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Credit Card Applications » News » Products » OneReceipt Acquisition Could Spell Savings for Shoppers

OneReceipt Acquisition Could Spell Savings for Shoppers

OneReceipt Acquisition Could Spell Savings for Shoppers
September
24
The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

A free new web and iOS app may help credit card users keep track of their receipts and increase their purchasing power by letting them see how much they are spending in rewards categories, among other uses.

OneReceipt, co-founded by Michael Altman and Sam Fine in 2011 and recently acquired by Performance Marketing Brands, is a free app that lets users track their spending by sorting and categorizing all their receipts in one place. No more wallets bursting with little pieces of paper, or lost receipts when you’re trying to fill in your budget each month. OneReceipt manages customer receipts by extracting data from email receipts, and paper receipts can be added by simply taking a picture.

For credit card customers trying to maximize cash back by spending in certain categories, OneReceipt could be a useful tool to see how much they’ve spent in rotating cash back categories. When used in tandem with a shopping site or app like FatWallet, a coupon and daily deal aggregating site, shoppers can save more than ever before, and easily keep track of it all on their smartphone or desktop.

Performance Marketing Brands Acquisition Builds Savings Team

With its recent acquisition of OneReceipt, Performance Marketing Brands (PMB) has built a great team of savings partners, including popular coupon site FatWallet, Ebates, Ebates Canada and AnyReceipt. PMB expects consumers to spend over $1.5 billion through their sites in 2012, giving them gross merchandise volume equal to the top 50 internet retailers.

OneReceipt co-founders Sam Fine and Michael Altman said in a press release, “We are excited to bring the OneReceipt technology to the PMB family and help their community of online shoppers develop a deeper understanding of their purchases. Leveraging the PMB retailer and brand relationships, we hope to bring substantial savings and rewards to our deeply valued users.”

Kevin Johnson, CEO of PMB, said that the acquisition of OneReceipt was important to PMB because “Shoppers are challenged with keeping track of both digital and paper purchase receipts. This acquisition will allow us to offer our online shopping members an efficient tool to organize their spending, track shipments and even collect on additional rewards.”

Tracking Savings and Rewards

In an exclusive Credit-Land.com interview with OneReceipt co-founder Sam Fine, he says that when he and his partner saw mobile payments integrating more and more with email and ecommerce, they felt the time was right to build the tech behind OneReceipt.

When users sign up for the service, they are given a personal user email address where they can send all their receipts, and they can install a Google Chrome extension to scan their personal email box for receipts and shipping confirmations if they wish. Users don’t have to use the Chrome extension or the mobile app if they don’t want to though – they can do it all through forwarding emails to their OneReceipt mailbox.

One all the users receipts are collected in one place, they can generate reports to track spending, and export them in PDF or CSV form. While many credit card issuers offer spending reports and budgeting tools on their websites, OneReceipt has the advantage of being able to go a little deeper into their spending and report with more detail.

“A credit card processor will only show the high level information – you spent $50 at Home Depot – we tell you in more detail, actually giving product level details. This helps you down the line for warranty and returns,” says Fine.

This feature can also help users track rewards spending if they have a credit card that offers extra cash back in rotating categories, like the Discover More or the Citi Dividend Platinum Select cards.

Fine says that his company anticipates creating even more ways for customers to save money in the future, especially since they have been acquired by PMB – giving them a wider audience and several new partners to work with.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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