Paribus Review
Never heard of Paribus? Don’t worry, neither had I before discovering it and deciding to do a Paribus review. The company is joining the ranks of many other apps and websites that are trying to look out for the consumer and help you save more money. But how much of a hassle is signing up and keeping up with what stores owe you money?
How Does Paribus Work?
Paribus works on a price arbitrage basis. That is when you buy something and the price changes (due to a seasonal change, use of a coupon, sale etc.) Paribus uses bots to apply to get a rebate on the difference and splits the take with you. You give them access to your email so they can scan for receipts and access to your credit card so they can apply the profits back to you. Paribus gets 25% and you get 75%. The company was founded by two Harvard guys: Eric Glyman and Karim Atiyeh. In 2016 the application was sold to Capital One after its user base reached 700,000. Paribus currently only works primarily on electronic devices running the iOS operating system. You need to be American to use it. Sorry Canada.
Sign Up Process
You can sign up a few different ways. Sign up for Paribus through the company’s website or through the app. You can then decide how you’d like to sign in. Be sure to use the email address where you get your online shopping receipts sent. Currently Paribus supports all email providers.
All you have to do to sign up is log in to your email address that you use for online shopping. Once you’ve done that you can rest easy. Paribus is now accessing your email and any shipping emails you get they will check the price and make sure you’re not being overcharged.
Is Paribus User Friendly?
The idea behind the app/website is that many stores offer price matches or even the best price available but very few follow through with that promise unless questioned. Paribus takes that last step out of the equation for you. All you have to do is continue shopping online as you would normally and Paribus does the rest.
To give this Paribus review an in-depth look there were a few more questions I had besides for the sign up process and the app’s user-friendliness. Here are a few other important things to know about Paribus:
- Paribus isn’t 100% free. You sign up for free and they don’t technically charge you anything to use the app, however, they take 25% of the cash they get you back. For example, if you get $1 back from an Amazon purchase Paribus receives $0.25 and you earn $0.75.
- You can get around the 25% fee. Since Paribus is relatively new they are running a promotion that will get you 5% deducted from the fee when you refer a friend. Essentially, if you refer five friends during the promo period you will get Paribus’ services completely free.
- Paribus isn’t registered with all online retail stores. Paribus is still a growing app/company. Not every retailer is tracked by Paribus yet. However, they are tracking the 20 largest online retailers, including Best Buy, Amazon and Macy’s.
- Many industries don’t really like innovation. Paribus is new. According to the NY University Sloan School of business, the average margin for online retailers was 2.97% (1). So, if Paribus has continued success it is possible there will be industry push back to defend their margins, so the long term future of the app is unclear. A bigger retailer like Amazon could buy it and kill it.
- You can’t sell your account. If you have a high yield account with Paribus it has no transferrable value under their terms of service. So, you can’t cash it out.
The Takeaway From This Paribus Review
Paribus is still a new and growing company. In fact, the patent is still pending, but it is another app that aims to help the consumer save more money. For that reason alone, I am a fan. I can’t wait to see how much money Paribus is able to save me on online purchases in the future.
Interested in trying Paribus? Check out the video below for more details:
Photos: 30 is the New 20 and Tech Crunch
Like Saving Advice? Subscribe!
Subscribe to get the latest Saving Advice content via email.