People who pay with cash either throw away their change or like me, they keep it, pile it up and then turn it in. In my case, I find myself cashing in twenty or more dollars of change, and my all-time high of over $350 at one time. Coinout changes the landscape of pocket change by making your transition electronic. Will the Shark Tank investors bite on this deal?
Coinout merchants allow you to scan your receipt and transfer change electronically
Participating Coinout merchants allow you to scan the receipt into the app on your phone, and then your change goes into your Coinout account rather than in your hand. You can cash your change out directly to your bank account instead of having to throw it in the jar. No more having to take in the coin to have them counted.
Shark Tank had another business pitched that also save the coins to an account, specifically focused on college students. The money is then used to pay down the student loan. In this case, Coinout is giving you complete control over your money to pay down whatever you want or to put the change back into your bank account.
Retailers like the Coinout system because they can capture data on their customers, and are beginning to offer incentives to their customers above the convenience features.
Witten is a huge fan of Shark Tank, and my guess is his idea spun off the other options for recovering change shown on Shark Tank. I believe he is taking the idea of others and merely making it better with Coinout.
The one challenge is the lifecycle of a business like this. How many years will it be before we are using 100% digital currency? I think the days are closer than we think, but will it happen within the next twenty years? We shall see.
Coinout has existing investors coming into Shark Tank
There are investors in Coinout as well, making another twist for the Sharks to navigate. Witten's company could be a massive play in Shark Tank.
Entrepreneurs: Jeffrey Witten
Ask: $k for % equity
From: New York City
Season: Season 9 Episode 923
Sharks: Robert Herjavec, Barbara Corcoran, Kevin O'Leary, Lori Greiner, Mark Cuban
First Aired: 2/18/2018
Coinout is getting a ton of press from unlikely sources coming into Shark Tank. The company has articles in Forbes, Fast Company, and others meaning they do know how to promote their business. There's a strong chance that we see a potential deal out of Shark Tank, but the value Jeff Witten puts on his company will dictate the success of a deal. Let's see if Mark Cuban jumps in on this one?
And, I might add, according to news reports, Witten is connected up with Clover, giving him over one-hundred-thousand locations where this application is in use. That's restaurants, bars, coffee shops and more. Coinout is getting huge tractions. That will make a massive difference to the Shark Tank investors. Clover doesn't even need the receipt to apply your change! Coinout is built in and asks you on their screen.
The one catch is that Coinout takes a $9.99 per month service fee from retailers, and hopefully, the availability of loyalty programs through Coinout will be enough incentive to get them engaged.
What do the Shark Tank Investors say about Coinout?
- Robert Herjavec
- Barbara Corcoran
- Kevin O'Leary
- Lori Greiner
- Mark Cuban