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Greenzap failed and is no longer in business.

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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.

Greenzap Payment Processor
Reviewed by Terry Gibbs.
Rated: 1/ 5

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.


Many of the articles and free reports here on IWantCollectibles were originally sent to readers of my Antiques and eBay Newsletter. Not all articles make it onto the website, and readers also get notices of free reports and special offers.

Ted at his desk.

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