Many consumers are looking for ways to save money on shopping and now a new free app aims to help them do just that. The new app Paribus is designed to automatically apply for refunds for you if an item purchased drops in price or has a coupon available that was not applied during the purchase. Launched to the public May 5, the new Paribus app works by monitoring your linked email accounts for online receipts and records your purchases in your app account. If the app finds a coupon that could have been applied to your purchase or if the price of an item purchased falls within a certain time period, the app automatically files a claim with the store where the purchase was made for a refund for you.
Many retailers have policies in place that will refund money to customers if an item goes on sale within a week of the purchase. The policies are aimed at increasing customer confidence that they will receive the best price for their purchase so they will make purchases immediately instead of waiting to see if the items go on sale at a later date. Unfortunately, many consumers miss out on these refunds because of the difficulties of keeping track of each store’s policies and tracking the prices of items that have already been purchased.
While the app is free to sign up for and free to use, the company makes its money by charging a 25 percent finder’s fee for any refunds it finds for you. The app only works with about 18 retailers so far, but that number includes large retailers like Amazon, Walmart and Best Buy. The company is actively working to get more retailers on board with the program. Here is a list of the other merchants that are currently supported by the app:
• Athleta
• Banana Republic
• Bloomingdale’s
• Bonobos
• Gap
• J. Crew
• Macy’s
• Newegg
• Nordstrom
• Old Navy
• Piperlime
• Sephora.com
• Staples
• Target
• Zappos.com
Paribus is one of few services designed to get you money back after you have made a purchase. As more stores move to dynamic pricing and adjusting prices algorithmically based on demand, it becomes more and more difficult for the average consumer to keep track of all of the price changes relevant to them. Paribus streamlines this process and takes most of the effort out the process for consumers. Cofounders Eric Glyman and Karim Atiyeh hope that consumers will see the value in the app they have designed and embrace it as an effective way to get back the money that they are due.