February 17, 2021 – Transformative commerce to help retailers access the goods and services they need without cash introduced by Retail Council of Canada (RCC) and supported by the Canada Revenue Agency (CRA)
Retail Council of Canada (RCC) and BarterPay Canada Inc. announce a new affinity partnership that will bring the RetailBarterPay trading platform to retailers across Canada.
Through the RetailBarterPay platform, retailers can now have access to a wide variety of goods and services without needing to use cash by trading excess or slower-moving inventory at no discount. This can be in the form of hard goods or services that are monetized into BarterPay Barter Credits™ – one BarterPay Barter Credit™ equals one Canadian dollar for valuation, accounting and tax purposes – which can be exchanged for any goods or services offered by other businesses who are also on the BarterPay network. BarterPay Barter Credits™ are recognized as a cash equivalent by the Canada Revenue Agency (CRA).
“Retailers across Canada are entering the most challenging retail environment ever experienced. Many are showing incredible creativity in how they are rethinking their businesses. RetailBarterPay is an excellent complement to retailers’ efforts as it allows them to tap into their existing idle inventory at full margins to re-invest into other areas of their business where they need products and services right now, says Diane J. Brisebois, President and CEO Retail Council of Canada. “And, retailers will also have the confidence of knowing that by working through RetailBarterPay, the transactions are recognized at a dollar for dollar value by the Canada Revenue Agency (CRA). BarterPay offers a highly innovative and timely solution to today’s marketplace realities.”