For Immediate Release
June 2, 2021
BarterPay Arrives in Saint John
–Businesses Can Barter Goods and Services to Maximize Revenue
Using Innovative Platform–
–Saint John Branch of Habitat for Humanity Selected as First Local Charity Eligible for Portion of $2 Million in Funding from the BarterPay It Forward Foundation®–
SAINT JOHN, NB—BarterPay, a national bartering platform that helps Canadian businesses barter available time, space and idle inventory, has arrived in Saint John. By posting idle inventory and downtime on the BarterPay platform, businesses are able to exchange it for other products or services they need in an organized way. BarterPay is rolling out its service across Canada, and recently announced partnerships with the Retail Council of Canada, Restaurants Canada, Ontario Chamber of Commerce and Imagine Canada.
BarterPay helps Canadian businesses convert, at full retail value, their unsold time, space or idle inventory – their ‘spare capacity’ – into Barter Credits™. Instead of typical one-to-one bartering, BarterPay is a one-to-many ecosystem where BarterPay members are able to exchange what they have to get what they need in an organized way. Through Barter Credits™, businesses can trade their unsold time and space and idle inventory for other goods and services and acquire things they need at their wholesale cost of goods rather than dipping into cash. One Barter Credit™ equals one Canadian dollar for valuation, accounting and tax purposes and they can be exchanged for any goods or services offered by other businesses who are also on the BarterPay network. Barter Credits™ do not expire and are recognized as a cash equivalent by the Canada Revenue Agency (CRA).
“Bartering makes sense for businesses. With the BarterPay system, business owners can improve their cashflow and profitability by bartering downtime and excess goods and services to acquire things their company needs – everything from office furniture to printing to professional services – on a secure network,” said John Porter, BarterPay Founder and CEO. “As the BarterPay ecosystem expands across Canada, the range of products and services is growing all the time which makes it more valuable to all businesses, especially as we recover from the pandemic.”
Saint John residents Vanessa and Anson Darville are heading up the Saint John branch of BarterPay. “Bartering has been part of business since the very beginning but now with BarterPay, it has been professionalized, scaled up and aligned with CRA requirements. By using the BarterPay platform, businesses can fully maximize the revenue potential of their inventory or time, improving cashflow and bottom-line performance. Bartering at scale is an idea whose time has come,” said Anson Darville.
BarterPay is committed to the communities where it operates. The BarterPay It Forward Foundation®, the company’s charitable wing, makes it easy for companies to donate Barter Credits™ to worthwhile causes while receiving charitable tax receipts. Up to $2 million in Barter Credits™ will be donated to Saint John area charities. Anson Darville noted that the Saint John branch of Habitat for Humanity has been selected as the first local charity eligible for funding from the BarterPay It Forward Foundation®.
More information about the BarterPay It Forward Foundation® is available here.
BarterPay is a social enterprise and Canada’s only national business-to-business barter system, headquartered in Hamilton, Ontario. BarterPay helps businesses obtain the goods and services they need without using cash, instead they barter their idle inventory and/or services. The network currently represents close to 4,000 businesses and over 100 charities in 18 Canadian cities and growing fast. Through organic growth and recent partnerships with Retail Council of Canada, Restaurants Canada, Ontario Chamber of Commerce and Imagine Canada, BarterPay plans to scale to 100,000+ business members and 5,000+ charities by 2025, generating over $1bn in yearly business transaction volume and more than $100M per year in new charitable giving. Find out more at barterpay.ca.
For more information:
Co-Owner, BarterPay New Brunswick