What is BCI National Exchange?
Barter Club India – (BCI) National Exchange is the premier business transaction platform for business owners and decision makers to boost their business and lifestyle through our barter trade. BCI National Exchange is similar to a bank except that it uses BCI Trade Rupees as a medium of exchange to help facilitate trading between it’s Members. This BCI Trade Rupees are working as saviour for cash crunch.
New customers and sales are guaranteed to be received from the membership community of our members who seek to do business with other BCI National Exchange members. Purchases can be made immediately using interest-free credit and paid for later with your goods and services…NOT CASH!
How much does it cost to join?
We charge one time listing fee of Rs. 1000/- to list your product and services in our BCI Exchange Store. BCI National Exchange offers different levels of membership. Depending on your business’ situation, its size and capacity to trade in the BCI National Exchange system will determine which level is best for your particular business and you can buy BCI Exchange membership accordingly.
Why do you charge a fee for listing of product and services?
We charge this as an initial fee for listing of products and services with a view to avoid duplicate listings. You are paying this fee as a contribution/donation for a noble cause.
Are there any ongoing fees?
Yes. BCI National Exchange charges a membership fee annually and a transaction fee for all sales and purchases made through the system. The amount of membership fee and the percentage of transaction fee are provided in the membership menu and can also be viewed by…… clicking here
Why should my company considering joining BCI National Exchange only?
BCI National Exchange, connecting hundreds of thousands of small and mid-sized businesses across India. By Joining a BCI National Exchange you are joining a network of savvy business owners who have already realized the benefits of barter. Barter can put your company on the road to success. By utilizing Barter thru our national network and utilizing our members – your company gains a competitive edge over their competition by using barter trade to increase their sales and decrease their expenses and more importantly CONSERVING CASH.
The BCI National Exchange is promoted by registered charitable trust and the enterprise can get tax exemption on any payment either as membership fee or as transaction fee. The donation receipt will be issued against any payment as contribution / donation made for membership fee or transaction fee. The proceeds will be used for a noble cause.
Who can do barter?
Any business owner, professional or individual who has a product or service to offer on Barter Trade for which there exists some demand. The higher the demand for your product or service the more opportunities you will have to Barter Trade for the products and services you want and need.
Who can join BCI National Exchange?
Trade Exchange eliminates the limitations of one-on-one Barter where each business must want what the other business has to offer. When you belong to an exchange You are paid in BCI Trade Rupees, which you can then spend with any other Member. This way when you are the Seller you do not have to turn away any business because you don’t want what the other person is offering. Using BCI Trade Rupees also helps when you want to make a Purchase and the other person doesn’t want what you have to offer.
BCI National Exchange will Save you the Time and Effort of having to find compatible Trading Partners.
BCI National Exchange helps You market Your products and services to other Members.
BCI National Exchange acts as a third party record keeper, providing monthly statements to clients, which reflect all Barter Trade purchases, sales and a current Barter Trade Rupees balance.
When you are a Member of a BCI National Exchange you do not have accounts receivable to collect or bad debts to write off. You are paid at the time you provide your product or service.
How do I join?
Simply fill out your business and contact details through the online form by mentioning your needs / requirements and complete the business registration process and barter trade activation process. You can complete the business registration process through this link….and click here……to join BCI National Exchange today.
Do I have to own a business to become a BCI National Exchange member?
Yes! BCI National Exchange is a business-to-business transaction source. You’ll need to be in the position to sell a product or service and be eligible seller and a member of BCI National Exchange.
After completing the business registration process can I buy the product / services of my choice?
Once you complete the registration process, we will identify the level of membership that best suits your requirement. You will have to complete the barter trade activation process. For that you will have to buy a membership and it will be in the form of your contribution / donation towards a cause. Once the membership is purchased our Business Growth Advisor will make a visit for evaluation process and to verify the product / service at member’s designated store . After completing the evaluation process which includes quality & quantity check and also price goosing, your barter trade account will be opened and activated. The credit line will be issued in the form of BCI Trade Rupees which would be on the basis of the lien product. The member has the option either to store the lien product at his/her store or can deposit lien product at virtual warehouse of BCI National Exchange. The credit line of BCI Trade Rupees shall entitle you to buy products or services from the BCI Exchange Store through your barter trade account and dashboard.
When can I sell my product / service in BC I National Exchange ?
Once your product or service has been deposited virtually with the BCI National Exchange, your product or service can be made available in the BCI Exchange Trade Floor. Please make a note, price goosing is not allowed and you can sell it on MRP only. The BCI Exchange Trade Floor can be accessed by our registered member to buy or sell their product and service.
What can BCI National Exchange do for my business?
BCI National Exchange’s primary objectives are to assist businesses to increases their sales, offset cash expenses, and improve their overall cashflow. If you are looking for extra business, or wanting to conserve cash in your business then joining the BCI National Exchange is the best option for you.
