Just like a bank account, when you first open your BNL account, your balance is zero. You earn barter dollars by selling your goods or services to other members of the exchange. You can advertise for free in our email offers, or you can consult with any of our qualified trade brokers about other ways to promote your business within BNL.
We assure you, you’ll have no problem spending your BNL dollars on the best of business services, restaurants, vacations, employee benefits and more. When you wish to make a purchase for your organization or for yourself personally, call us first. Our trade brokers will work to find what you’re looking for and help you conserve cash. Believe it ?you will get into the habit of calling 416-485-9393 / 1 866 DO BARTER for what you want and that’s just what we’re here for!
None. Barter Network is not a loyalty program where points are redeemed for merchandise, it is a marketplace, a “closed economy”. Your barter dollar is currency with exactly the same value as a Canadian dollar. Your BNL account is like any bank account, except that you must spend or earn your trade dollars by conducting business within our exchange of over 2000 companies and growing. You’ll get a monthly statement in the mail indicating your account balance and all transactions applicable to your account for the period.
If you have any questions about your account, were here to help ? simply contact firstname.lastname@example.org.
Yes, they do. Revenue Canada recognizes and accounts for one barter dollar as equivalent to one Canadian dollar, (refer to CRA’s IT-490) so you must report earnings and expenses of barter dollars just as you would cash. The tax requirements are the same, and the mechanics are straight forward: you simply account for barter dollars as you would your cash income and purchases. Legitimate barter business expenses are treated in the same manner as any other “cash” business expense. BNL dollars spent on personal items need to be recorded just as any other personal income would. Tax issues can be intricate, but there are accountants within the BNL membership that would be pleased to serve you, should you require professional advice.
We send out a daily email offer to all of our clients showcasing our members and we also have directories in Media, Travel, Golf & Leisure, Jewellery, and Holiday gift giving guides. Visit our website for the latest. When you want to find something specific log on to the members login on our site or make it a habit to call one of our friendly trade brokers at 416-485-9393 / 1 866 DO BARTER. You can also send them an email. Either way, we are standing by, waiting to find whatever item or service you need from one of our members!
To make the most of your barter dollars, you need to determine how much it cost you to earn them. First, assess your cost to do business: for example, if you run a consulting firm and your gross margin is 70% then it cost you 20 cents to earn one dollar. Manufacturers tend to have lower margins and media outlets often have little cost as they can sell ‘unused’ inventory.
Regardless of your margin (gross profit after your cost to do business), the purpose of BNL is to bring you new business and help you conserve your cash. It’s a matter of determining what you will sell, and when it makes sense to sell on trade. Most companies do not sell on trade during peak cash sale season, obviously because new business isn’t needed at that time – they’re very busy, as it is. But it may well make sense to sell on barter during slower times of the year. Therefore, no matter what the margin, virtually any company can take advantage of the selling and purchasing power of Canada’s leading barter exchange. Because barter is earned and valued a bit differently inside your company (earned during slower periods, valued based on your cost of goods), you may want to record these transactions separately as if coming from a different bank account or a different currency though the tax implications are the same as cash, this will allow you to track the ROI of your barter business.
If you’re concerned about getting value for your BNL dollar, ask us to help you develop a plan to trade most effectively with the Barter Network marketplace. Our experienced team of qualified and certified trade brokers has successfully assisted hundreds of businesses in reaping the benefits of their BNL membership.
Yes! By taking product in lieu of cash from a cash-poor or bankrupt customer, you can virtually eliminate a business loss that would otherwise be unavoidable. The merchandise or product you obtain can be liquidated through BNL, leaving your organization with trade dollars to spend on items or services that would normally have been paid for with cash.
And for truly difficult situations – we have lawyers, debt collection services and paralegals within the membership, who can help you recover your receivables.
Barter Network is a closed economy where members sell excess inventory or capacity, so the products and services available vary throughout the year. Members most often don’t trade in their peak cash season (i.e. painters & construction firms are unlikely to trade in the summer months and travel over March break or the Christmas season is not likely to be available), they will; however, pick-up trade as their cash business slows. That’s why it’s important to keep an eye on Insider Trading so you don’t miss great purchasing opportunities!
Barter pricing is the same as cash pricing, but there are no special discounts or wholesale offers. Expect to pay the Manufacturer’s Suggested Retail Price (MSRP) when you buy on trade. We police “fair pricing” vigorously. Please let us know immediately of any pricing practices you feel are questionable. We’ll investigate the matter and report back to you on its outcome. We know you’ve worked hard to earn your trade dollars and BNL is committed to ensuring you always receive good value.
Anything with a low profit margin is generally unavailable on trade, so you are unlikely to find new electronics, computers, cars, boats, appliances etc. When these items do become available they are sometimes marked up, above MSRP, to compensate for the low margin. This is the only exception to our ‘fair pricing’ policy. If you are in doubt on how to price your products or services, one of our trade brokers will be pleased to help you establish pricing within our guidelines.
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