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Internet’s Most Popular Swap Site Offers Free Trading and Guaranteed Transactions; New Features at WebSwap.com to Extend Leadership Position

Internet’s Most Popular Swap Site Offers Free Trading and Guaranteed Transactions; New Features at WebSwap.com to Extend Leadership Position

Business Editors/Internet Writers

PALO ALTO, Calif.–(BUSINESS WIRE)–Aug. 3, 2000

WebSwap.com, the most visited consumer swap web site, announced today a wide range of new site features designed to expand its market-leading position.

New features, such as free buying, selling, and trading; guaranteed transactions through Lloyd’s of London; free picture hosting; and payment processing are expected to attract even more traders to WebSwap.com. According to PC Data Online, WebSwap attracted more than 1.2 million unique visitors in June, more than four times that of the second ranking swap site.

“The early adopters have made WebSwap one of the leading consumer trading sites and we expect our new user-friendly features to attract the next wave of Internet users who want to buy, sell and swap,” said Jan Gullett, president and CEO of WebSwap, Inc. “Buyers, sellers and traders have come to expect easy, fast and guaranteed transactions in every other kind of commerce activity. Now, by handling payments and offering guaranteed transactions, there’s no more fear of not getting what you want after your money is gone with e-commerce. And, by combining buying and selling with swapping — and no transaction fees — we’ve made it even more attractive for people to try the largest swap site on the web.”

WebSwap, which uses a patent-pending technology to match buyer and seller listings and completely automates the offer and counter-offer process, gives consumers the option to buy, sell and swap items, including: no-cash swapping, all-cash purchases, or a blend of swapping and cash.

The most significant new consumer-friendly features now incorporated into the WebSwap.com site include:

Free Trading

To encourage members to take advantage of all the new features, WebSwap is now waiving all transaction fees. Unlike other swap sites that charge significant transaction fees, WebSwap members can now buy, sell or swap for free.

Guaranteed Trading Protection

To ensure members have a satisfactory transaction, WebSwap, in partnership with Lloyd’s of London, now has a transaction guarantee. If a member does not receive the item or service purchased, or the item was mis-represented by the seller, WebSwap will ensure the member is refunded the money (in the case of a purchase) or the item is returned (in the case of a swap). The transaction guarantee covers purchases and swaps up to $300 (U.S. dollars) per transaction.

Picture Hosting

WebSwap is now the only swap site that provides picture hosting, allowing members to conveniently upload digital images to WebSwap directly from their computer. This helps sellers visually market the items they want to sell or swap and helps buyers easily identify the items they are looking for.

Centralized Payment Processing

Many swap and auction sites require that buyers and sellers handle their own payment. This can be slow and potentially risky, as sellers must decide whether to wait for the check to clear before shipping goods. Now, WebSwap facilitates safe and fast transactions by accepting credit card payment from the buyer on behalf of the seller. Once a sale is complete, the buyer, at no additional charge, can conveniently pay WebSwap with a credit card (Visa, MasterCard, American Express, or Discover/Novus are all accepted). WebSwap, in turn, acts as the payment agent to reimburse the seller.

“Haggle-Free” Pricing Option

To give buyers and sellers an additional and more convenient purchasing method, WebSwap has introduced AutoSell. This feature instantly approves any buyer who agrees to a seller’s pre-approved asking price. Also, any item sold via AutoSell is required to ship within five days.

Trader Rating System

WebSwap has also made improvements to its member rating system, making it the most comprehensive scoring system of any swap site. Using a five-star rating system, WebSwap gives each member a rating based on their transaction history to provide a quick indication of each buyer and seller’s credibility as a trader.

Regional Searches

For traders who want to buy or sell items they can physically inspect or easily ship, WebSwap has incorporated a regional search function on the site that allows traders to view items of interest that are within 25 miles of their ZIP code. This allows convenient trading of bulky, perishable, or fragile items in a local area.

About WebSwap

WebSwap is the leader in person-to-person online swapping, providing a global, real time marketplace where consumers can buy, sell or swap goods and services. WebSwap’s technology automatically matches buyer and seller listings and completely automates the process of making offers and counter-offers. WebSwap is leading a major change in person-to-person transactions by facilitating safe payment processing and guaranteed trade fulfillment. Backed by several of the leading venture-capital firms in Silicon Valley and managed by veterans of both Fortune 100 and software startup companies, WebSwap is headquartered in Palo Alto, California. For more information about WebSwap, visit www.webswap.com or call 650/320-1700.

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