Looking for the most savings while shopping online can be an irking drill: Will it be cheaper on eBay or at Amazon? Hoping that prices will come down in holiday seasons can also be quite ludicrous.These questions are what Earny sets out to address. The company’s new personal assistant bot will keep track of the prices and automatically get your money back on past purchases — without much hassle. Just set-up your account and link accounts with them and you’re all set to roll back your money.This Innovative approach has also got them seed funding of $1 million from Sweet Capital Ltd and various other sources.
This is how it works — the app once connected with your email account, it starts tracking your Amazon purchases and finds your e-receipts, then checks the prices of those items to make sure that you got the good deal on purchases. When the app detects lower price, it’ll initiate a refund from the store on behalf of you and the difference amount will be credited back to your account that you have set-up. They will charge a 25% for every transaction (except the first). Earny would require this data to locate email receipts, which it’ll use as a trigger to monitor the expectancy of the price going down at any of the leading 50 online stores within 90 days of your original purchase. The receipt data is said to be deleted after the price protection period expires indefinitely.
Earny isn’t as sophisticated as it sounds, at least not to its users and isn’t even fully automated surprisingly; humans still would have to handle some undisclosed secure tasks to process refunds for consumers. But Mike Jones, Chief Executive and Founder Oded Vakrat expect its software to become an advocate for their consumers in much more ways predictable.
Even though it has and would end up costing them money in the long run, retailers and credit card companies turned out to like the idea of Earny, said Vakrat, who was the first to design the service at an app-making competition held and hosted at MasterCard. Initially, the founders had the idea that it would be hated by the credit card companies. But they understood the potency of giving customers the confidence to buy whatever they were looking to buy, whenever they wanted the need to.
Further down it’s road map, Co-founder of Earny says the team plans to separate its app by going ahead of retail savings. He envisions a bigger picture to offer customers with the same protection across a range of services. “For instance, hotels, flight tickets, car insurance, phone bills, health insurance, – all those things we’ll crack down on in the future,” he says. “We are looking forward to helping you get your money back on most payments,” adds Vakrat.
“Our research has shown that almost all the listings face a drop in price,” the company explains. “Walmart and Amazon for example, have more than 2.5 million price changes every day, so consumers are missing a lot out here.”
Probabilities are, you have paid more for something recently, and it is more than possible to get that money back. If the phone calls and paperwork seem to be too much of a hassle, perhaps an app like Earny could be the answer.