Frequently Asked Questions
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What is G-SWAP Trading Network?
G-SWAP is a business-to-business (B2B) barter trading network serving local businesses in and near Guelph, Ontario. We bring local businesses together to trade what they have, for what they need. For example, businesses offering services (such as an accountant, caterer, interior designer, massage therapist, to name a few) can trade their unused time/service during slow periods for goods and services to grow their business and reach their professional and personal goals. Likewise, businesses with excess inventory can add their goods to G-SWAP's trade exchange at full retail price and trade them, rather than selling them at reduced prices.
How does G-SWAP Trading Network work?
G-SWAP Trading Network makes local trading on a large scale possible. We bring business owners, like you, together in a trading network and put a trading platform in place where you can trade goods and services with other local businesses. G-SWAP members place their goods and services on the G-SWAP Trade Exchange and trade them for goods and services from other local members.
What are “trade dollars” and how do I get some?
“Trade dollars” are barter dollars used for trading in the G-SWAP network. Modern barter exchanges use barter dollars to increase their members' ability to trade. Instead of directly exchanging goods or services with one member, G-SWAP members deposit their goods and services onto the exchange at full retail price in trade dollars. As a member, you then earn trade dollars every time you “sell” goods/services to other members, and spend trade dollars every time you “buy” goods/services from other members. You can spend your trade dollars on anything in the exchange. Bartering in trade dollars allows you to trade with countless other members instead of being locked into a direct trade with only one member.
How are goods and services priced on the G-SWAP Trade Exchange?
Goods and services are priced exactly how they are when sold in cash. The only difference is they are priced in trade dollars + tax paid in cash. There are no discounts or wholesale offers on G-SWAP. There doesn’t need to be. Your savings come from creating new value out of your excess goods and services that otherwise would have gone to waste. You save money by trading these excess goods and services for the things you need, instead of spending cash. You have created a more efficient business, reduced your costs while still purchasing goods and services, and have developed new clients in the process!
What is G-SWAP’s line of credit?
G-SWAP members can apply for a 0% interest line of credit up to 5000 G-Dollars. The credit limit is based, in part, on the goods and/or services you commit to selling in a calendar month on the trade exchange as well as the average of your most recent 3 months of sales. Your actual credit line granted is based on several factors and is up to the administrators. It is important to note that if you have a negative trade balance, you cannot refuse sales and, if you choose to leave G-SWAP Trading Network, your credit line must be paid back in full within sixty (60) days before leaving. If you are in a negative trade balance when you choose to leave, you have the option of selling goods and services on the G-SWAP Trade Exchange to return your balance to zero.
How do I benefit from joining G-SWAP?
Connect. G-SWAP brings local businesses together in a mutually beneficial trading network. We connect business online and in-person for the purpose of trading goods, services, knowledge and skills. We channel new clients to you and help you make trades that achieve your goals.
Trade. Local businesses trade with each other on G-SWAP’s Trade Exchange online. We make sure you are comfortable using the Trade Exchange and we are here to help make trades for you. We get to know the goods, services, and purchasing needs of every member and we find trades that help reach your goals.
Prosper. We aim to make every member better off in three ways:
Create new value out of current resources. We help turn your unused/underused resources into assets that you can trade for the things you need (e.g. professional time in slow periods and excess inventory can be traded instead of going to waste).
Save money while still growing your business. By trading what you have, in excess, for what you need, you can reduce your cash expenses on business and personal purchases and spend that saved money on additional items to grow your business.
Increase and strengthen your local business relationships. Bartering creates a unique relationship between people – one that is different from conventional cash transactions. G-SWAP members have an opportunity to build personal trading relationships with other local members through the exchange and through G-SWAP events.
What else do I get from becoming a G-SWAP member?
Every G-SWAP member receives:
New Business. We get to know you and your business, channel new clients to you and support you with making trades.
Advertising. G-SWAP members receive an online profile page that includes your business logo, description of you and your business, and a link to your website, which helps increase your website’s SEO.
Marketing. We keep members up-to-date on what your business has to offer. We do this by featuring your goods and services on the G-SWAP Trade Exchange, in weekly and quarterly newsletters, and by using old fashioned methods – like picking up a phone and calling members who we know will be interested in what you’re offering!
