Use Barter to Recover Past Due Balances

Unless you’re a cash upfront business, you probably have customers with past due balances on their account.  These balances set you back.

And that money you don’t have?  You can’t use it.

As a business owner, you might even be wondering if you’ll ever get paid by past due customers.

These balances can be a frustrating, but common, aspect of business.

But wait, what happens if the funds don’t come through?

You can use barter.  Ask yourself a few questions:

What does that member provide that you could use in your business or personal life?

  • Does that member provide a product or service that is needed by one of your vendors?
  • Does that member provide a product or service that you could give to your employees as a reward or incentive?
  • Or, does that member provide a product or service that you could give as a present or gift for your paying customers?

This system of replacing past due balances with barter can even be applied in other situations.  For example, the member who utilized your services paid cash.

Often times, most services and products are available on trade, but not always.  Sometimes due to the cost, materials, or differing factors you may not be able to offer it on barter.  If a loyal Tradebank member who’s utilized your services before wants to use you again, they might opt to still pay cash.

If you run into an issue with a past due cash balance with that client, trade can still be utilized.  Through the Tradebank system, you have a sure fire way to prevent you from losing money.  Cash is King, but barter is better than zero.

Offering a barter option to your collection strategy might be a great way to clear up those past due balances.  Working with through Tradebank can help you find creative ways to work with your customers and get paid.

Don’t Stop Here

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We are here to serve you in any way we can. We are still here. We are still open. We are practicing our social distancing with our members, prospects and staff. We are doing more and more virtual meetings, but rest assured, we are working day in and day out to help make sure that your business not only survives, but thrives during these times.

What can you do?

Right now, cash flows for many businesses are tight. This is why we recommend taking a serious look at what you can barter. With many mortgage and finance companies offering a reprieve on payments, now is the best time to look at other needs you have and see what can be bartered out to save your cash. If you would like specific ideas, tips or tricks on how to get what you need right now, head over to our contact page and send us a message or give us a call. If we, here at Tradebank of Wichita, can do anything to be of service to you, please let us know.

Ed Fox, Owner

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