Cashbax - Should I take the gamble and go self empolyed with them?

PasturesNew

mitch161 wrote: »

its 2 guys in a shed selling empty prepayment credit cards for £10 and false promises that you will get money back through savings..

That's probably all it is. 'Clever' affiliates cashing in on the desperation of those without work. Let's assume no business will sign up .... but thousands of desperate work seekers would sign up for a pre-paid card ....

Dabbler_2

Attention: Cashbax's guarantee to their clients, both sellers and buyers, is now backed by a Swiss Trust Company and their custodian bank, Credit Suisse.

This means that should Cashbax go under, die, or run off to the Bahamas, those claiming their cash rewards will still get them. They are being quite cagey about exactly how they are set up, because they know that some people will try and copy-cat what they are doing, but it's there in black and white that they have a major financial institution backing them up.

So if it's a scam, they have just scammed a large international financial institution. Or ... maybe, heaven forbid, it's not a scam. Maybe an institution like this knows a winner when they see one.

:beer:

Oh, and Pastures New, we have signed up a LOT of companies, and the agents with those sign-ups are making a lot of commission ...

dacouch

Dabbler wrote: »

Attention: Cashbax's guarantee to their clients, both sellers and buyers, is now backed by a Swiss Trust Company and their custodian bank, Credit Suisse.

This means that should Cashbax go under, die, or run off to the Bahamas, those claiming their cash rewards will still get them. They are being quite cagey about exactly how they are set up, because they know that some people will try and copy-cat what they are doing, but it's there in black and white that they have a major financial institution backing them up.

So if it's a scam, they have just scammed a large international financial institution. Or ... maybe, heaven forbid, it's not a scam. Maybe an institution like this knows a winner when they see one.

:beer:

Oh, and Pastures New, we have signed up a LOT of companies, and the agents with those sign-ups are making a lot of commission ...

Where abouts is this down in black and white then ? If they do have this and it's not some moody swiss trust they have set up themselves, it would be slap bang in the middle of their website...

So now they have the cost of refunding 100% of a customers purchase price by relying on investing in foreign exchange, they also now have to fund a guarantee / bond which I can tell you are not cheap to buy for any new company let alone a company potentially guarenteeing a large amount of customers 100% of their money back and also with the uncertaincies of the Foreign Exchange as an investment platform thrown in.

awalsh911

Hi,

Don't want to be slanderous towards Cashbax, can't yet decide if it's a good thing or not. But this is briefly how a recent meeting went with one of their introducing agents:

I was unable to phone him back on his mobile, apparantly it was out of charge, and turned off, seemed odd to me, if his job is to be mobile.

He was driving a very shabby old Saxo or similar, like 15yrs old.

His mobile phone was about as crummy as they get.

He had to use my laptop and internet connection to show my the Cashbax website, and get me signed on. He insisted that Cashbax would not provide him with this equipment. Although it was necessary for the meeting!

He had no clue how to get on the correct cashbax website page, and took him over 5mins via a call to his office (on his phone with no battery!) to finally manage it.

He had no extra leaflets with him that I could give to my future customers, in fact only had 1.

Looked perplexed when I explained to him that somebody in the office told me that they intended to make the money by buying and selling currency.

All in all, he clearly was not receiving his £80k, and little/no training on how to get new business. Came acroos very unprofesionally, hence me finding this thread and posting this!

Regards,
Andy

princeton2011

I came across this forum whilst showing my daughter cashbax, I am disgusted that people on here or at least most are having a go at a company that is making a positive difference. I bought a new kitchen and was delighted to have the opportunity of getting 20% of my purchase price back. What I don't see on here are any customers like me that have experienced the company which by the way has been nothing but positive. If you had customers that were scammed and not a load of people just moaning, I think people would listen to your gripes. Personally, you just seem interested in giving a company a bad name that they don't deserve. And if I don't get my money, I'll let you know.

ILW

princeton2011 wrote: »

I came across this forum whilst showing my daughter cashbax, I am disgusted that people on here or at least most are having a go at a company that is making a positive difference. I bought a new kitchen and was delighted to have the opportunity of getting 20% of my purchase price back. What I don't see on here are any customers like me that have experienced the company which by the way has been nothing but positive. If you had customers that were scammed and not a load of people just moaning, I think people would listen to your gripes. Personally, you just seem interested in giving a company a bad name that they don't deserve. And if I don't get my money, I'll let you know.