How does BCI National Exchange bring me business?
BCI National Exchange promotes each member’s business through its BCI Exchange Store online directory, e-newsletters, networking functions and through a personally assigned Trade Co-coordinator (Account Manager).
What can I buy with BCI National Exchange / on Trade?
You can buy anything from artwork to entry to a Zoo and everything in between! When you join BCI National Exchange, you will be assigned a Trade Co-ordinator (Account Manager) who will work with you to source products and services for your business and lifestyle.
Can I use my BCI National Exchange overseas?
Not now, but we will inform you once we collaborate with overseas barter company. Members are able to spend their Trade Rupees in any of these locations.
How do I claim BCI National Exchange transactions on my tax?
BCI National Exchange transactions are assessable and deductible for income tax purposes to the same extent as other cash or credit transactions. When a BCI National Exchange member makes a taxable supply to another member there is a liability for tax, including GST.
What can I sell through BCI National Exchange?
You can sell almost anything through BCI National Exchange. Besides your own products and services there is nothing stopping you from selling something from home or even buying from a manufacturer or wholesaler and then on sell with a margin through BCI National Exchange. Your trading is only limited to the efforts you are willing to put in to be successful and you can sell you product and service in BCI Trade Floor.
What is BCI Trade Floor?
BCI Trade Floor is a national platform which can be accessed by our registered members and members can buy and sell their products under barter system in this unique and national platform i.e. BCI Trade Floor.
How can I use BCI National Exchange?
There are many different ways to use BCI National Exchange to build your business and improve your lifestyle. Upon joining you will have access to many factors and case studies on unique and creative ways to solve common business challenges and strategies to use for an edge over your competitor. A dedicated Account Manager (Trade Co-ordinator) will also be available for you to discuss the many options that best suits your business and lifestyle needs.
How does a transaction work?
Members earn Trade Rupees for goods and services they sell and this value is recorded electronically in the members account. Members use their BCI National Exchange transactional card to spend their credit balance (or draw on their interest-free line of credit) on goods and/or services from any other BCI National Exchange members. The flexibility of the BCI National Exchange system is you don’t have to purchase from the same business that purchases from you; you can spend locally, nationally and internationally; you can sell now and buy later; you can use the interest free Trade Rupee credit lines provided and buy first before even making a sale.
Can I use BCI National Exchange for Personal and lifestyle?
Yes, your business pays for your lifestyle! So if you can save cash on lifestyle expenses then it just makes sense to use BCI National Exchange.
You can draw BCI National Exchange Trade Rupees as a director’s dividends, drawings or loan. As a tip there is no FBT applicable if you deposit cash into your business and draw out the equivalent amount of Trade Rupees in exchange. There is further explanation of this on how to incorporate Trade Rupees into your payroll system in our creative business tips available for members. However, we always suggest members speak to their Accountants regarding how best to implement these strategies into your business.” Improving your lifestyle always feels better when it can be done on BCI National Exchange.
Can I limit the amount of trading I do?
Yes, you can limit the amount of trading you do. BCI National Exchange members typically trade about 10% to 15% of their total business turnover. We understand there are times when you may be operating at full capacity for a period or seasonally at your peak. In consultations with your local Account Manager (Trade Co-ordinator) you work out a plan to ascertain the amount of trading that best suits you and your business. You can start slowly and as you work with us to bring on more suppliers of your choice you can increase the amount of trade you do.” Many of our top trading members have been successful in getting their major suppliers on board and have increased their trading to over 100% of their business original turnover.”
What if none of my suppliers are in BCI National Exchange?
When you join, a comprehensive business analysis is conducted with the view to identify potential suppliers already available in the 20,000 business network. If there are insufficient suppliers available to suit your needs then BCI National Exchange will work in cooperation with you to bring in additional new recommended suppliers. “Many of BCI National Exchange’s top trading members have successfully improved their business profitability by being proactive in the recommendation and referral of new suppliers.”
How do I convert my Trade Rupees to cash?
This is the key principle. By purchasing things with your Trade Rupees on business or lifestyle items you would have normally paid cash for will save you cash. By buying items with your BCI National Exchange Trade Rupees and then on sell for cash, converts your Trade Rupees to cash. For example, a restaurant purchases ice cream on BCI National Exchange and then sells within the restaurant for cash.
Tip: By quoting on jobs to a non BCI National Exchange member with a barter component can win you cash business. There is more information on this tip in our member education series, available once you join.
Can I charge cash and part barter?
BCI National Exchange is a 100% trading system exchange. Upon joining every member agrees to trade at 100% full barter.
Do you have Business networking functions/event?
Yes! BCI National Exchange hosts local and state-wide networking functions / events a year. Each member is encouraged to participate in the networking functions in order to get to know other members and promote their own business. It is a great way to build up your contact base.” It is amazing the amount of cash referral business that comes from members looking after each other.”
What is a BCI Trade Rupee?
