your cashless community.
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What if a member charges me more to use Local Trade Partners than if I paid with cash?
Prices quoted to Local Trade Partner members are the same as prices quoted to cash paying customers. Business owners are educated shoppers. Local Trade Partners is simply a mode of payment-just like a credit card or cash. If your price is too high, members simply won’t buy.
What percent of my business can be done with Local Trade Partners?
We recommend that Local Trade Partners be kept to no more than 5-10% of your total business (Revenues). Remember you can't pay your payroll, taxes and or purchase your inventory with Local Trade Partners. Please speak to your accountant on how much can safely trade without adversely affecting your cash flow. We're your partner, trade and bartering must benefit your business.
Are there any tax advantages to Local Trade Partners?
There are no tax advantages or disadvantages to Local Trade Partners.
Sales Tax: When you buy, sales tax is paid in cash at the time of the transaction. .
Income Tax: Report all sales as income via the 1099B. All purchases would be expensed, just as you would any cash expense.
Is Local Trade Partners legal?
Of course. Under the Tax Equity and Financial Responsibility Act of 1982, the federal government officially recognized business like Local Trade Partners as a third-party record keeper- meaning they record transactions and report client income to the IRS. This puts Local Trade Partners on equal footing with banks, credit unions, securities brokers and others as custodians in the eyes of the law.
Why use Local Trade Partners instead of cash?
Maximizing cash flow is a top priority of all businesses, small and large. Using Local Trade Partners, as an alternative to spending cash, helps you conserve cash. Always use Local Trade Partners first.
Can I get anything with Local Trade Partners?
No. There are some things that you won't be able to find using Local Trade Partners, including: utilities, tips, mortgage payments and money payable to local, state and federal governments (Taxes, business licenses, traffic fines) etc. You can however, use Local Trade Partners to Free Up cash to pay for the things you can't find thru Local Trade Partners.
Who can benefit from Local Trade Partners?
Just about any business with excess capacity or surplus or slow moving inventory can benefit from Local Trade Partners. This is especially true if your inventory is perishable like your time, your employees time, radio time, billboards, hotel rooms, airline tickets, empty tables at restaurants, event tickets etc., Remember Local Trade Partners Dollars have a storable value and your perishable inventory does not..
Who can join Local Trade Partners?
Any business owner, professional or individual who has a product or service to offer for which there exists demand. The higher the demand for your product or service the more opportunities you will have to earn Local Trade Partners.
Are Part Local Trade Partners/Part Cash Transactions Allowed?
Local Trade Partners is a cashless community. In some cases cash is allowed for special order parts and building materials. All transactions involving part cash must be approved in advance by the Local Trade Partners Office.
What does it cost?
A cash fee of 10% is charged on all purchases, selling is free.
What if I need to temporarily stop accepting Local Trade Partners?
You may place your account on On Hold if your trade balance is too high. You may NOT go On Hold if you have a negative balance, ie: You have purchased more than you have sold and are using your line of credit. See Policies and Procedures for details. While on on hold your listing will be suspended from our directory so members don't mistakenly attempt to trade with you.
How should I price my Products and Services?
You must charge the same prices as you would for cash. This is a key point- we follow the Golden Rule, treat others like you would want to be treated.
What if I need help?
No problem- that is why you have a personal assistant to help you at no charge, just give is a call at 479-443-1977 or in Fort Smith at 479-648-9999.
Do you offer credit lines?
Credit lines may be available to qualified members. Please call our office.
What if a Member does not play by the Rules?
If a Member does not abide by the Terms & Conditions or Policies & Procedures their Membership may be revoked.
Do you have Smartphone Apps?
YES! We have an impressive App that works with GPS to locate members near you. Our App is available for iPhones and Android. We also have a transaction app to use at the point of sale.
Can I get a transaction authorized after hours?
YES! We have a variety of way to authorize a transaction from fellow Local Trade Partners members. We now have a 24/7 automated telephone authorization line, smart phone apps and our web site. Our web site now allows you to process a transaction without logging in with a user name and password.