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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

BarterPay

Finanso.Multilogin™

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.

FAQ

What is BarterPay?

BarterPay is a business-to-business bartering platform that helps its members exchange their spare capacity for goods and services that their business needs without using cash.

Who owns BarterPay?

The founder and CEO of BarterPay is John Porter.

How do you qualify for BarterPay?

As the website states, BarterPay is a bartering platform for any business. Companies from all industries and growth stages are welcome to join BarterPay. So whether you run a product business, a service business, a restaurant, a media business, or a company in the travel & tourism industry, you can monetize your spare capacity through BarterPay.

Charities are also welcome to join BarterPay and thereby reduce their admin and overhead costs by using Barter Credits™ donated to them.

To get started with BarterPay, click the “Get started” button, select your province from the list, and schedule a quick discovery call with a BarterPay representative.

How much can you borrow from BarterPay?

You can borrow from 2,500 to 100.000 Barter Credits™ from BarterPay.

Is BarterPay a legitimate company?

Founded in 2018, BarterPay has already gained the trust of 4,155 businesses, and this number is growing. 

BarterPay partners with trusted financial institutions like BDC, Meridian, Imagine Canada, and RCC. With the support of these partners, the BarterPay community is rapidly expanding across Canada.

The company’s headquarters are at 1040 South Service Rd., Suite 102, Stoney Creek, ON L8E 6G3. You can contact BarterPay by the following contacts:

Toll-free — 1.866.777.0660

Toll-free — 905.777.0660

Email — hello@barterpay.ca.

Company documents

Privacy Policy
Terms and Conditions

By joining the closed-loop BarterPay Community, you can obtain value for expiring time and idle inventory, from brand new customers, and then get back what you need all while keeping your cash in the bank!

© BarterPay

Financial products

BarterPay
Business loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$2,500-$100,000
Rate
i

Effective interest rate on the product

up to 12%
Term
i

Loan term for the financial product

open-ended
BarterPay
Business loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$2,500-$100,000
Rate
i

Effective interest rate on the product

up to 12%
Term
i

Loan term for the financial product

open-ended

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Recommended FinScore™
0
300
650
1000
$10,000 - $2,500,000
Rate
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Effective interest rate on the product

starting from 1.05%
Term
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Loan term for the financial product

up to 30 years

Calculate loan payments in BarterPay

BarterPay calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

CAD
CAD
2500 $
100000 $
Loan term
i

Specify the loan term for the calculation

months
days
5
60

What to pay attention to when applying for a loan from BarterPay

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes BarterPay from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All BarterPay’s reviews by August 2022
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