So either they overpriced by 20%, or you will never get it back. Wonder which it will be?

purplepardalis

And also, you can buy a house in Bulgaria and get your money back!!

Sorry, their business plan is flawed. Stay away!

dacouch

Most money moving scams (Im in no way saying this is a scam, just advising people to use caution), will pay early customers out so reports of payments received are circulated.

Have a read of how a ponzi scheme operates http://en.wikipedia.org/wiki/Ponzi_scheme

The problems can start to appear later on due the the mathematics of pyramid.

Reports of people receiving their cashback should not necessarily make you commit, please use caution.

Once again, Im not stating cashbax is a scam, there are unanswered questions and people should use due diligence before risking any money that you cannot afford to lose.

As a previous poster suggested their "Swiss Backed Trust" to guarantee their profits has no documentary evidence. I have worked with Guarantees and Bonds, to purchase one to guarantee POTENTIAL profits from investing in foreign exchange and attaining 2% to 4% a month (Especially for a new company) would be so expensive that I could retire on the commission it would generate for me.

Dabbler_2

dacouch wrote: »

Most money moving scams (Im in no way saying this is a scam, just advising people to use caution), will pay early customers out so reports of payments received are circulated.

The problems can start to appear later on due the the mathematics of pyramid.

Reports of people receiving their cashback should not necessarily make you commit, please use caution.

Once again, Im not stating cashbax is a scam, there are unanswered questions and people should use due diligence before risking any money that you cannot afford to lose.

Well here is the thing, if Cashbax is being used as an alternative to discounting (which is the general idea, that rather than discount by 50% you pay the marketing fee of 25% and the customer gets a bigger discount in 7 years), what have people lost if it all goes pear-shaped?

The seller has still sold his product and made his profit.
The buyer still has their product bought at market price.

Sure, if the seller has inflated prices then the buyer has lost out, but that isn't how Cashbax is recommended to be used - especially in house sales, where there are laws in place to prevent artificial price inflation by the seller.

If it was a scam, you would expect:
Agents to be paying fees to be agents (they are not)
Clients to have to pay a start-up fee (they are not, branding materials and the like are provided free)
That doesn't prove it isn't a scam, but it's hard to see exactly who is being scammed in this system. I genuinely believe this is on the level - although that is a far cry from proving it will work, only time will tell on that front. That said, if they have a guarantee of being able to meet their commitments, why wouldn't it work?

dacouch wrote: »

As a previous poster suggested their "Swiss Backed Trust" to guarantee their profits has no documentary evidence. I have worked with Guarantees and Bonds, to purchase one to guarantee POTENTIAL profits from investing in foreign exchange and attaining 2% to 4% a month (Especially for a new company) would be so expensive that I could retire on the commission it would generate for me.

Of course they are reluctant to divulge exactly how they do things. There certainly are Forex traders out there that can achieve the monthly interest rates given - it's not hard to work out how, either: They use complex algorithms running on high-end servers to swap the money between currencies hundreds of times a day. Sometimes it does not make a profit, but usually each transaction will net them a tiny fraction of the money invested ... and multiply that by a hundred, then by the number of days in a month, and it all adds up.

The problem Cashbax have is that they are, at the end of the day, a small company without a huge amount of capital. They are relying on self-motivated independent agents to gain them new clients and build up the business. If they show exactly how they do what they do, another company with a lot more capital to back them up could muscle into the market place and put them out of business within a few months. Hence they have to keep some details quiet until they have a good position of market dominance.

LRDB

Dabbler you clearly forgot your previous post prior to submitting your last. I suggest you read what you have already written before trying to fool people."

You have quite explicitly explained how the model works.

You ask "what have people lost if it all goes pear shaped?" They will lose the amount from the investment which enticed them to use this scheme in the first place.

It was strange reading your last two paragraphs as you could replace they with we and them with us and as you were the first to post about "The Swiss Trust", and as that information was not on the CashBax website at the time of your post, it is highly probable you are part of the CashBax management team.

If I am correct please attempt to answer comment 52.

Then you might want to ask your CEO if he stands by his statement that a previous company, Moneybax-forex was test only. He should be aware I am about to communicate with the former Chief Trader of that company and have him post information here regarding the veracity of his statements.