Whether you like it or not, cold hard currency is still the preferred choice of payment at brick-and-mortar businesses in North America, and this is exactly how CoinOut, one of the latest digitized payments solutions, would like it stay. Not only do cash payments make sense for most consumers, this longstanding love for coins and banknotes reinforces the face-value appeal of cash, which is lacking from the digitized currencies that are becoming increasingly popular online. With a solutions-oriented approach to in-store commerce, CoinOut has launched a sensible, simplified app that digitizes sales, strengthening the customer base of local merchants as well as their bottom line. By streamlining the logistics involved in processing cash payments, CoinOut “…makes brick-and-mortar commerce better for everyday customers and merchants.”
Founded in 2015 in New York City, CoinOut is a payments processing app that appeals to both merchants and consumers alike. By “bringing offline transactions to the online world,” CoinOut aims to free cash-wielding customers and their preferred neighborhood merchants from the limitations and time-consuming tasks associated with loose change. Founded by CEO Jeff Witten, a Columbia Business School graduate who had a stint at Apple after finishing law school, CoinOut leverages the “cash transaction space” in a whole new way. Inspired by the way payment portals like Venmo were revolutionizing the flow of digitized money, Witten wanted to create a tool that could not only convert cash payments into savings and discounts for consumers, but also serve as a centralized touchpoint for merchants. CoinOut aspires to extend the life of traditional cash transactions by sparking a merchant-customer relationship and powerful communication channel that can translate into a solid customer base with genuine brand loyalty.
CoinOut currently offers two solutions to merchants: Cash Back, which claims to “increase your sales without lifting a finger,” is a digitized form of customer engagement that lets customers earn a small digital cash reward or special offer every time they make a purchase. By scanning the QR code on the receipt with their phone or the free CoinOut app available on iOS and Android, consumers bank a portion of their purchase based on the amount determined by merchants. In turn, merchants can push out specific coupons or messaging to participating customers with the aim of increasing repeat customers and sales. The second option, Digitize Change, lets consumers save the change from their purchase to their digital CoinOut wallet. Customers similarly scan the QR code from their receipt or they enter their phone number into the store’s POS in order to claim their loose change. Customers can cash out or even donate their cash rewards to charity, and they can also apply the funds to an Amazon gift card at any time. CoinOut is proud to be unlocking the cash rewards system in a novel, less rigorous way, particularly to those less-than-creditworthy folks who have been barred from the benefits of most other cash back programs offered by banks and retail chains. It also serves as a valuable tool to the millions of unbanked consumers who can monitor their spending habits and track cash flow. All consumers need to access the CoinOut app is a phone number. “Not only does CoinOut make it easier to pay but also provides you with a little more data on how to manage your money,” says Witten (Fast Company).
Former Intuit chairman and Apple board member, William Campbell, was CoinOut’s first major investor and CoinOut is now available to countless merchants on their Clover POS terminals. With major retailers like 7-Eleven, McDonald’s, Speedway and Dunkin’ Donuts on board, CoinOut is gaining real traction in the payment solutions arena. Just remember to save those receipts and keep them crease free so you can lock in the value of that spare change!