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Frequently Asked Questions
Get answers to your questions about Barter Rewards and Barter. Just click on a link below to review the answer to Frequently Asked Questions.
Q. How does barter work?
A. Unlike one-to-one barter, in the Barter Rewards network, members earn credits or "trade dollars" that are put into their "Barter Rewards Account" and can be spent on anything within the Barter Rewards Marketplace. In one-to-one barter, your network is limited to people you already know. We want to help you expand your current network, and we've done all the work for you by teaming up with a Global Alliance of business owners who love to trade! The transactions are simple, and the possibilities are endless! Take, for example, a painter who trades $1,000 worth of painting services to a restaurant through Barter Rewards. This painter can now buy up to $1,000 worth of products or services from any of the other members in the network. She could also choose to accumulate more trade dollars to make one larger purchase in the future. The more she trades with other members, the bigger her network becomes, and network marketing is a powerful business tool. Let us help you grow your business with the Barter Rewards Network!
Q. Who can barter?
A. Any business or person that can offer a product or perform a service can apply for an account with Barter Rewards. You must agree to the trading rules and be fair and equitable in your dealings with other Barter Rewards members, just as if they were cash customers. Barter Rewards is simply building a large network of businesses and people and that understand barter and want to get the numerous benefits it has to offer.
Q. What does it cost to get started?
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Q. When are the transaction fees processed?
A. Transaction statements are emailed on the 1st of the month. Transaction fees are processed between the 10th and 20th of each month.
Q. Why would I want to accept Trade dollars instead of cash?
A. You're not accepting Trade dollars instead of cash. You're receiving new trade customers in addition to your cash customers. If you have idle time in your week or your shelves are overstocked, why not accept trade dollars? You can spend the new found revenue to offset business expenses, pay employee incentives, or enhance your quality of life. And quite often, trade clients will refer their cash paying friends and family when they enjoy the great service you provide them.
Q. How is bartering through Barter Rewards better than direct bartering?
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Q. Why should I pay cash for my products and sell it for trade dollars?
A. If you own a retail store and you have product sitting on your shelves, why not get full value for it by posting it on Barter Rewards for barter? If you're in a service industry and have empty appointments, you can't sell today's empty time tomorrow, so post it for trade and bring in new business that generates revenue in your Barter Rewards account. If your restaurant has empty tables, your hotel has empty rooms, or your radio stations have empty time, don't let it go to waste! Remember, when customers are coming through your doors, they always bring more customers!
Q. Can I pay my rent and electric bill with Barter Rewards?
A. No. But you CAN save cash by trading for things that you would normally pay for, and use that money toward your rent and electric bill. Perhaps you can use your trade dollars to design a new website that attracts more cash customers. You can even barter for business courses and/or coaching that will make your business more profitable. Profit means more cash and cash pays your rent... so really, the answer is YES!
Q. How should I price my product or service?
A. We are all about you getting full value for your products and services. The price you quote to Barter Rewards members is the same price you would quote to a cash paying client. Barter Rewards is simply another method of payment, just like cash or a credit card. Remember that business owners are educated shoppers and price gouging is frowned upon.
Q. What if I need to make a purchase before I have earned enough trade dollars?
A. Just like a bank, we encourage businesses to apply for a Barter Rewards line of credit. You can qualify by posting products for trade in the same amount that you would like in credit. Once you are approved, you can use your credit immediately.
Q. Do I have to pay income taxes on the sales I make with Barter Rewards?
A. If you receive too much additional business and can't keep up, BarterRewards will work to find additional businesses with the same product or service, so that the demand is spread out.
Q. Does Barter Rewards provide support?
A. Yes. You can call 407 251 0980 to get account information and process transactions. There is also a member forum where you can ask questions and get answers. You can always call our office directly or send us an email your with your questions too. We'd love to hear from you!
Q. Can I sell an item for part cash, part barter?
A. The short answer is no. Barter Rewards Trading Rules indicate that the first $10,000 of a transaction must be 100% barter. Any amount over $10,000 can be part cash and part barter, all barter, or all cash. However, you CAN post gift certificates for any amount and that gift certificate can be applied to the client's total at time of service.
Q. Who pays for shipping?
A. The Buyer pays tipping and shipping. This part of the transaction is your responsibility and is done outside of Barter Rewards. Always get shipping from your buyer up front, before shipping an item.
Q. Why do you ask for my Social Security number or Federal ID #?
A. The Tefra Act designates Barter Exchanges as third party record keepers, the same as banks and credit card companies. IRS regulations dictate that barter sales are the same as cash sales, as the seller is receiving revenue that can be spent just like cash to purchase products and services. Therefore, barter sales are taxable income that must be reported to the IRS by barter exchanges. By February of each year, Barter Rewards will send each member a 1099b detailing their barter sales for the previous year. In March of each year year, Barter Rewards reports all income from barter sales to the IRS, as required by law.
Q. Why do you ask for my credit card, debit card or e-check information?
A. Monthly and transaction fees are processed automatically each month. On or about the the first of each month, you will be sent a Barter Rewards statement detailing your purchases, sales and fees. Additionally, if you need a copy of any past statement, they are always available online on your Account page.
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