Startups

The press loves Middletown money-saving startup Shrinkabill

Shrinkabill's focus is saving customers money by negotiating bills, and US News and World Report, NBC affiliates and the News Journal have all featured the company.

Coverage has lead to growth, and Shrinkabill's doing well. (Screenshot of Shrinkabill.com)

Shrinkabill is growing, founder and “chief savings officer” Jordan Wolff told us. We first told you about the Middletown-based company last August.
The whole idea is that customers call them up, give them permission to work with their bills — phone, internet, cell, private trash, etc. — and Shrinkabill goes out and negotiates rates and fees to save money. The company guarantees that they’ll save you money, and they’ll give you a $25 gift certificate to a restaurant of your choice if they can’t.
“I’d say our average savings per customer,” Wolff explained, “is about $300 to about $1,500.” That’s annually, and it depends on how many bills the customer shares with Shrinkabill. They won’t charge until after the discounts are applied, and they ask for 33 percent of whatever they save their customer over the first year of negotiated discounts. Though, Wolff clarified with us, “Our pricing can be carried out to a maximum of two years. So if we saved someone $900 over two years, our fee would be $300.”
That rate dropped from an original 45 percent, Wolff said.
“We formally launched our LLC in January of 2016,” Wolff said. The plan is to “absolutely” stick in Delaware, regardless of the company’s success.
When we spoke with Wolff, he ran down a list of news outlets that approached him for a story on his company. NBC affiliates, the News Journal, US News and World Report and a few more have come to him over the last year or so to cover his startup here in Delaware.
That growth has lead to job creation, too. “When the first story was written,” Wolff told us, “it was just me. Now there are four people, and right now we’re looking to hire an additional body.”
While Wolff wasn’t ready to go into detail, he did indicate that he has some ideas for ways to expand his business that he thinks will make it even more unique. If he succeeds, that’s great for Delaware.

Companies: Shrinkabill

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