How To Make Cash On Unused Groupons -

How To Make Cash On Unused Groupons

By Diane Lee

For every 10 daily deals that are bought on sites like Groupon and Living Social, a recent survey found 2 are never redeemed.

Colleen Moore admits she's lost out.

"I didn't check the expiration date and I just let it go and I was kicking myself."  

But now people like Moore have a place to turn to sell those daily deals before they expire.  It's called CoupFlip.  The site sells your deal for anything from 10 to 98 percent off. 

So how is the price determined? CoupFlip says it's based on a complex algorythim that includes the expiration date, how many were sold and the merchant's score on the review site YELP!

And unlike other sale sites like Craigstlist, CoupFlip guarantees the voucher is good and transferable.

And the market is bigger than you might think.  The company estimates nearly 1 and a half billion dollars in daily deals goes unused. 

That's a figure that doesn't surprise Lisa Lopez, the Academic Director for Computer Applications at Spartanburg Community College.

"It's an impulse buy.  It's like going in the grocery store without a shopping list, you think well here it is, these cookies are 2 for, buy one get one free.  Well you think you're saving but in reality you were never going to buy those cookies to start with, so in reality you're not really saving," said Lopez.

Moore learned her lesson.

"I make sure I check expirations on any coupon I have because I want the deal and if I don't use the coupon by the date, I won't get the deal."    

But she says it's nice to know there's now a way out just in case she has buyers remorse.

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