STOP RIGHT THERE! Put down the plastic slowly…tuck your cash away…have you called your Broker yet?
“No, no” you might be saying, “there’s no way this is on trade.” However, before you make your next cash purchase, you might just want to call your Tradebank Broker. You may be surprised that yes, you can get that on Trade. After realizing you might be able to buy what you need on Trade, let’s walk through some of the ways you can Trade smart.
First things first, we do recommend doing price comparisons before starting the process. Goods and services are ALWAYS supposed to be sold at prevailing retail prices. Remember, Price versus Cost? Click here to get a refresher.
We prioritize fair trading, so if something doesn’t seem quite right, please give us a call so we can help. Sometimes though, you may even find it cheaper on Trade. With Price versus Cost in mind, the savings add right up.
Next, take a look at the business ad.
Is the client’s information readily displayed on the ad? If yes, go ahead and reach out to them. If it’s not, it’s a Broker Only account. This means you need to call your broker to Trade with that client.
Don’t sweat it! There’s nothing wrong with a Broker Only account. The Broker Only account usually means the other Client wants to use their Broker as a liaison to help them trade. This is a perk of the Tradebank membership! So, identify what kind of account it is, and pick up the phone. When you make contact with the client, make sure to let them know you’re a Tradebank member. Clarity is your best friend.
After checking this out, ask the seller or your broker, is this full trade? See, all goods and services priced under T$10,000 must be offered full trade. There are certain materials components for some professions, or travel/gratuities which are excluded, contact your broker for more information on this. If your transaction is over T$10,000, any cash/trade deal above that must be negotiated between the buyer and seller. However, if you feel more comfortable, ask your broker to be on a three-way call to ensure a proper trade. Then, we also recommend utilizing a contract with large or lengthy transactions. This is why if your seller doesn’t prepare an invoice for you, ask for one!
So now the time is here, it’s time to pay!
What should you do next? Be aware that it is your responsibility to review the pricing and quality of goods and services before you make a purchase. Should there be a problem with a product or service please address it with the Seller. This should be treated as a normal cash transaction, with the same quality. Then, of course, check to ensure you have the funds to pay. Any attempt to make a purchase without having the available funds is viewed as an attempt to commit fraud. And we definitely want to avoid that! If your purchasing needs exceed your Tradebank Dollars, please contact your Tradebank Broker for assistance!
With all that in mind, you’re set up to Trade. And remember, to stop, and make sure if you want to pay cash for that. Start thinking Trade first! Happy Trading!