A Trade Rupee is the trading currency BCI National Exchange members use to transact with. One BCI Trade Rupee (TR1) is equivalent to one Indian Rupee (INR1) for all accountancy and tax purposes.
Why use Trade Rupees instead of cash?
Maximizing cash flow is a top priority of all businesses, small and large. Using Trade Rupees, as an alternative to spending cash, helps You conserve cash.
What are the benefits of joining BCI National Exchange ?
BCI National Exchange increases your sales & your customer base. It improves your cash flow trade for products and services you normally pay cash for getting new cash business. As a result of referrals and world of mouth advertising from your efforts BCI customers advertise and promote your business. You can gain a powerful advantage over your competition in the market and expand your marketing area. You can also increase your purchasing power and enhance your lifestyle.
BCI National Exchange also creates a benefit and/or Incentive Program for your employees. There are no accounts receivable for you to collect or bad debts to write off, since you are paid at the time you provide the Products or Services. Trade your slow moving or perishable inventories, under performing assets and any excess capacity for goods and services you want and need.
Do barter transactions include GST?
If your business is registered for GST, yes! Members should treat a Trade Rupee as they would a cash rupee from a tax perspective. Barter transactions are assessable and deductible for income tax purposes to the same extent as other cash or credit transactions. Therefore, the advantages and disadvantages are similar to ordinary cash revenue or expenses.
What is the tax treatment for barter transactions?
Barter transactions are assessable and deductible for income tax purposes to the same extent as other cash or credit transactions.
When an entity that is a member of a trade exchange makes a taxable supply to another member, there is a tax liability, including goods and services tax (GST).
GST is paid and received by members in national currency.
The consideration paid for supplies between members of a trade exchange is the debiting of the recipient’s account and the consideration received is the crediting of the supplier’s account.
For tax purposes the ITO considers one Trade Rupee (TR) equal to one Indian Rupee.
Is a tax invoice required for barter transactions?
Yes, a tax invoice is required for a barter transaction as it is for any other business transaction. Where a member makes a taxable supply and the consideration is expressed in Trade Dollar credits, the tax invoice must comply with all of the usual requirements for a tax invoice.
How does the barter system works?
Once you join BCI National Exchange, an account is opened and interest free credit line is issued for your business. As you buy and sell your transactions are then recorded to your account history and the credits there can then be utilized to Barter or Trade with other members of BCI National Exchange network. BCI National Exchange serves as a national network for its members’ transactions as well as a marketing agent for their businesses, helping to generating new business for their clients.
Like a bank, BCI National Exchange acts as a third-party record keeper, providing clients with monthly statements that reflect all Trade purchases and sales and show the current Trade-dollar balance. Sales are deposited into your account and purchases are deducted from your account.
Barter rupees earned by selling good and services are not backed by any currency besides the barter credits. Many people are able to cash convert their rupees by buying good and or services and reselling them for cash, but that does not involve our system.Everybody in this system has a cost of doing business. There are no free rupees to be made. It just becomes a matter of if you can spend rupees earned in such a way as to conserve cash! If so then the percentages of mark-up from whole sale to retail should more then cover your expenses.
Why do some products and services cost more on Barter than for cash ?
Because the cash economy is so competitive You can always find someone who is willing sell their products and services at steep discounts or even at a loss. In a Trade Exchange, Members sell their products and services at full retail value. On the surface it would seem like You are better off paying cash, however this is only half the story.
Although on a retail for retail comparison the cash price may be lower on a particular item, You have to take into account the cost of Your Trade Rupees which is the MRP of Your products and services. Since you are effectively buying at MRP. You may find you are actually better off paying for the item with Trade Rupees.
What percent of my business can be done under barter?
We recommend that bartering be kept to not more than 15% -20% of Your total business. I believe there are too many variables that are unique to each business to make a blanket statement. The best thing to do is evaluate Your current business situation and decide how much You can safely Trade without adversely affecting Your cash flow.
What if I received defective items?
If you received defective items you can return it by making a return request. Please click here ……to know the details about return process.
How can Barter Club India – BCI National Exchange help me get and keep new customers?
First you Lower Your Customer Acquisition Cost!
Your cost for customer acquisition in the barter marketplace, by working through your trade exchange, is lower than in the cash marketplace. Unlike the cash world, where you have to hunt and pay for every lead and sale through the expenditure of time, effort and money, your barter business is “pushed” to you through the efforts of the BCI Exchange . You’re fishing where the fish are…and that’s quite a difference!
Second is Greater Customer Retention!
In the barter world the percentage of first-time buyers returning is much, much higher. Because every one of us operates in our own best interests.
And the trade exchange system rewards one for doing business in this manner, i.e. buying products and services at one’s “barter cost.” It’s always the best and most economical way to make a purchase. So a trade client is more of a “core customer” than a cash paying customer. They’ll always frequent your establishment if all things are equal
