Name your own price on Greentoe.com

Click Play for Amy Buckman's report
October 17, 2013 2:36:36 PM PDT
Tara DiCristo, a working mother of two, didn't have time to shop around when her family's microwave died.

But she didn't want to over-spend. That's when a friend told her about the name-your-own-price shopping site, Greentoe.com.

Now, DiCristo says, "I'm totally sold. I don't know that I'll ever shop anywhere else."

CEO Joe Marrapodi explains Greentoe this way.

"Greentoe is a reverse auction marketplace. And basically what that means is you can name your price for a product and we notify our retailers and the first retailer to accept your offer makes the sale."

The site sells cameras and photo equipment, home theater items, baby gear, appliances and musical instruments

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And no matter what you're shopping for, it works the same way.

Find your item and put in what you want to pay. The site even shows the average price and lowest online prices for that item and helps you make a realistic bid.

DiCristo says, "There's a gauge and it will tell you (whether your bid) will be accepted, or it may not be accepted, or 50/50 chance. We put in something about $150 less than we found anywhere else online and the bid was accepted almost immediately."

Marrapodi explains the average savings. "Typically, we're seeing 18%-22% as an average in savings across the board. And we are beating Amazon right now by about 5%-10%."

If a retailer accepts your bid, they fulfill your order like any other online sale. You won't pay extra for taxes or shipping. You have 14 days to make a return and you get the manufacturer's warranty.

Marrapodi says all the retailers are screened. "All of the items on our site are new and they all come from authorized retailers. We do a very deep vetting process to make sure these retailers are authorized and certified by the manufacturers."

And here's how you can save even more on your first purchase. When you go to Greentoe.com, sign up for their newsletter. If you do, you'll get $20 off your first purchase.

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