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Click on a question below to view the answer.
A. Normally, individuals do not have products or services to continually put into trade. Business owners and professionals understand the fixed costs of doing business and the advantage of investing in trade. Each trader buys at their own wholesale cost, adds a margin or profit, and trades for retail trade dollars. If they can’t make the investment, they don’t trade. We do have independent traders within our system who don’t have a particular business.
A. Yes. Sales made via Tradebank are subject to the same taxes as cash sales. However, items that are normally tax deductible, are also tax deductible when purchased on Tradebank.
A. Sales made through Tradebank are reported to the IRS, as required by law (U.S. $1.00 = 1.00 T$). Members may deduct from their taxes, purchases for business related expenses that are made with Tradebank dollars. Consult a qualified tax consultant for advice and for tax-deductible expenses allowable by law.
A. Tradebank handles all the federal tax requirements for each member. The IRS classifies trade networks as third-party record keepers. Therefore, Tradebank has the same reporting requirements as banks and stock exchanges. Each year, members receive a Form 1099-B that reports their Tradebank sales.
A. Every measure is taken to ensure each business owner receives the exact amount that they are comfortable with.
A. Once you’ve listed your products and services with Tradebank, other Tradebank members will see what you’re selling when they search for the products and services they want, or their trade brokers will inform them when they’ve expressed an interest for your particular product or service.
A. You can sell your products and services as soon as you become a Tradebank member and list items for sale. You can begin buying as soon as you have sufficient Tradebank Dollars (T$) to pay for the products and services you want to acquire or, in special circumstances have been granted a line of credit. Your T$ balance grows via sales to Tradebank clients.
A. Just as when you visit a Tradebank restaurant, and order off the menu, we expect our members to honor their commitment to fair pricing. We have rules in place to protect all members, and we enforce them. We encourage you to comparison shop on the Tradebank Network. Choose a seller that provides the greatest value for your trade dollar. Since Tradebank Dollars are valued at U.S. $1, trade prices should be comparable to cash prices. If you feel that a product or service is priced too high, you can negotiate with the seller or buy from another client – it’s your choice.
A. We manage over 300 member’s accounts in the Upstate SC area, and there are over 14,000 members in the Tradebank network. Tradebank honors the privacy of its clients. All members have complete access to our extensive data base. We will make this information available to you prior to joining.
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