Transformative commerce to help retailers access the goods and services they need without cash introduced by Retail Council of Canada (RCC) and supported by the Canada Revenue Agency (CRA)
Retail Council of Canada (RCC) and BarterPay Canada Inc. announce a new affinity partnership that will bring the RetailBarterPay trading platform to retailers across Canada.
Through the RetailBarterPay platform, retailers can now have access to a wide variety of goods and services without needing to use cash by trading excess or slower-moving inventory at no discount. This can be in the form of hard goods or services that are monetized into BarterPay Barter Credits™ – one BarterPay Barter Credit™ equals one Canadian dollar for valuation, accounting and tax purposes – which can be exchanged for any goods or services offered by other businesses who are also on the BarterPay network. BarterPay Barter Credits™ are recognized as a cash equivalent by the Canada Revenue Agency (CRA).
“Retailers across Canada are entering the most challenging retail environment ever experienced. Many are showing incredible creativity in how they are rethinking their businesses. RetailBarterPay is an excellent complement to retailers’ efforts as it allows them to tap into their existing idle inventory at full margins to re-invest into other areas of their business where they need products and services right now, says Diane J. Brisebois, President and CEO Retail Council of Canada. “And, retailers will also have the confidence of knowing that by working through RetailBarterPay, the transactions are recognized at a dollar for dollar value by the Canada Revenue Agency (CRA). BarterPay offers a highly innovative and timely solution to today’s marketplace realities.”
Upon activation, Retail Council of Canada members will receive a $175 bill credit, compliments of RCC, special promotions as well as access to interest-free BarterPay Small Business Barter Loans.
“This partnership brings a unique opportunity for RCC members to conduct smart business using barter,” says John Porter, BarterPay Founder and CEO. “During a time when cash is scarce, it’s imperative that retailers adopt new ways to do business that improve their cash flow. Our user-friendly bartering system makes it easy for retailers of any size to barter their way to a better bottom line and at the same time, deliver more impact in the community. In addition, RCC’s RetailBarterPay members have the option of donating Barter Credits in exchange for a charitable receipt administered by The BarterPay It Forward Foundation, the company’s charitable wing.”
BarterPay is a social profit enterprise and Canada’s only national business-to-business barter
system headquartered in Hamilton, Ontario. BarterPay helps businesses obtain the goods and services they need without using cash, instead they barter their idle inventory and/or services. In 2019, BarterPay completed almost $40 million in barter transactions. The network currently represents close to 4000 businesses and over 100 charities in 18 Canadian cities and growing fast. BarterPay plans to scale to 50,000+ business members and 5000+ charities by 2025 generating over $500M in business transaction volume and more than $100M per year in charitable giving.
About Retail Council of Canada
Retail is Canada’s largest private sector employer. Retail Council of Canada (RCC) members represent more than two thirds of retail sales in the country. RCC is a not-for-profit, industry-funded association that represents small, medium and large retail businesses in every community across the country. As the Voice of Retail™ in Canada, we proudly represent more than 45,000 storefronts in all retail formats, including department, grocery, specialty, discount, independent retailers and online merchants. www.RetailCouncil.org
For more information or to schedule media interviews, contact:
Branka Stavric, Senior Director, Marketing & Communication
John Porter, Founder & CEO, BarterPay