BarterPay Reviews, Ratings And Fees October 2021

Based on 1
Customer Reviews
ADDRESS
1040 South Service Rd. Suite 102
Stoney Creek, Ontario
L8E 6G3
BUSINESS HOURS
  • Monday - Friday 8:30 to 4:30 EST
WEBSITE
https://barterpay.ca/
PROVIDER DETAILS

Who Is BarterPay

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.

BarterPay Loans

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.

Services

Offered Services

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Loan Range
Rate & Terms
Product Details
Eligibility
Requirements & Documents

Barter Loan

BP 2,500 - BP 100,000
Interest Rate
0.9% - 12%
Term (Months)
6 months - 5 years
Funding Time
  • Within 2 weeks
Funding Method
  • Direct deposit BarterPay account
Repayment Options
  • Repayment over time by providing their own goods and services back to the BarterPay Community
  • Must own business
  • Must put up a 25% CAD security deposit against the loan
Reviews

Reviews & Ratings

See what others have to say about BarterPay

I have good things to say about BarterPay. I moved some inventory that I had for a while and overall the tools they provide are great for small busine... read more

- Jess (June 26, 2020)

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