SPRINGFIELD, MA (WGGB/WSHM) — Move over Black Friday, there’s a new holiday shopping day that promises to save time and, most importantly cash, and it begins at midnight tonight.The 24-hour event is hosted by digital coupon company RetailMeNot. Hundreds of retailers are signed on to offer up to 20 percent cash back to shoppers.It’s called ‘Cash Back Day.’ Starting at midnight, as long as you shop through RetailMeNot, you can actually get money back from hundreds of retailers big and small.Ready…set…shop! RetailMeNot, the company known for helping shoppers save money, is launching what’s being called the biggest competitor to Black Friday yet.”Shoppers can earn up to 20 percent cash back from purchases they make from hundreds and hundreds of retailers. In fact, we are up to 250-plus retail partners who have signed on to help shoppers earn a little money while they’re spending it,” said Sara Skirboll with RetailMeNot.Here’s how it works: go to RetailMeNot’s website or create an account on your smart phone on the free RetailMeNot app.Once in, make sure you click on the ‘Cash Back’ tab. Starting at midnight, you’ll see the hundreds of on-line retailers participating, from Amazon and Macy’s, Lululemon to Home Depot, and Neiman Marcus.Find the retailer you’re interested in. Click on the ‘Activate and shop’ tab. It will send you to that retailer, then happy shopping.”Check out as you usually do and then you are going to see the cash back in your wallet on RetailMeNot within 45 days. That is right before Christmas,” Skirboll said.Look for ‘My Rewards’, then hit ‘Redeem.’ Here’s the catch: that “up to” 45-day wait period for cash back and it’s through Venmo or Paypal, or in the form of a gift card of a retailer of your choice.”These are some of the deepest discounts you are going to see all season long,” Skirboll explained.However. are there true deals or are there better deals to be had by waiting longer into the holiday season? Skirboll told Western Mass News that the deals are real.”If you’re looking for things like toys, you don’t want to wait until the last minute. Those toys might be sold out. If you find a really great deal, take advantage of it now…especially since we only have 26 days between Thanksgiving and Christmas, compared to 32 days in the past. The earlier you can get out there, the better,” Skirboll said.For skeptics, RetailMeNot suggests looking at the cash back options right now. We checked and most are between five and seven percent. Compare that to after midnight, where RetailMeNot said, again, the average cash back will be about 20 percent.