No matter how much we earn or spend, almost everyone do care about the money that we lost mistakenly. Even if it is a single penny, we begin to regret and sometimes even become angry for it. So imagine a situation, when you noticed that some amount of money from your credit card is taken as a monthly charge of a service that you had signed up once, but which is no longer needed???What would you do? Surely you will try to track down what went wrong and will try to cancel your subscription. If the process seems to be tedious and you are busy at that point of time; you may choose to do it later, which also has a high probability to forget eventually.
A similar situation had occurred to Yahya Mokhtarzada, the founder and CEO of Truebill. He realized that he had been paying a monthly subscription fee to an airplane WIFI provider for months. Yahya became annoyed and his intense annoyedness made him to start a company which help people to easily monitor their subscriptions, cancel the undesired ones and he named it as Truebill!!!
Truebill recently graduated from the Y Combinator startup accelerator and raised $350,000 in seed funding from angel investors, including Facebook executive David Marcus. The scanning and the cancellation part of the service is free to users. The highlight of Truebill is the one click cancellation and there is no need of login information to cancel a subscription. Truebill will just ask the needed information like email address and billing address. Yahya and his brother, Idris build an algorithm that can scan credit card statements and identify subscriptions.
When a user link their credit card and bank account , it scans and identifies the ongoing monthly charges. Truebill then asks users whether they wish to cancel a particular service. If the user opts “yes”, It will handle the rest of the cancellation process. If it’s the first time, someone at Truebill need to process the cancellation, they might end up contacting the user through emails or phone for additional information. After a subscription is cancelled for the first time, It adds the steps taken to a database designed to automate the process. When Gyms insist that someone need to physically come to their office to cancel the membership, Truebill send certified letters with the help of its software.
Yahya mentioned once that Truebill launched out beta testing in February and more than 10,000 people have signed up and cancelled more than $300,000 worth of annual subscriptions. Yahya wants to make Truebill a “Full Subscription Management Platform”. It means not only it can help in cancelling subscriptions, but also could notify when a subscription needs customer’s attention. If it happens so, Truebill will surely be on the glad-to-have-it list of everyone!!!