Our monthly bills can be so high that it makes it difficult to save money for other things. But what if you could have lower monthly bills by getting them negotiated down? That’s what Billshark claims to do. Billshark saves you money monthly by negotiating bills like your internet bill and subscription services.
Does Billshark work? That’s the question we’re here to answer! Let’s take a closer look at this service in this complete Billshark review!
What is Billshark?
Founded in 2015, Billshark is located in Hopkinton, MA. It is backed by Shark Tank star, Mark Cuban. The purpose of Billshark is to help individuals and businesses negotiate down their monthly bills.
Steven McKean is the current CEO of BillShark. The company’s goal is to save small businesses and consumers over $2.7 billion by 2025.
The Better Business Bureau has accredited Billshark since 8/15/2016.
What Does Billshark do?
In exchange for a fee, Billshark offers its bill negotiation service to help save you money. If they can’t negotiate bill reductions, then you don’t have to pay.
Lowering your Monthly Bills
It is possible for us to do our own bill negotiation. But many people don’t try to do it on their own. It takes up time and the idea of confrontation isn’t something that is enjoyable.
Billshark’s service takes the task of bill negotiations into their hands so they contact these third parties to save you money. They can negotiate down your monthly bill for items including the following list below.
They can work with your service providers for internet, home security, satellite radio, wireless phone provider, and tv to reduce your monthly bill amount. Billshark has experience working with major companies including Verizon, ADT, Cox, Time Warner, and many more.
Billshark can also help you find and cancel subscription services that you don’t want. If you don’t watch your expenses closer or keep a budget, you could have monthly subscription bills for services you aren’t aware of.
The company claims to be able to cancel hundreds of different types of subscription services. According to Billshark, 81% of Americans underestimate the amount of money they’re paying for subscriptions.
You must pay BIllshark $9 for every subscription that they successfully cancel. But you’re better off canceling these subscriptions yourself unless you don’t have time to spare.
Search for Lower Insurance Rates
Homeowner’s insurance and car insurance are significant bills to the average person. The last service that Billsharp offers is the ability to find lower insurance rates.
To use this service, you simply need to enter the details of how much you’re paying and your current provider plan. Billshark will then search for quotes that could save you money.
If you decide to take up one of the offers from Billshark’s search listing, you will go directly to the insurance company’s website to start the process. Billshark doesn’t get involved any further in the process.
How does BIllshark work?
To create an account, you simply need to go to the Billshark website and signup for an account. You will enter your personal information including name, phone number, email, and create a password.
Once your Billshark account has been created, you can then have Billshark negotiate the bills you wish. Simply select the type of bill and chose your service provider.
For example, if you have satellite radio you will select that bill like the one you want to save money on. Then if your service provider is Sirius, you will select them.
Billshark can get the bill for you or you can upload the bill. If you choose to have Billshark obtain your bill, then you’ll need to provide them with the user name and password for that service provider.
Billshark will assign a “shark” which is basically a Billshark representative that works on negotiating the valid bill. This shark will reach and contact your service provider and negotiate on your behalf.
You will receive an email and phone call to tell inform you whether Billshark negotiated your bills successfully or not.
If they are successful, Billshark will tell you how much you saved, the date that the new payment plan start (typically at the next billing cycle), and a breakdown of the negotiated terms.
You will receive an invoice with BIllshark’s fee for each successful negotiation within a few days. If they were unable to save you money or achieve a canceled subscription, you won’t be charged a service fee.
Billshark Pricing and Fees
To help you lower monthly bills, Billshark charges a one-time fee of 40% of your total savings. If they can’t help you save money, then you don’t pay anything.
For each subscription cancellation, Billshart charges $9.
They also have an insurance comparison tool that can be used to see if you can lower your current monthly payment that’s available for free.
A handy tool that Billshark includes on its website to help you see how much money you could potentially is its savings calculator. Use it to see what Billshark might be able to save you on your bills, subscriptions, and insurance.
Billshark also has a rewards program available when you refer your friends. Anyone you invite that signs up with Billshark will get 10% off their first bill that they submit.
In addition, they get a $25 bonus reward for signing. You can earn up to $50 in Amazon gift cards for your referrals.
Another interesting feature that Billshark has is its Billshark Rewards. It’s an incentive program for working with BIllshark.
When you send your bills to Billshark, you get $25 in Reward Dollars. There are over 500,000 ways that you can use their rewards including:
- Local deals with brands like Office Depot, Gap, and Michaels
- Restaurants including McDonald’s, Dunkin Donuts, and Chillis
- Daily giveaways o Amazon gift cards
- Online shopping at popular name brands like Fitbit and Nike
- Grocery coupons at places like Walmart and ShopRite
- Hotels and resorts including Hilton, Hyatt, and Marriot
Is Billshark Safe?
When you create an account, you have to provide your personal information and share your account passwords. So you could be hesitant that to lower your bills you have to give Billshark’s service this personal information.
