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BarterPay is a Canadian social profit enterprise that was established in 2018 with headquarters located in Hamilton, Ontario. BarterPay offers a unique type of financing, it allows businesses to pay for the things they need by bartering their own good and services.
Barter is the oldest form of commerce, but for two businesses to reap the benefits of bartering, each side has to want what the other business has to offer at the same time and the same value. This often doesn’t line up which makes one-to-one bartering a cumbersome way of doing business.
Trading Made Simple
To solve this problem, BarterPay has established a platform where a business can open a barter account, much like a bank account. The business can now offer up their goods and/or services at retail value to other members of the BarterPay Community in exchange for Barter Credits. Each Barter Credit is equal to one Canadian dollar for valuation, accounting and tax purposes. So, the business can earn Barter Credits in exchange for their spare capacity and regardless of who has acquired their goods and services, they can take their newly earned Barter Credits and utilize them with any other member of the BarterPay Community. No longer is it a one-to-one barter arrangement, but instead, a one-to-many bartering system.
By being able to acquire goods and services with Barter Credits instead of money, businesses can conserve precious cash because they’re buying at their wholesale cost of goods and receiving brand new business at the same time.
Moreover, BarterPay also provides Barter Loans to businesses across Canada. By arranging for a Barter Loan, a business can now use Barter Credits in advance of earning them. This allows them to immediately conserve cash. The best part? The business owner does not use cash to pay off the loan, they simply provide an equal value of their own goods and/or services to the network.