Refundmatic vs. Settlemate: Finding the best service to save you money

Nobody wants to overpay, but it’s not always easy to avoid it. That’s why our service exists. But like all good ideas, there are several solutions vying to win your business. We know you have choices, so we want to make it as simple as possible for you to choose the service that’s best for you, even if its not ours. In today’s article, we’ll compare our service to Settlemate. We’ll look at three key areas – scope, cost, and ease of use.

Scope

SettleMate’s primary focus is on helping people claim refunds from class action settlements, product recalls, and other refund opportunities that they may not be aware of. They do this through an app that scans customer emails to identify eligible transactions, helps customers complete and submit claim forms, and tracks claim status. One feature of this app also tracks price adjustments, though it is not clear if Settlemate automatically applies for refunds on a customer’s behalf.

Our sole focus is on price adjustments. We want to make sure that our customers never overpay, and we do this by tracking eligibility on purchases submitted to us, and applying for refunds on their behalf. We do not scan our customers’ inboxes for privacy reasons. Instead, we only track purchases that our customers want us to track based on the receipts they send us. We believe that privacy is paramount.

Takeaway: Settlemate’s service is broader in scope, while ours focuses specifically on price adjustments.

Cost

Both services are offered on a subscription basis, and both offer monthly and annual subscriptions. On a monthly basis, we charge $12 while Settlemate charges $13.99. On an annual basis, we charge $120 while Settlemate charges $34.92.

However, according to Settlemate’s Terms of Service, an additional success-based fee may apply to some services, including price adjustments. A 25% fee is charged on recovered price adjustment refunds, unless that fee is waived (though it isn’t clear when that fee would be waived). As the amount of recovered refunds increases, so does the fee paid to Settlemate. For example, if a customer recovers $100, Settlemate would potentially charge an additional fee of $25. It would only take $340 in recovered refunds in a year to match our annual fee, and after that, Settlemate’s fee would continue to grow while ours would not.

Lastly, Settlemate’s pricing page mentions a money-back guarantee if a customer doesn’t earn more than his or her subscription in year one. However, there is no additional information provided about how this guarantee works, nor is it mentioned in Settlemate’s Terms of Service. We do not provide a money-back guarantee.

Takeaway: Both services are subscription-based, but our service is cheaper, especially when Settlemate’s 25% success-based fee is taken into account.

Ease of use

Settlemate’s service requires that you download an app. This app requests access to your inbox so that it can identify refund opportunities from your emails. Information it collects is used to fill in claim forms, which you have to review and sign prior to submission. Though the service is largely automated, there is a fair amount of manual work required to complete the process. With regard to price adjustments specifically, it’s unclear whether Settlemate applies for refunds on your behalf.

Our service does not require that you install an app, connect your inbox, or complete any forms. Whenever you want us to track prices on a purchase, you just email us your receipt. We’ll log the purchase, monitor prices, and apply for a refund on your behalf, except when the merchant prohibits our doing so, or the refund has to be requested in person (in both cases, we’ll provide you with step-by-step instructions for doing so).

Takeaway: Settlemate’s service requires an app and manual intervention while our service only requires that you forward us your receipts.

Choosing the right solution for you

There are some significant differences between our services and Settlemate’s. The nice thing is that both services offer the option to try the service on a month-to-month basis and to cancel if it doesn’t work out. What matters most is that you find a solution that works best for you. We’d be happy to answer any questions you may have about our service. You’re welcome to contact us any time.