How does barter work?
Unlike one-to-one barter, in the QuickBarter network, members earn credits, or trade dollars, that are deposited into their QuickBarter account that can be spent on anything in the QuickBarter Marketplace, as well as at Member locations. In one-to-one barter, your network is limited to people you already know. We teamed up with a Global Alliance of business owners that love to trade. The transactions are simple, and the possibilities are endless!
Who can barter?
Any business or person that can offer a product or perform a service can apply for an account with QuickBarter. You must agree to the trading rules and be fair and equitable in your dealings with other QuickBarter members, just as if they were cash customers. QuickBarter is simply building a large network of businesses, entrepreneurs and people that understand barter and want to get increased sales, greater profits, and the numerous benefits it has to offer.
What does it cost to get started?
There are no set up fees and an Entrepreneur account is as low as $10/month cash and $10/month trade dollars, and NO listing fees! There’s a 5% cash transaction fee on sales, each time we refer new business to you, and a 5% cash transaction fee on purchases when you spend your new found revenue. You can sign up for a Professional account at $15/month cash and $15/month trade dollars or an Enterprise account at $25/month cash and $25/month trade dollars for additional benefits.
When are the transaction fees processed?
Transaction fees are processed at the time of each purchase or sale. For your convenience your statement activity is always available online 24/7 in your Member Dashboard.
Why would I want to accept Trade Dollars instead of cash?
You’re not accepting Trade dollars instead of cash. You’re receiving new trade customers in addition to your cash customers. If you have idle time in your week or your shelves are overstocked, why not accept trade dollars? You can spend your new found revenue to offset business expenses, pay employee incentives, or enhance your quality of life. And quite often, trade clients will refer their cash paying friends and family when they enjoy the great service you provide them.
How is bartering through QuickBarter better than direct bartering?
You are not limited to buy from the same member you sell to. You can trade with over 35,000 businesses in our global barter network. Our software tracks of all your transactions, and unfair trades are eliminated! We send you a 1099b for tax reporting purposes so that all of your barter activity on QuickBarter is legal and ethical. You can have up to 99 sub-accounts which allows you to share your trade dollars with your employees, VIP clients, and family.
Why should I pay cash for my products and sell it for Trade Dollars?
If you own a retail store and you have product sitting on your shelves, why not get full value for it by posting it on QuickBarter for barter? If you’re in a service industry and have empty appointment times, you can’t sell today’s empty time tomorrow, so post it for trade and bring in new business that generates revenue in your QuickBarter account. If your restaurant has empty tables, your hotel has empty rooms, or your radio stations have empty time, don’t let it go to waste! Remember, when customers are coming through your doors, they always bring more customers!
Can I pay my rent and electric bill with QuickBarter?
No. However, you can save cash by trading for things that you would normally pay cash for, and use that money toward your rent and electric bill. Perhaps you can use your trade dollars to design a new website that attracts more cash customers. You can even barter for business courses and/or coaching that will make your business more profitable. Profit means more cash and cash pays your rent… so actually, the answer is YES!
How should I price my product or service?
We are all about you getting full value for your products and services. The price you quote to QuickBarter members is the same price you would quote to a cash paying client. QuickBarter is simply another method of payment, just like cash or a credit card. Remember that business owners are educated shoppers and price gouging is frowned upon, as well as cause for account termination.
What if I need to make a purchase before I have earned enough trade dollars?
Just like a bank, businesses can apply for a QuickBarter line of credit. You can qualify by posting products for trade in the same amount that you would like in credit. Once your credit line is approved, you can use your credit immediately.
Do I have to pay income taxes on the sales I make with QuickBarter?
Yes. Barter exchanges are required by the IRS to report all barter sales at the end of each year, and we make it easy for you to report! QuickBarter members receive a 1099b at the beginning of each year for barter sales made the previous year, and you can also view your monthly statements online at any time. Remember, your business expenses are deductible whether you trade for them or pay cash so discuss your options with your accountant. The goal is to spend as much as you sell so as to not show a taxable profit. If you send more trade dollars than earned, it could even generate a loss that can be used to reduce taxes on cash sales.
Does QuickBarter provide support?
Yes. Simply click the blue smile icon on the bottom right of our website to connect with a trade consultant or support team.
Can I sell an item for part cash, part barter?
The short answer is no. QuickBarter Trading Rules indicate that the first $10,000 of a transaction must be 100% barter. Any amount over $10,000 can be part cash and part barter, all barter, or all cash. However, you can post gift certificates for any amount and that gift certificate can be applied towards the member’s total purchase at time of service. There are exceptions such as sales tax, repair parts, deposits etc. that can be charged in cash.
Who pays for shipping?
The Buyer pays sales tax, gratuities and shipping in cash. This part of the transaction is your responsibility and is facilitated outside of QuickBarter. Always get shipping and sales tax from your buyer up front, before shipping an item.
Why do you ask for my Social Security or Federal ID number?
The Tefra Act designates Barter Exchanges as third party record keepers, the same as banks and credit card companies. IRS regulations dictate that barter sales are the same as cash sales, as the seller is receiving revenue that can be spent just like cash to purchase products and services. Therefore, barter sales are taxable income that must be reported by barter exchanges to the IRS. By February of each year, QuickBarter will send each member a 1099b detailing their barter sales for the previous year. In March of each year, QuickBarter reports all income from barter sales to the IRS, as required by law.
Why do you ask for my credit card, debit card or checking account information?
Transaction fees are processed automatically at the time of purchase. On or about the first of each month, you will be sent a QuickBarter statement detailing your purchases, sales and fees. Additionally, if you need a copy of any past statement, they are always available online in your Member Dashboard.