When communities first started producing goods millennia ago, there was no monetary system. The process by which products and services were exchanged was barter—or, in other words, trading with others in your community. Today, organized multi-party barter/trade systems have replaced one on one barter and have matured and evolved into robust marketplaces.
It’s the most direct and effective way to get the assets you need to run a business, in our experience, and monitoring and coordinating those exchanges is what we do at iTrade Colorado. Read on to learn more about our company and the services we offer.
If you’re wondering how iTrade Colorado facilitates small business barter exchange, we act as the third-party record keeper for these exchanges, which take place using what are called trade dollars. Specifically, we track current account balances similar to a bank and provide monthly statements that ensure the organizations that use our services know how many trade dollars they have available to them to use on the iTrade or Global Marketplace to purchase products or services. You can access your accounts 24/7 with all transaction history and an online directory.
Trade dollars are treated by the government just like cash, so we record all transactions that take place between our members using Generally Accepted Account Principles (GAAP) and in accordance with all applicable legislation, such as the Sarbanes-Oxley Act. We also provide all required data to all members and the Internal Revenue Service (IRS).
Plus, we offer lines of credit for immediate purchase needs—in other words, purchases you don’t currently have enough trade dollars to make. However, unlike banks, we don’t charge interest on lines of credit. And, as an iTrade Colorado member, you have us working on your behalf to find new business to cover any credit you apply for.
Our record-keeping role is crucial, but it’s not all we do. Our team also helps you find great places to use your trade dollars to purchase the products and services you need. Making purchases with your trade dollars helps you hold onto more of your cash for other purposes. As an iTrade Colorado member, you have access to an advanced and intuitive trading platform called Nextrade. With Nextrade, you can search, shop, and perform all aspects of your trades securely online.