YOU’VE GOT QUESTIONS, WE’VE GOT ANSWERS
Does a charity need to provide a tax receipt when receiving TRADEdollar® gifts from the BarterPay It Forward Foundation®?
No. As a Qualified Donee, you do not need to provide a charitable tax receipt to the BarterPay It Forward Foundation®.
As per the CRA guidelines, The BPIFF receipts for all TRADEdollar® donations that it receives from BarterPay member businesses across Canada!
How many charities can participate?
At this time we are only on-boarding up to 1000 charities nationally. As we scale the BarterPay community of businesses, we will continue to add more charities based on a waiting list. Our end goal is to have 40,000 businesses producing $100,000,000/year in TRADEdollar® donations, which in turn will be distributed to 5000 charities across Canada!
What if we already work with vendors who provide us Gifts-In-Kind?
If you already have connections with suppliers that are providing you the goods & services you need in exchange for a tax receipt, then keep doing that! It’s free!
Most charities, however, don’t have vendors that take care of ALL their needs so it’s important to apply to join the BPIFF program so that you can be fiscally responsible with important donor dollars!
How does the BarterPay It Forward Foundation® raise TRADEdollars®
There are thousands of businesses who are using BarterPay across Canada. They’re bartering with each other using TRADEdollars® as a medium of exchange. We are encouraging the businesses to take some of their newly acquired TRADEdollars® (from monetizing idle inventory or downtime) and donate them to the BPIFF! We are receiving new gifts daily!
How do we know what is available for purchase in the BarterPay system?
We assign a Trade Broker to your account! They are there to help you navigate the system. They will work with you to build a wish-list and then “shop” the network and present vendors who are willing to accept TRADEdollars® as payment instead of your important donor dollars!
Can I approach my current vendors to get on board with BarterPay?
Yes! We highly encourage you to share your current vendor list with us so that we can help you negotiate payment in all or partial TRADEdollars®. For every TRADEdollar® that a vendor/supplier agrees to take off your invoice, you will save 75 cents! That’s right, a 75% discount! Instead of going to your vendor and asking them to discount, just ask them to take a portion of the payment in TRADEdollars® Everyone wins!
Will products & services be more expensive because businesses are getting paid with TRADEdollars®?
No. The prices you pay will be in line with typical pricing. No price inflation is allowed and no discount pricing is expected. The BarterPay ecosystem operates on fair-market retail pricing. Remember though, you only pay 25% of the price being quoted in TRADEdollars®, so always do your math prior to making a buying decision. Even if the price being quoted in TRADEdollars® is higher, it will likely always be less money because you only have to pay 25% of the amount!
What are the fees to participate?
One-Time Activation: $495
Monthly Fee: (waived for 6 months & based on annual budget)
- $250k – $1MM = $29
- $1.1MM – $3MM = $49
- $3.1MM + = $99
Fund-Raising/Admin Fee: 15% when you receive TRADEdollars®
Brokerage Fee: 10% when you spend TRADEdollars®
All fees are subject to applicable taxes.
BarterPay It Forward Foundation is a registered charity that provides new, innovative funding to charities across Canada.
BarterPay is Canada’s largest & fastest growing B2B barter system. We help 1000’s of businesses turn their downtime and idle inventory into giving.
We’re on a mission to team up to create millions of dollars in brand new giving which will strengthen charities and allow them to impact more lives.
We do this by leveraging an elaborate bartering system made up of businesses that use TRADEdollars® to buy & sell with one another and in turn give some of their funds to our Foundation.
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