BillShrink.com was originally a website aimed at helping consumers get cheaper mobile phone plans. The company then moved to providing users with credit cards, savings accounts, gas stations, TV services, and what they claim to be the best rates for CDs. BillShrink used the information provided by consumers and data from several websites to provide users with a list of options and recommendations to help them reduce their billing charges.
The company later planned to launch a service called Statement Rewards. BillShrink.com has announced that it will shut down in July 2013 after years of renaming and renaming. When I try to access the site today, I get the message “The server IP address for www.billshrink.com was not found.”>
What happened to BillShrink.com? We traced the history of the company and found the answer.
History of BillShrink.com
Schwark Satyavolu and Samir Kothari launched BillShrink.com in April 2008 (source).
By 2009, the site announced that it had 1 million members and saved more than $ 1 billion in daily billing (source).
BillShrink was launched as a service to help customers lower their mobile phone contracts, but has since compared prices for many consumer products and services, such as gas (source). ).
The scaling feature seems to have been the key to Bill Shrink’s rapid growth. According to Jason Kincaid, who writes on the tech news website Techcrunch.com, “BillShrink was able to expand into a new vertical market relatively quickly thanks to the technology that was working in the background.” ). Kincaid continues to explain that the site collected unstructured data from different parts of the web and converted it into structured data.
BillShrink said in describing the service that it is “a free decision-oriented site that helps users find and choose the best savings options on their daily bills” ( Source).
The company boasted that it achieved this by tracking over 10 million mobile phone plans, 150,000 gas stations, 240 credit cards and 300 bank interest rates. All this was done to come up with recommendations to help consumers lower their bills (source).
Enter the credit card space
In September 2008, BillShrink.com expanded its service to offer credit card transactions. To achieve this, the company provided users with 200 major credit card options to choose from (source).
Two years later, Bill Shrink introduced a credit card designed for business owners, noting that the economy is making it more difficult for small businesses to access credit lines. The specific service was based on the perception that corporate credit needs and cash flows differed from those of individuals. As a result, companies needed credit cards that offered conditions that increased benefits while reducing costs (source).
When US President Barack Obama introduced the Credit Card Reform Act in 2009, Bill Shrink played an active role in compliance decisions. This was achieved by tracking the terms of the credit card.
The 2009 CNN report cites Kothari. Through analysis, he reported that he discovered that credit cards “began to adopt consumer-friendly ones” since the Bill of Rights of Credit Cards was first voted in Congress in December 2008. Practice. However, Kotari said most credit card providers are reluctant to accept changes that can lead to loss of money (source).
Introduction of Statement Rewards
In 2010, Bill Shrink launched Statement Rewards. It was a tool that automatically analyzed credit card user transactions over a specific time period to determine where they could save. The user answered a few questions and provided details about usage behavior and spending. Using this information, the tool presents the user in question with savings recommendations and the best market options (source).
In May 2011, Bill Shrink upgraded its Statement Rewards platform with the following options (source):
- Reward Discovery : In the upgraded version, in addition to displaying eligible rewards, rewards that allow users to qualify after completing certain actions (such as spending certain amounts) It shows.
- Unified loyalty card : This feature has integrated the user’s existing loyalty system into transactions with multiple sellers.
- Geo-EnhancedRewards : This feature integrates Statement Rewards into your bank’s mobile app. This allowed users to receive relevant transactions based on their consumption habits.
- Social Ambassador : This feature allows users to share deals with their friends on Facebook and Twitter.
In September 2011, Bill Shrink announced a new company name, Truaxis. According to a news article, the company said: “The new Truaxis name reflects the company’s enhanced service offerings, including the ability to intelligently and securely use transactional datasets to strengthen relationships between financial institutions, businesses, merchants and their customers. (Source).
A year later, MasterCard acquired Truaxis.com. Financial terms are not disclosed (source).
What happened to BillShrink.com?
On July 31, 2013, Bill Shrink announced that it would shut down by the end of the same month. In the announcement, the company said: After providing millions of consumers with daily expense savings recommendations for five years, BillShrink.com will be shut down on July 31, 2013. From now until July 31st, you can access your BillShrink account to use your currently available account. Tools and recommendations. After July 31st, access to BillShrink.com will be disabled and your personal information will be deleted.
The same announcement requested the customer to follow the link provided. However, trying to follow the link today is a dead end. There is not much information about the internal decision to release the shutter on the site. The site continued to display shutdown notifications until April 2014, after which the message disappeared.