks to its advanced algorithms.
To start with Paribus, download the app and create an account using your email address on a computer or smartphone. After that, you need to link a credit card to your account to ensure there is a destination for your refunds. Paribus then sends email alerts or notifies you directly in the app about possible refunds. All you need to do next is accept or reject the proposed refund – feely admitting, there’s no sensible reason to decline. Once you accept, you’re in good hands! Paribus ensures that the refund goes back to your original payment method. It currently partners with numerous retailers such as Old Navy, Target, Nordstrom, Macy’s, Staples, Best Buy, Amazon, and more, ensuring that you will likely shop at one or more of its affiliated stores.
COSTING DETAILS
Although the Paribus app is free, it does charge a commission – 25 percent fee of the total refund. While you still receive the bulk of the refund, this is something to bear in mind. Notably, the smaller the refund, the more significant the impact of the 25% fee on your account. However, by referring friends, you can reduce their commission by 5 percent per referral. Refer five friends and your fees disappear completely!
PROS & CONS
Pros include an instant payout and partnerships with many retailers, putting user control at the forefront. On the downside, Paribus does take a 25% cut and requires access to your email and credit card information.
COMPARING WITH THE COMPETITION
Apps like iBotta offer a similar rebate function. However, the key differences are that iBotta’s rebates need to be manually scrolled through on the app and the refunded money can only be transferred to a PayPal account and only once at least $20 has been accumulated.
However, a number of other rebate apps exist like Gas Buddy, BerryCart, SavingStar, Ebates, and Checkout51. Still, Paribus stands out by offering refunds for a broader variety of stores and products.
IDEAL USERS
Paribus proves incredibly helpful for avid online shoppers, offering the potential to secure hundreds of dollars in refunds throughout the year – unless of course, you’re comfortable with the 25 percent fee. Conversely, if you aren’t into online shopping, Paribus might be a pass due to the complications of syncing your email and credit card for insignificant profits. However, for buyers browsing within the right demographic, Paribus can lead to substantial savings, all with minimal efforts. But if you’re aiming for a hefty income from Paribus, it’s advisable to explore your options.
