About lender
BarterPay provides an innovative business-to-business bartering ecosystem. Through BarterPay, businesses can trade their unsold time, space, and inventory with other network participants without using cash.
BarterPay is a one-to-many bartering platform allowing the participants to offer their spare capacity to the community and earn Barter Credits™ in exchange. Spare capacity includes everything you have not monetized — idle inventory, empty spaces, unsold time, and much more. With the newly earned Barter Credits™, users can buy what they need from any other business in the network without spending cash.
BarterPay is available across Canada. According to their website, 4,155 businesses are already bartering through BarterPay. In addition, the total barter transaction volume on BarterPay has reached 629,800,000, resulting in $212,000,000 in cash saved by enterprises.
Features
BarterPay network members can trade their spare capacity with others for Barter Credits™ at retail value. One credit equals one Canadian dollar.
With BarterPay, you can offset cash costs by using Barter Credits™ to purchase goods or services from other businesses in the network.
Unlike the traditional one-to-one style of bartering, BarterPay represents a one-to-many ecosystem. In this ecosystem, all participants work together to exchange their spare resources and conserve their hard-earned cash.
If you want to buy something from other network participants but don’t have any Barter Credits™ yet, you can borrow them. Then, start offering your own goods and services to repay the loan.
In addition, you can donate some of your newly earned Barter Credits™ to local charities via the BarterPay It Forward Foundation®. Once you do, you will receive a charitable tax receipt. Charities, in turn, can use these Barter Credits™ back within the BarterPay system, lowering their admin and overhead costs. As stated on the BarterPay website, the platform has already helped charities save $2,162,000 in cash.
Pros and cons
Pros:
An opportunity to get the products or services you need without spending cash.
Converting unsold time, space, and inventory into real value by bartering it for your business needs.
Getting Barter Credits™ for your spare capacity at retail value.
Businesses from all industries and growth stages are eligible to join BarterPay.
A one-to-many approach to bartering — trade your spare capacity with many other network members.
An opportunity to borrow Barter Credits™ from the platform before you start bartering.
An option to turn your spare capacity into valuable contributions to charity by donating some of your Barter Credits™.
Cons:
you can buy goods and services for Barter Credits™only from BarterPay members. So, it may happen that you won’t find what you need within the network. You can pay only with Barter Credits™.
The most significant advantages of the BarterPay platform are an opportunity to conserve your hard-earned cash while purchasing what you need and an option to loan you Barter Credits™ before bartering. As for disadvantages, the main one is the limited range of available suppliers. Still, the number of BarterPay members is increasing, which means more attractive deals are appearing daily.
Loan conditions
Haven’t earned any Barter Credits™ at BarterPay yet, but need to buy products or services from other businesses within the network? The platform offers an option to borrow 2.500-100.000 Barter Credits™ before you start bartering. Then, as you are selling your products and services, you start getting Barter Credits™. Over time, you will be able to repay your loan from BarterPay by bartering your unused or excess capacity. No cash is needed.
To get your first Barter Credits™, you must provide a 25% CAD security deposit.
The interest rates range from 0.9% – 12%.
Methods of loan funding
A BarterPay is funded via Barter Credits™ that will most likely appear on your BarterPay personal account upon the approval of your loan request.
To join the platform and apply for a loan, you must schedule a 20-minute Discovery Call with a BarterPay representative.
