A while back, I opened an account with GreenZap, a supposed alternative to PayPal. At the time, they were offering a nice referral deal: spread the word and get $25 or something. Some were quick to refer others, but I didn’t want to recommend a service that had yet to be proven.
JP at MyMoneyBlog gave his impressions now that the company has expanded from its viral marketing campaign and has a functioning website. The deal doesn’t sound as good any more.
Here are some points of concern to me:
- There’s a $2 fee for receiving money, unless you upgrade to a Gold accuont, which cuts that fee in half.
- Bonus money you receive cannot be chashed out and must be spent at partering retailers.
All in all, it’s not looking good for GreenZap. My first impression is that it’s a company that will try to lure people with a nice offer, and once they get your personal data which will be sold to other companies, you realize it’s not such a great deal after all.
Subscribe
11:24 am (reply)
Thanks for the heads up. I hadn’t even heard of GreenZap. My wife and I use PayPal for the little bit of stuff that we do on eBay. I think PayPal seems a bit pricey for merchants – especially when you add to that the fees that eBay charges.
9:05 pm (reply)
GreenZap’s going to collapse if this is their marketing strategy. They’re creating bad vibes with the “bogus” bonus money. That’s like ING saying “here’s $25, you can only use it to offset your taxes.”
Thanks for the warning
8:40 am (reply)
There is a difference, a big difference, between what appears to be promised by the site and what has been delivered so far. GZ members should know: they will trade real cash for a worthless currency, the site has NO active merchants accepting the worthless currency, and no member has been paid a dime despite promises otherwise. Join for free, if you want a front row seat to a train wreck, but do NOT give them cash, an email address you don’t want full of more spam, or access to your banking information.