Instead of using cash to purchase products or services, members use “trade dollars,” which are actually barter credits. Each time a business sells its services/products to a company, it earns trade dollars. It can then use those trade dollars to purchase any services/products available within the network.
For example, a dental office may sell its services to any business. In return, the dental office may purchase anything available inside the network, including flowers, theater tickets, a stay in a hotel, restaurant certificates, real estate, or painting or legal services.
Tradebank completes trades for its clients much like a clearinghouse. The transactions between companies are converted to barter credits, or “trade dollars,” and are reflected as balances in each trading company’s “trade account.” As an intermediary, Tradebank receives a commission on each transaction and saves all parties the trouble and process of collection, exchange of goods, or matching needs exactly with those of another party. All accounts are maintained and serviced by Tradebank.
2. BUSINESS signs up as a Tradebank member for $495 cash/check/credit card. BUSINESS receives a written guarantee that if it doesn’t get $495 worth of trade business in one year, then BUSINESS will get be refunded the $495.
3. BUSINESS gets assigned a Tradebank broker who will help promote the BUSINESS to Tradebank’s network of members. In addition to marketing the BUSINESS’s product or service, the broker also acts as a purchasing agent for BUSINESS by understanding where they are currently spending cash on business or personal needs. Also, the new BUSINESS will be promoted via the monthly Trade Street Journal and Tradeflashes (email newsletters).
4. BUSINESS gets assigned a Tradebank account number and card with the number on it.
2. BUSINESS owner/manager must let people know BUSINESS is available for trade. BUSINESS owner/manager can attend Tradebank University meetings monthly to meet other members. Owner can also email the broker requesting that Tradebank send a short blurb to members in a blast email.
3. Once BUSINESS accrues Trade dollars, BUSINESS can purchase products/services from other members.
4. BUSINESS can search on the secure network for goods and/or services they would like to purchase via trade dollars.
If your BUSINESS is carpet cleaning and someone has asked you to clean their carpets, you, the seller, should have in writing EVERYTHING you are going to do to clean their carpets. For example,
clean carpets in the entire house (except where there is heavy furniture)
apply scotch guard on all carpeting
clean sofa and four chairs
scotch guard sofa and four chairs
Total Amount for the above $200 (plus tax)
Or, if you provide services and charge by the hour, specify in the contract,
10 hours of child care services at $125 per hour.
Total Amount for the above $1,250 (plus tax)
When a BUSINESS is acting as buyer, not a seller, BUSINESS should make sure there has been a signed contract by both parties to prevent any possible misunderstanding. It is in the best interest of both parties to have agreed in writing to all work to be done before any work begins.
Once a contract has been signed, the Seller gets the Buyer’s Tradebank 16-digit card number and processes the order online. It is up to the Seller to complete the financial transaction on the Tradebank Web site in order to receive payment.
The Seller goes to http://www.tradebank.com. At the top of the page in gold letters it says Authorize. Click on Authorize.
Once you click on Authorize, it takes you to an unnamed page. On that page, the Seller inputs his Merchant Number and inputs the Buyer’s 16-digit Tradebank account number.
The Seller then enters in the amount of the sale.
BUSINESS will also be charged a $$15.00 monthly accounting (to be paid in $U.S. dollars to Tradebank) to cover bookkeeping costs. Tradebank is viewed by the IRS as an authorized third party and its record keeping is in accordance with the Tax
Equity and Fiscal Responsibility Act of 1982.
For more information, visit www.tradebank.com or call 1-888-568-5680.