Canadian company BarterPay is announcing a partnership with the Retail Council of Canada (RCC) that will bring the RetailBarterPay trading platform to businesses across Canada. It’s part of an effort to support retailers at a challenging time amid lockdowns and consumer concerns.
Hamilton-based BarterPay is now providing retailers with access to a wide variety of goods and services without needing to use cash by trading excess or slower-moving inventory at no discount all through the RetailBarterPay platform. 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.”
Upon activation, Retail Council of Canada members will receive a $175 bill credit, compliments of RCC, special promotions as well as access to interest-free BarterPay Small Business Barter Loans.
“This partnership brings a unique opportunity for RCC members to conduct smart business using barter,” says John Porter, BarterPay Founder and CEO. “During a time when cash is scarce, it’s imperative that retailers adopt new ways to do business that improve their cash flow. Our user-friendly bartering system makes it easy for retailers of any size to barter their way to a better bottom line and at the same time, deliver more impact in the community. In addition, RCC’s RetailBarterPay members have the option of donating Barter Credits in exchange for a charitable receipt administered by The BarterPay It Forward Foundation, the company’s charitable wing.”