The professional broker staff at Tradebank will verify your account balance. They also will contact you to make sure you did agree to the purchase. They will then deduct the trade dollars from your account and deposit those trade dollars in the seller's account.
As a member of Tradebank, you also received the barter equivalent of a debit card. You can use this card for barter transactions at member businesses just as you would a debit card linked to your bank account.
Finally, you can contact the trade brokers at Tradebank, verify your identity, and simply ask them to transfer the trade dollars into the seller's account. Tradebank offers its members the wide range of products you'd get at a national bank and the personalized service of your local branch. Any way you chose, barter transactions are simple and efficient.
During the week, the Tradebank brokers also send out e-mails alerting members to special barter deals and the availability of new services from new members. These notices frequently allow Tradebank members the first opportunity to purchase before members of the general public even know something is being offered.
Barter transactions are like cash purchases in another way as well: They must be reported to the IRS as income. The Tradebank staff makes it easy for you to keep track, in that you will receive a monthly statement detailing your purchases and sales. They also will provide you with the relevant tax form at the end of the IRS fiscal year in December.
The IRS requires that barter transactions state the fair-market value of the goods and services being traded. Since each trade dollar is equivalent to one American dollar, this makes such reporting easy. You can simply make the barter price for your product the same as the cash price.