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- Paribus Review
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Have you ever purchased something that you thought was a great buy, only to find it on special or at a drastically reduced rate the next week?
It happens to the best of us, and guess what, now there is an application that monitors your online purchases, alerting you when there is a price reduction.
Now, that sounds all well and good, but once you have purchased something, what good is it to know about a sale on that item after the fact? Well, if you are an avid online shopper, you should know that you can often request a price adjustment refund once the item goes on sale (usually within a certain number of days – normally 7-10 days after the purchase). Of course, this takes a lot time and following up.
Well, Paribus does this all for you, and they’ve been getting featured on many sources for their innovative service.
*Update: Paribus has now removed their 25% success fee on price drop refunds. That means Paribus is now 100% free to use.
Who Will Benefit From Using Paribus?
Paribus is for anyone that shops online often and is in the know with online apps. It does not require a genius to operate, but you need to understand the mechanics of it, so that you do not have any nasty surprises. We’ll go over some particularly important details.
If you are used to requesting refunds online when you see the purchase go on sale afterwards, then you will understand that this process can take up to 10 days, dependent on the supplier. Paribus does all of the monitoring so you can spend your time elsewhere. Their algorithm does all of the monitoring and price comparison in real time. You’ll then have the opportunity to move forward with a price adjustment refund on your purchase if it becomes available.
How do you sign up?
The Paribus sign up is fairly simple, and it is absolutely free to become a member.
Register with the email address you use when purchasing online. This is important, as Paribus needs this email to do its searches. It will search within your email inbox for your online purchase history by detecting receipts from the merchants it works with. *If you have any concerns with Paribus scanning through your emails for receipts, we suggest creating a new email account specifically for your shopping receipts.
Link your credit card details. This is for them to
collect their 25% fee when you successfully receive a price adjustment refund. One-fourth of your price adjustment refund seems like quite a bit, but that all depends on if you were willing to do the monitoring and price adjustment refund requests yourself.
How does Paribus benefit?
they take 25% of the savings they get for you on the item involved in the price adjustment refund. The 25% will be tallied at the end of the month once you’ve received all your price adjustment refunds during that time. You do have the opportunity to reduce this fee by referring friends and family to Paribus.
How does it work exactly?
Paribus uses your email address supplied to them to search for past orders you made. It is, essentially, a online search bot, that moves in and around your emails, silently.
Paribus will continually monitor to see if your purchase gets a price reduction and, if there is one, will ask you if you’d like them to notify the supplier on your behalf to start the process of getting the price adjustment refund. You’ll receive the refund back to your original form of payment, or you may receive a store credit depending on the merchant.
It is not Paribus that pays you back. It is the supplier, but it is Paribus that arranges all of this for you. If you have issues, you deal with Paribus and they will sort it out for you. Paribus has partnered up with various major suppliers, such as Amazon, Macy’s, Old Navy, Sears, Best Buy, Home Depot, and many more. See their full website for a list of all the partners.
The Pros And Cons Of Paribus
Honestly, there were not many negatives found. Paribus does not do any searching for price reductions until you confirm the purchase receipts they’ve scanned for. They really are quite careful with all they do. They are dealing with your money after all.
It is a fast and efficient process, where you do very little, other than confirm the qualifying price adjustment refund, and approve it. This takes place all on the app, which is downloadable onto your smart phone.
Some have complained about the
25% fee taken, but there is quite a bit of work done behind the scenes, so you’ll have to see if your time is worth the trade-off.
The owners and founders, Eric Glyman and Karim Atiyeh, both have backgrounds that merge wonderfully together. Eric has financial experience, so knows his stuff when it comes to saving money. Karim has the technical and product development savvy and is continuously looking to improve the application. They both have seen the benefits in helping out the community in saving on purchases and feel very passionate about it.
Some have worried that Paribus is a scam, but there are numerous more reports of users successfully getting adjustment refunds for a quite some time.
Another vote of confidence is that Capital One, being the 8th largest commercial bank in the USA, recently acquired Paribus, stating that they were very impressed with the talent levels and technological innovation of the owners. Paribus had over 700,000 users at the time of the acquisition and since has grown to staggering numbers, clearly showing that there is great benefit in using their application. Who does not like to save money, right?
It really is a win-win situation. You save time and money, and Paribus gets paid for their efforts.
We say Paribus is definitely worth checking out.
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