Why businesses are adopting electronic currency
FYI, this story is more than a year old
Maximising cash flow, retaining customers and keeping stock moving are important elements of all businesses.
That’s where Bartercard comes in. Buying and selling using Trade Dollars offer advantages to business owners, across several key areas.
Through operating as a supplement to cash business Bartercard gives members complete control over which products and services they sell through the network.
No member is obligated at any time to take on Trade Dollar business over a cash-paying business.
When a business adds Bartercard they essentially allow other members to utilise goods and services with Trade Dollars, which can help create new business, customer loyalty and increase profits.
Another key way Bartercard can help is by converting downtime and spare capacity into new revenue by utilising inventory, equipment and employees.
Businesses also have the ability to sell excess stock or slow-moving inventory, without the need to discount heavily.
Members receive Trade Dollars as payment, which they can then spend on other goods and services within the Bartercard community.
Keeping good staff members is important. However, many businesses struggle to find ways to reward exceptional staff without increasing wages or salaries.
Trade Dollars offer an easy solution: use Trade Dollars as employee bonuses, incentive schemes or gifts. For example, utilising the Bartercard trade exchange, a business could gift a staff member a reward such as a dinner out, using Trade Dollars.
New customers generated by Trade Dollars are in addition to existing cash business, so they don’t interfere with existing business.
Through referrals and word-of-mouth marketing, members have an advantage over their competitors. Further, every time a Trade Dollar member spends, it will come back to them in the form of new business from another member’s business.
Trade Dollars work like a credit card or bank account, using electronic currency instead of cash so users can continue to make purchases even when cash flow has slowed. Trade Dollars can be transacted via EFTPOS, online, over the phone, using an app like the Bartercard App, or by transaction vouchers.
Bartercard can open up your business to new customer markets, improve cash flow, reduce business expenses and clear idle and excess stock without having to discount. It’s easy to use and doesn't act entirely different to a normal bank account or line of credit, with the exception that users receive an interest-free line of credit when they join.