In today’s world of e-commerce, subscription services and goods are becoming increasingly popular. Although subscriptions provide individuals with an easy and convenient way to buy the items that they need, people frequently sign up for subscriptions without having a good way to keep track of all of them. Unfortunately, many of these individuals sign up for subscriptions and forget about them. This frequently results in them paying for services or goods that they do not need or use. This is where Internet-entrepreneurs Yahya and Idris Mokhtarzada saw an opportunity and took advantage of it by creating a mobile application that helps one to manage all of his or her subscriptions.
Truebill is a mobile application that makes managing subscriptions and recurring payments easy. When one provides his online banking and/or credit card credentials, Truebill accesses and scans his credit card bills and/or bank statements for subscription and recurring charges. This helps one to keep track of his subscriptions and possibly even discover an unexpected bill. For example, if an individual signs up for a free trial and forgets to cancel it before the free trial is over, Truebill will alert the user when an unexpected charge shows up on his credit card bill or bank statement. A user can then choose to cancel the subscription from directly in the app. After one cancels unnecessary or unwanted subscriptions using Truebill, the app continues to help consumers by monitoring their accounts and notifying users whenever there is a change in subscription charges or recurring bills.
This startup has evidently been a successful Internet-based business. According to an article written by Erin Griffith from Fortune, Truebill saw 12,000 people use their service within three months of launching. According to Truebill, they save people an average of $512 per year. Truebill has even found ways to help users cancel subscriptions or services that are not based online such as gym memberships. According to Fortune, the services that people tend to cancel most frequently are those that consumers only need once. For example, people typically only want to check their credit score once, but many companies want to charge users a subscription rate for this service.
After exploring Truebill’s website and reading some relevant articles, I am convinced that their success is due to them identifying a widespread problem and designing a solution that solves the pain using technology that most individuals already have. By solving a problem that many consumers face, Truebill has grown quickly and saved many people time and money.
More information regarding Truebill can be found on their website here.