Frequently Asked Questions
What is Tradebank?
Tradebank is a global trade network that assists companies of all sizes to convert what they have into what they need using a means of exchange called the Tradebank Dollar (T$) in the United States, the Tradebank Canadian Dollar in Canada. Employed as a financial tool, Tradebank assists companies across a variety of industries to increase sales and conserve cash while still obtaining the products and services they need to run their business. Clients of the Tradebank Network can search the Internet for those products and services that are offered by other clients. Trades are conducted over the telephone with the assistance of experienced Trade Brokers to provide a satisfying customer experience.
What is the Tradebank Network?
The Tradebank Network provides a marketplace for businesses of all sizes and helps those businesses to increase sales, enhance cash flow, and improve profit. Tradebank is a central repository of client information and data for all trade transactions that take place within the network. By providing inventory listings online and transactions through personal Trade Brokers, the Tradebank Network ensures clients equal access to products and services information.
Why join Tradebank?
Tradebank offers a full array of services that other trade exchanges simply cannot match. One, our brokers are the ultimate trade professionals — well-trained, highly knowledgeable and experienced in all aspects of trade. Two, Tradebank offers your business a no-risk guarantee: If we don’t bring your company new business, we’ll refund your initial retainer fee – in full. Three, with our use of the Internet and our state-of-the-art, proprietary technology, we’re offering clients speed and efficiencies that were never available before. And lastly, as a member of Tradebank, you’ll have working for you a solid, experienced organization with regional exchange offices across North America.
Who can I trade with?
You can trade with any client in our organization. We have over 100,000 products and services. You can get vacations, advertising, personal/business and education to name a few.
When can I sell my products or services? When can I buy?
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.
What is the history of Tradebank?
Tradebank International was founded in 1987 in the United States and in 1996, Tradebank expanded internationally by beginning operations of Tradebank Canada. Today, Tradebank is positioning itself as the leading global trade network with further international and domestic expansion planned.
Will I pay a higher prices using T$ than with cash?
We encourage you to comparison shop on the Tradebank Network. Choose a seller that provides the greatest value for your T$. Since Tradebank Dollars (T$) 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.
Will I have to worry about accounting and tax reporting issues?
Members receive a statement of activity from Tradebank each month. To facilitate your tax reporting, Tradebank sends members an IRS Form 1099-B at the end of the year that summarizes members’ annual trade sales.
How does the IRS view trade exchanges like Tradebank?
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 (U.S. $1.00 = 1.00 T$). A copy of the client’s Form 1099-B is also sent to the IRS, as required by law.
What is a trade broker?
Tradebank has always placed great value on personalized service. We commit one Business Development Manager/Broker to each client. The broker makes it his or her responsibility to learn and understand, in depth, the clients business and the industry or retail sector in which the client operates.
Your Tradebank broker works closely with you in every aspect of your trade business, your broker will:
- Educate you on trading
- Promote your business
- Send you new business
- Assist you in trading
- Help you find things you need