Most companies have outstanding receivables. Sometimes due to cash flow, a customer finds it necessary to draw the payment out over a prolonged period and perhaps may never make payment or at best only a partial one.
So what do your accounts receivable have to do with bartering? Rather than wait an extended time for the payment or risk never receiving it, did you know you can send the customer on over to BarterPay and give them the option to settle their debt to you in Barter Credits? This can make great financial sense. We are talking about business owners who are not yet members of BarterPay, but this can also apply to existing barter clients. Alternatively, we do have collection agents who will charge their commission in Barter Credits, so if you really need to collect the cash, this is an option as well.
When you convert a cash receivable to barter, you can also request a premium in order to accept the debt in Barter Credits. (e.g. customer owes you $10,000, you could ask for BP12,500 instead, giving you a bit of an incentive to convert cash receivable to barter). You could also offer to take a portion in barter, if they pay a certain amount in CDN$ (e.g. customer owes you $10,000, you could ask for $2500 in CDN$ and the balance in BP).
Once you have discussed the option with the customer and interest is shown, the following steps would be taken if the business was not yet a member of BarterPay:
1) Contact your Barter Coach to determine if the services / goods the customer provides would be marketable within BarterPay.
2) The customer would be signed on as a member of BarterPay.
3) Sales would be arranged through the BarterPay network for the customer’s products or services.
4) A transfer would be done from the customer’s account to your account – in these circumstances we would require them to prepay fees on transfer as receivable would obviously be risky.
Your company would also be eligible to receive the usual referral bonus from BarterPay. It’s a win-win all the way around!
Another side benefit of taking the receivable in barter, is that you are directly helping your customer to be more successful. More successful customers lead to more revenue (that you get paid for!). Isn’t this amazing??! We think so too!