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Frequently Asked Questions About Barter and TBT Barter
Frequently Asked Questions:
- How does TBT Barter work?
- Who can barter?
- What are the costs?
- When are the transactions fees processed?
- Why would I want to accept trade dollars instead of cash?
- How can I pay my rent and gas bill with TBT trade?
- Do I Have to Pay Income Taxes on the Sales I Make with TBT Barter?
- Does TBT Barter provide support?
- Can I sell an item for part cash, part barter?
- Who pays for shipping?
- Why do You Ask for my Social Security Number or Federal ID #?
- Why do You Ask for my Credit Card or Debit Card Information?
- What if a TBT Member does not play by the rules?
How Does TBT Barter Work?
Members who sign up with TBT Barter become part of the fastest-growing barter company in the industry. You can then immediately accumulate barter dollars by selling a product or performing a service on barter for another member at regular market value. That member, in turn, can now purchase a variety of goods and services from the trade dollars they have accumulated in their TBT Barter account. For example, if a publication barters $2,000 worth of advertising to a restaurant owner through TBT Barter that publication can now buy $2,000 worth of products or services from any participating member of TBT Barter. They are not obligated to patronize the restaurant. As a member of TBT Barter, you have the ability to purchase or sell goods or services to over 50,000 members of barter groups throughout the US and Canada.
Who Can Barter?
Any business that sells a product or performs a service can apply for membership in TBT Barter. TBT Barter is looking for companies that understand how barter can help improve sales and save cash.
What Are the Costs?
There is a one-time initial membership fee in order to become involved with TBT Barter. This grants you access to our network of providers who offer their products and services on trade.
There is a small monthly administrative fee in order to maintain your account. This is a month-to-month business relationship as we do not lock you into longer terms.
We only charge a commission when you spend your trade dollars. In other words, we must bring you customers and then help you purchase the goods and services you need in the barter exchange. Only at that point do we earn our performance based commission.
When are Transaction Fees Processed?
Fees are electronically processed at the time of the transaction using a credit card or debit card that is kept on file with TBT Barter. Statements are emailed to you on the 1st day of each month, itemizing all of your previous month’s sales and purchases.
Why would I want to accept trade dollars instead of cash?
This is an additional revenue stream for your business. You’re getting new barter customers in addition to your cash customers. If you have extra time in your week or excess stock on your shelves, why not accept trade dollars? It’s just more money that you can spend on your business, on employee incentives or on yourself. Accepting trade dollars will grow your customer base, increase your market share and quite often, barter clients will refer cash paying friends and family when they are happy with your products or service.
How Can I Pay My Rent and Gas Bill with TBT Trade?
The cash you save by using TBT Barter can be used to pay for your gas, rent or any other expenses that might not be payable in barter dollars. For example, you can pay for dental care for your family with TBT Barter. The cash you save on your dental care can be used to pay for your gas. Or perhaps you can use your trade dollars to design a new website that attracts more cash customers. Barter converts to a tool that brings you cash business.
Do I Have to Pay Income Taxes on the Sales I Make with TBT Barter?
Barter exchanges are required by IRS to report all sales at the end of the year. Like cash sales, there are business deductions you can take when trade dollars were used for business expenses. There may also be deductions you can take on the fees.
Does TBT Barter Provide Support?
Absolutely! Our brokerage team is here to assist you with all of your trades. We promote you to our member base, always inquire about your needs, and assist you in making your purchases on trade. We are here to help you every step of the way. You may contact the TBT Barter office via phone, email, chat or even reach a trade broker via text!
Can I Sell an Item for Part Cash, Part Barter?
The short answer is no. On larger transactions, there may be a cash component for materials depending on the provider, but mostly all transactions through TBT Barter are 100% trade. Should this be the case, we will always let you know up front. Keep in mind when you go to purchase goods or services you will want to pay full barter as well and no more than the retail cash price. When our members adhere to these trading policies, they can expect the same in return.
Who Pays for Shipping?
Sales tax, gratuities, and shipping are always paid by the buyer in cash. Always get shipping and sales tax up front, before sending out items.
Why do You Ask for my Social Security Number or Federal ID #?
The IRS says if you trade $1.00 it is taxable income. At the end of the year, TBT Barter reports all income to the IRS as required by law. You will receive a 1099 Form at the end of the year.
Why do You Ask for my Credit Card or Debit Card Information?
All fees are processed the day of the transaction using either a credit or debit card. On the first of each month, you are sent an email with a link to your statement. The link is valid for one month. If you need a copy of your past statements, they are always available online.
What if a TBT Member does not play by the rules?
If a Member does not abide by the Terms and Conditions or Policies and Procedures their Membership is subject to suspension or termination.