Learn to buy and sell antiques and collectibles

Is GreenZap A Scam?

GreenZap.com is a new website that claims to be a replacement for Paypal. If you read other eBay oriented newsletters, you've probably already heard about GreenZap.

The reason you get emails telling you to join the program is the GreenZap.com pays a 25 dollar bonus for each sign up.

Now this isn't 25 dollars in cash. It is some kind of "to-be-announced-later" credit called webcash. The idea is GreenZap will work out deals with merchants so you can use your "web cash" with them. One of the merchants shown on the site is Target.

But, Target claims they have no agreement with GreenZap, and aren't planning on accepting Green's funny money.

Hmmn? That's quite odd.

So I spent a bit of time looking at the GreenZap.com website, and searched on a few other sites for information.

Here's what I found out about GreenZap:

This is a company being run out of a postal mail box in a Ralph's Grocery store.

Now, I run my businesses out of a PO Box and a spare bedroom, but I am just a little operation. I am not claiming to be a huge enterprise, and I am not keeping track of my numbers on a "World Domination Index."

OK - the World Domination Index was Paypal's internal chart showing user numbers. I don't know what GreenZap's people call their user chart, but from their claims and actions, it's not a stretch.

On the enterprise side, it gets even weirder. A search of government filings reveals GreenZap has a start up investment of 25,000 dollars.

Now I started my businesses with less. Much less, but I don't promise 25 dollars for referring a friend. I also don't need an army of customer service reps, or a regiment of programmers to manage a huge database.

I also found a small number of emails from companies GreenZap claimed to have agreements with to accept the Webcash AKA - "to-be-announced-later-credits" - denying any knowledge of green or arrangement exists.

You can call me paranoid, but it seems a bit odd. (I don't like the word paranoid - how about self-protective?)

Is GreenZap a scam? I don't know.

But, I know for a fact, I would rather loose out on a few "to-be-announced-later-credits" that can only be used at companies that deny any relationship with Greenzap, than risk my hard earned money with an unproven, undercapitalized, operation running out of a mail box in a supermarket.

Now, I might be wrong. Maybe Greenzap is the next best thing since sliced bread, but I will sleep well tonight.

Only time will tell if GreenZap is a scam.

Terry

PS. There has also been some talk recently about Google starting an online payments system. Google surely could give Paypal a run for their money. The financial analysts expect Google to release their new payments service in time for the Christmas buying season.

Secret eBay Product Sources
Click on this link to learn how to find interesting items you can quickly resell on eBay for BIG profits.

At least once a week, a new article about Antiques, Collectibles, or eBay is placed in this section of the site. You can see previous articles in the column on the left. This is not a replacement for my regular emailed newsletter. The newsletter is usually two to three times as long and focuses on making money on eBay and/or achieving success in the antiques and collectibles business. Only about a third of the articles sent out as newsletters are posted on the site, so to avoid missing an issue sign up now using the blue box in the upper right hand corner of this web page.

Have a question about eBay or buying and selling antiques and collectibles you'd like to see answered here?

Submit your question here.

Terry Gibbs has taught over 7,000 people how to make a good living on eBay. Terry's most recent eBay instruction manual is The Auction Revolution . The Auction Revolution is your guide to eBay and beyond. Here on Iwantcollectibles.com, you will learn about buying and selling antiques and collectibles, and about eBay.