TORONTO, March 22, 2021 /CNW/ – To assist independent retailers across Canada in their recovery from the business challenges due to the COVID-19 pandemic, BarterPay has partnered with Retail Council of Canada to launch a grant program that will distribute $25,000,000 in value to retailers through Barter Credits™.
BarterPay helps Canadian businesses convert, at full retail value, their unsold time and space and/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™, retailers can trade their idle inventory for other goods and services and acquire some things they need at their wholesale cost of goods rather than dipping into cash.
How the grant program can be accessed
Upon opening an account, BarterPay will advertise the retailer’s idle inventory, at full retail value, to its established network of BarterPay members for Barter Credits™. One Barter Credit™ equals one Canadian dollar and is supported by the Canada Revenue Agency (CRA). Once the retailer earns 1,000 Barter Credits™ through the trade of its inventory, BarterPay will match and provide the retailer with an additional 1,000 Barter Credits™ in the form of a grant. This gives the retailer 2,000 Barter Credits™ they can utilize back within the BarterPay ecosystem to offset some costs. Regardless of who acquired their inventory, the retailer can take these newly earned Barter Credits™ and redeem for anything on the system, like PPE, printing, advertising, employee gifts, construction, signage, web design, social media management and so much more.