BarterPay has partnered with the Retail Council of Canada to launch a grant program that will distribute $25,000,000 in value to retailers through Barter Credits™. The initiative aims to help independent retailers across Canada in their recovery from business challenges due to the COVID-19 pandemic.
The process aims to be simple. Upon opening an account, BarterPay will advertise the retailer’s idle inventory to its established network of BarterPay members for Barter Credits™ at full retail value. 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™ that 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.
BarterPay aims to help 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, it’s 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.
“The retail industry is suffering tremendously right now and we’re eager to help” said John Porter, Founder and CEO of BarterPay. “Prior to COVID-19, all businesses had some spare capacity, but we’re in a situation right now where downtime and idle inventory is magnified”, says Porter.
“It’s a tragedy to see so much product sitting idle where the value is not being monetized. By leveraging BarterPay, retailers can capture full value for slow-moving goods and then redeem it for what they need, all while keeping precious cash in the bank. The time is now for BarterPay to step up and deliver as much value as possible to Canada’s retail sector.”
“Retail Council of Canada (RCC) is excited to partner with BarterPay on this innovative business model that will help retailers across Canada,” said Diane J. Brisebois, President and CEO, Retail Council of Canada.
“This kind of transformative commerce initiated by BarterPay, along with the addition of this generous grant program, will complement the incredible creativity and resilience retailers have demonstrated throughout the pandemic to remain viable and serve their customers.”
BarterPay is a social profit enterprise and Canada’s only national business-to-business barter system headquartered in Hamilton. In 2019, BarterPay completed almost $40 million in barter transactions. The network currently represents close to 4,000 businesses and over 100 charities in 18 Canadian cities and growing fast. BarterPay says that it plans to scale to 50,000+ business members and 5000+ charities by 2025 generating over $500 million in business transaction volume and more than $100 million per year in charitable giving.
For further details and to enroll and qualify for the grant program, visit: retail.barterpay.ca