The service uses Trust-Guard 128-Bit Encryption on pages that ask for passwords, etc. They also have active SSL certificates in place.
Yes, the service is safe. You can add more security by changing your account information after the negotiation process is complete.
Who is Billshark for?
People who may benefit from Billshark’s bill negotiation service includes:
- Those who wish to lower their service provider bills (internet, TV, home security, etc.) and want someone else to negotiate savings
- Are willing to trust Billshark in negotiating a new deal on their services (using their user ID, password, etc.) with the understanding that the monthly savings could result in downgrading services
- Those who feel anxious or don’t have time or the patience to be negotiating bills from various providers
Who is Billshark not for?
Not everyone who wants a lower bill is necessarily a Billshark customer. People who may not consider Billshark include:
- Those who are willing to speak with their providers to get exactly what they want on their own that also have the time and patience to save money this way
- Those who plan to change their provider or carrier plans in less than a year. BillShark’s total savings may take a while for you to realize because they take their savings fee immediately
- If you are unwilling to allow others to have access to your accounts
Billshark Competitors and Alternatives
Billshark isn’t the only bill negotiation service that’s out there. Truebill is another service that’s similar to BIllshark.
Their mobile app helps you find and eliminate subscriptions, negotiate bills to save you money, and can even monitor your cable utilization and save you for outages.
The app itself is free to download, but if you want to upgrade to their premium it’s anywhere between $3 to $12 per month.
Other competitors include BillCutterz, Billfixers, and BillAdvisors.
Billshark negotiates on your Behalf
There is no need for you to spend time trying to contact your service providers. Billshark negotiates with them for you.
No Service Fee charged if Unsuccessful
You can try out their service risk-free because you don’t get charged unless they succeeded in lowering your payment plans.
Can see how you can save money on your Monthly Bill
Their savings calculator is a great tool that you can use to estimate how much you could possibly save. Then you can decide whether or not to sign up.
Guarantee on Results
In the event that your provider doesn’t follow through with the new rate, Billshark will adjust its fee.
The Service Fee is High
BIllshark charges you 40% of your total savings with the provider. That’s a lot of money so don’t expect to see your savings account grow for a while.
Must Pay Upfront
That 40% Billshark fee must be paid up-front. That’s a big chunk of yearly savings which means it will take some time to actually realize savings.
You might have to downgrade services
To save you money, Billshark might negotiate down your services. That might mean you lose something that you don’t necessarily want to.
For example, it could affect the speed of your internet for streaming your shows.
Doesn’t offer Utility Bills
Utility bills are typically a major monthly bill that if you get behind on can be determinantal. Billshark’s negotiation services can’t help put you back on track with these types of bills.
Final Thoughts: Billshark
Below are some final thoughts to consider before making your final decision when it comes to using Billshark.
You can contact BIllshark using any of the following:
- Phone – Their toll-free number is 800-957-1710 and available on weekdays from 9 a.m. to 5 p.m. ET
- Email – A message can be sent using their email@example.com email address
- Live chat – A representative can be reached via live chat on Billshark’s website
Getting in touch with BIllshark is easy because there are a variety of ways to do it. So if you need to contact them, they are very accessible.
According to Billshark, they have a 90% success rate of saving money for customers. That’s an impressive track record.
Granted, this information is provided by the company itself, not a third party so we are taking their word for it.
We don’t know exactly what the average savings that BIllshark customers receive. However, Billshark does advertise that that you can “Save 25% on monthly bills in 2 minutes with Billshark” and the highest total savings achieved by a single customer was $9,500.
Ease of Use
Their website is easy to navigate and opening an account with Billshark is a fairly straightforward experience. The Billshark dashboard view is simple enough for most users to feel comfortable using.
They also have a mobile app that allows you to snap photos of your bills and upload them that way. The mobile app is available on Android and iOS.
Reputation and Billshark Reviews
Billshark is listed on the Better Business Bureau with a rating of A+. there are currently 41 complaints with the vast majority in regards to its billing and collections.
There are always going to be some unsatisfied customers with a service so that’s not really surprising to see. The theme of the poor reviews appears to be that BIllshark saved them money by downgrading their services.
The average customer review rating is 3.83 out of 5.
Bottom Line: Should you use Billshark?
So should you sign up for Billshark? The company itself has a solid reputation and knows what they are doing when it comes to saving people money on their bills.
If they can’t save you money, then you don’t get charged. So you don’t have anything to lose by using Billshark. Granted, you will pay a hefty fee for Billshark to negotiate your bills on your behalf.
For those that are willing to talk to their providers and get a lower rate, it doesn’t make much sense to hire Billshark to do it for you.
Additionally, if you have important financial goals that you’re trying to achieve you should be taking a more active approach to improving your overall financial picture. That means sitting down to figure out where your expenses are coming from, paying down your debt, setting a budget.
But if the thought of having to negotiate with your providers gives you anxiety or your schedule keeps you too busy to have the time to contact them, Billshark might be up your alley.