What’s Up With Money Magnet?
Posted by Mike | Filed under Make Money OnlineYesterday, I went to some school to compete in a Math contest. Well, we didn’t win 1st place (we got 4th place) because of some stupid mistake. Yeah, I know that some of you guys know about it already, so I guess I’ll stop ranting about it here. Anyway, I was annoyed when I got home. Obviously it was because of the loss. But I got even more annoyed! Why? Well, I got an e-mail from the Money Magnet team yesterday…
Dear Money Magnet owner,
You are probably now aware that the magnets have been unavailable for purchase for the past 28 hours.
This has been due to our payment processor (Paypal) questioning our activity by limiting our account, though not actually telling us what rules we’ve supposedly breached despite our constant requests for them to do so. Such is their power - they answer to no-one!
Anyway, we’re currently liasing with alternative payment providers to get the service back up and running by next week. We’ll be integrating with at least 2 payment providers to insure against this ever happening again. Unfortunately, the integration process to be done properly may take a few days. We ask you to please be patient.
In the mean time, we’re taking this downtime opportunity to add value to the service for existing members for the inconvenience caused by this unexpected disruption. We trust you’ll approve of these improvements.
Sincerely,
The Money Magnet support team
After reading, I was like “What in the world?!” I was pretty shocked, so I checked the site out. Guess what? I saw this:
What? After 24 hours? It’s been more than a day, man! I was just thinking… If they go with another payment processor, lots of people won’t be able to buy mainly because not everyone has an account with alternatives! This is very frustrating as I haven’t even sold one money magnet.
I think the reason why people never really bought from me is because they’re SMART. Yes, SMART. Smart people do not and will not waste money on things such as this. They won’t fall for petty offers like this, and I’m quite ashamed that I did. I don’t actually know why I purchased a money magnet, maybe I was just enthralled by the potential earnings.
This experience of mine simply proves that money can’t be earned that easily. If ever you come across a certain method that “tells” you that it can make you rich overnight, it’s something STUPID and something that will fall quickly. Great strategies are built with strong foundations. I guess Money Magnet had a weak one. Oh well, I think it’s time to say goodbye to my $30. Darn it…
To those who bought money magnets, how do you feel right now? Do you feel scammed or what? Do you think that GetMoneyMagnet.com’s problem will be solved in a few days? Leave your comments here! 
Dude, I saw the money magnet widget in here. What’s up with that.. will it make sense to get into it. Ofcourse, once they establish the payment channels and fix the issues. I checked it through your moneymagnet widget yesterday but held myself from registering.
Life is Colourful: Yeah, you can’t purchase money magnets anymore (at least not now)… I’m not expecting it to be back up, oh well. Money lost is a lesson learned (is it?)
P.S. I sent you an e-mail regarding the domain that you won.
Man that sucks! Good luck with you, hope you can earn the $30 back through money magnet as well. By the way 4th place is already good! Math genius… I don’t really see a lot of people that are good academically online you know.
It’s nothing but a pyramid scheme, where the only revenue generated is from signing other people up to the same scheme. I don’t think you can actually call the widget a product that has value on its own, so I doubt the program would stand up to legal scrutiny in the US.
Damn… money magnet also ran away…..it sucks….Sorry for your $30. May be you will get back ur money. if they start there website again. But am afraid .. it won’t happen. Is there any legal way to catch that site owner. So tht people can get there money back.
Money Magnet is back up!
And even better you now earn entries to get your blog featured on their site, which will only grow and grow as more people publish their magnets.
The new payment provider is AlertPay which I already have earnings with. You can set up an account for free.
Don’t despair Juggler. If I were you I would get your MoneyMagnet back up ASAP to try make your money back, and then some
Well, thanks for that Sarah. I’m still thinking about it…
And why are you guys still running behind money magnet???
I still see money magnet on some blogs, including shoemoney’s
Louis Liem: Yeah, but Money Magnet’s now using AlertPay, not PayPal. Sucks like hell if you ask me.