Earny, a free app created by Israeli developers, allows consumers to avoid overpaying on their purchases.
As reported in NoCamels:
Earny ensures that consumers can take advantage of price protection policies offered by major stores and credit card issuers. Many stores offer policies that promise to pay back the difference when a price drop occurs on past purchases, but customers must do their own research and go through the hassle of requesting refunds.
Earny automatically tracks purchases through emailed receipts, finds better prices, monitors price adjustments and files refund claims back to the original payment method.
Earny automatically unlocks those savings from credit card issuers as well as more than 50 of the largest retailers in the United States, including Amazon, Target, Walmart, Best Buy, Nordstrom, and many others. The app is programmed to understand each individual store’s price match policy and knows how to file claims without requiring any interaction on your part. All Earny’s transactions are securely and safely handled by MasterCard’s trusted Simplify Commerce technology.
Earny has raised $1.2 million in seed funding from Sweet Capital Ltd. and Science Inc., with participation from Jeff Bonforte, SVP, Communications Products at Yahoo, and Wealthfront CEO Adam Nash. The team also relocated to Santa Monica to work out of Science’s offices there.
Although the app is free, the company takes a 25 percent cut on each of your refunds (besides the first, which is free). This may seem like a large cut, but the way Earny sees it, this is money you would not have otherwise bothered to get back, money left on the table.
“Earny’s ultimate vision is to protect users’ wallets by making sure they don’t overpay on any purchase made,” Oded Vakrat, CEO of Earny said in a statement. “We want to eliminate the headache of tracking down money people are owed on discounts on flights, hotels, products and more. We expect to get consumers approximately 10 percent of their yearly purchases back.”
Earny can also help consumers get their money back on payments for insurance and phone plans, and can offer Australian shoppers more protection in an already competitive market.