Online trading platform. When you become a member, you gain access to G-SWAP’s trade exchange. Here you can have fun offering your goods and services to members and finding trades for your business and yourself. Once you find something you like, go ahead and trade! Making your own trades with local business owners is all part of the fun. If you’re short on time – no worries – we’ll put the trades through for you.
Record keeping. We record all transactions and send you monthly statements on your sales, purchases, and balances.
Invitations to G-SWAP events. You are invited to G-SWAP events where you have an opportunity to meet other members, build report, and enjoy a little G-SWAP “speed trading”.
What are G-SWAP's Fees?
Will G-SWAP hold special promotions?
Yes! If you are interested in local trading, now is the time to get on board.
Throughout our first year, we are offering special promotions to grow G-SWAP's barter trading network. And there will be no bigger promotion than the one we offer to our 50 Founding Members.
Our Founding Members receive: complimentary account set-up, half priced monthly membership, and a reduced trading fee.
If you join G-SWAP as a Founding Member your fees never change - no matter how large G-SWAP Trading Network grows.
There will never be a better time to join G-SWAP!
Why are some fees paid in trade dollars?
This saves you from paying higher cash fees.
This lets you know we believe in the value of trade dollars and we use them ourselves to trade for things we need. We are a trading member, just like you!
Can I use my trade dollars to buy something from a business outside G-SWAP's network?
You can trade with any business that becomes a member of G-SWAP. If you find a local business (in or near Guelph) who is not currently a member, you can negotiate with them! This works best with businesses you are not currently doing cash business with – for example, a new supplier. Get in touch with us if you want to negotiate with a supplier and we will help make sure they realize all the benefits they can enjoy when they become part of G-SWAP Trading Network.
Will I ever have a collection problem when I sell on G-SWAP?
No, never. Bad debt is part of cash transactions – some customers may delay payments or ignore invoicing. This is not a problem when you sell on G-SWAP because transactions are processed only when there is sufficient credit (trade dollars) to pay you. Unlike cash transactions, you never have to worry about collection when you trade on G-SWAP.
Can I exchange trade dollars for Canadian dollars?
No. Trade dollars cannot be exchanged for Canadian dollars. Trade dollars can only be used on the G-SWAP trade exchange to purchase goods and services from other local G-SWAP members. This is how G-SWAP supports the local business community and grows the local economy. If you need help spending your trade dollars, let us know and we would be happy to find trades that help you achieve your goals.
Are there any tax implications?
Canada Revenue Agency (CRA) has clear guidelines around bartering. They understand how modern barter exchanges work and, for accounting purposes, they recognize barter dollars as on par (one-to-one) with the Canadian dollar (CRA Archive: Barter Transactions: https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/it490/archived-barter-transactions.html). All goods/services you sell on G-SWAP are subject to the same tax they would normally be subject to if you sold them for cash. G-SWAP’s trading platform will keep track of all your trades and send you monthly statements for your records. It is up to you to collect and remit the appropriate taxes to the government. If you have questions about taxes or would like help setting-up your barter bookkeeping, please let us know and we will reach out to an accountant in G-SWAP Trading Network to support you.
Can I donate a portion of my trade dollars to charity?
Yes! If there is a local registered charity you would like to see on the exchange, please let us know.
What happens if I leave G-SWAP?
After your 4-month trial period, you are free to leave the network at any time with 10 days written notice. If you have a negative trade balance, you have 60 days to make enough sales to return your balance to zero. Likewise, if you have a positive trade balance, you have 60 days to spend the balance in your account. You may also donate any positive balance to a local charity that is a member of G-SWAP Trading Network.
Does G-SWAP provide trading guidelines?
Yes. G-SWAP's has developed Trade Exchange Policies, Rules and Regulations to facilitate trading between members and inform each member of their rights and obligations as part of G-SWAP's barter network. We encourage all members to become familiar with these Policies, Rules and Regulations.
How do I join?
Easy. Click on the "Join Now" button. We look forward to helping you trade what you have, for what you need!