A few weeks ago, I had written about the new cash back app Drop. Even in the title, I had predicted the demise of the app since their business model would never work. Well, now that it’s been 2 weeks, while I’m not going to say the deal is dead, it’s in critical trauma in the ER. Here are some data points:
- My last successful redemption was on 6/30. I submitted a payout for Amazon on 7/1 and have not heard anything and it’s been a week already
- Some people have had clawbacks due to “duplicate” transactions, which I’ll write about later.
- Some people’s accounts are negative
- Charges used to show up in pending within a day; my last charge on 7/5 is nowhere to be seen on the app
- I think everyone got the random ‘Let’s get you setup” emails on Thursday, like they somehow rebooted the system.
What do I think happened? They released a product hoping it would succeed. They were surprised at the volume in the first week of activity. Their engineers didn’t think of a loophole, which I’ll talk about in another post. Then on 7/1, they decided to shut things down while they figure out what the hell to do from now on since they can’t sustain that run-rate. Didn’t I see this in an episode of “Silicon Valley?” Anyway, if you’re already buying, then keep at it, but I wouldn’t go out of my way to hope Drop will track my purchases or pay out.