Our Story
I believe that all great ideas are born out of frustration...Receipt Vault is no different.
I also believe that the best ideas tackle everyday problems with simple, easy solutions.
The problem: Paper receipts are overwhelming. Technology has transformed every part of our daily lives, but receipts haven't changed for hundreds of years. The concept of getting Receiving a receipt is still fundamental to conducting a transaction, but the sheer number and paper nature of them creates clutter, costs money and results in disorganized chaos.
Just going about my daily life, I experienced several “lightbulb" moments that got me thinking that we can solve a massive problem that impacts literally everyone – what if we could store all receipts in the cloud and give people immediate and easy access to these from their phones, laptops or any device. Enter Receipt Vault!
“What if we could store all receipts in the cloud and give people immediate and easy access to these from their phones, laptops or any device.”
💡Moment #1
After a weekend of normal living, I looked at our kitchen counter and saw countless receipts. Some were crumpled, some tiny, some shiny with that purple hue from the cleaners, and some skinny & three feet long. These receipts sat around for a week and shuttled from the island, to the counter, to the office and finally, I moved them to a drawer, so I didn't have to see them. This exercise happened over and over til the drawer wouldn’t close anymore. On a rainy weekend, I tried to sort through and organize them or ensure any necessary returns had been made, only to give up five minutes into the project and ultimately throw them all away.
“There has to be a better way,” I thought, “if only it was possible to digitize all of my receipts, store them in the cloud, and give me easy access to any receipt I needed in the future.”
Our solution is multi-pronged.
1) Our technology utilizes AI to capture ALL emailed receipts, no matter the vendor, and securely moves them directly into your RV account.
2) For those pesky paper receipts that have not yet transitioned to email, don’t come by email and are still paper, RV allows users to snap a picture of any receipt and automatically upload it to your RV account for OCR recognition.
💡Moment #2
My wife bought me a sweater and, while I told her it was "perfect", I didn't love it. As we all know, if you don't love it, you won't wear it. The receipt got lost in the shuffle of paperwork between the car, her purse and the kitchen mess I referenced above and I couldn’t find the receipt. I tried to return it by using the same credit card, but I was told "we can’t return items without the receipt". Once again, that little voice in my head thought of just how simple it would be, and really SHOULD be, (in addition how much money I would save) to pull the receipt up from my phone for scanning by the retailer. It seems so simple!
Receipt Vault allows users to pull up any receipt, any time and return an item. Users can find a receipt on their phone by searching for the item (sweater), retailer (J. Crew), Category (clothing), date purchased or key word.
💡Moment #3
I sold a house a couple years ago and was hit with an unexpected tax bill for the capital gain - who knew! The letter I received stated that if I could prove that I didn't have a gain, then no tax would be due. While I was fortunate to have built the house and actually kept all of my receipts from contractors, vendors, Big Box & lighting stores, amazon, etc over the last 10 years, the volume of receipts was overwhelming and they were scattered all over the place. Wow, this was going to take me six months of Sundays to get these pieces of paper in order!
Again, my ah-ha moment was when I thought, "what if homeowners could capture all of these receipts real-time, organize them into categories (like home improvement) and have immediate access for future use.” In the spirit of you can’t un-see something, I now can’t imagine how a person could manually keep track of all home-related expenses and renovations over the course of a decade of home ownership. The world needs a digital solution for receipts.
Wouldn’t it be amazing to have all purchases organized by vendor or contractor and then simply download these expenses onto a spreadsheet. Well, that's what we created - our AI captures every receipt and automatically organizes it for future use.
What took me 6 months of gathering paper receipts and copying them will now take RV users 6 seconds!
In my view, Receipt Vault seems like less of a luxury and more of a necessity.
If any of my experiences ring true for you, please try us out and simplify your life.
When it comes to receipt management, there is a better way!
Welcome to Receipt Vault.
Michael East, CEO and Founder
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Start organizing your receipts today!