1. How does BLT Community Dollars work?
BLT Community Dollars works much like a bank. Participants earn BLT Community Dollars by selling goods and/or services to another participant. That seller can then purchase a variety of products and/or services using the BLT Community Dollars they have earned from sales that were deposited into their BLT Community Dollars account.
2. Who can use BLT Community Dollars?
Any business or person that can offer a product or perform a service can apply for an account with BLT Community Dollars. Participants must agree to the rules and be fair and equitable in their dealings with other BLT Community Dollars participants, just as if they were cash customers. BLT Community Dollars is simply building a large network of companies and people that want to get the numerous benefits BLT has to offer.
3. What does it cost to get started?
The cost to join is only $295.00.
4. Are there any transaction or monthly fees?
There are no cash fees. The only fee is 10%, in BLT Community Dollars, on sales. For example, if a painter sells $1,000 worth of painting services to a restaurant through BLT Community Dollars, the painter pays $100.00 in BLT Community Dollars and can now buy $900 worth of products or services from any other participant or they may choose to accumulate more BLT Community Dollars to make a larger purchase in the future. Participant can also purchase or sell products or services with other BLT Community Dollars affiliates.
5. Why would I want to accept BLT Community Dollars?
By accepting BLT Community Dollars, you're receiving new customers in addition to your cash customers. If you have idle time in your week or your shelves are overstocked, why not accept BLT Community Dollars? You can spend the new found revenue to offset business expenses, pay employee incentives, or enhance your quality of life. Also, quite often, BLT Community Dollars clients will refer their cash paying friends and family when they enjoy the great service you provide them.
6. Do I have to pay income taxes on the sales I make with BLT Community Dollars?
BLT Community Dollars as well as all other virtual currency, as well as barter exchanges, are required by the IRS to report all sales at the end of each year. BLT Community Dollars participants receive a 1099B at the beginning of each year for sales made the previous year. Participants can also view their monthly statements online. Just like with cash sales, there are business deductions you can take when you use BLT Community Dollars for business expenses.
7. How is using BLT Community Dollars better than doing direct trade?
BLT Community Dollars eliminates the restrictions and downfalls of one-to-one trade in which each business must want what the other has to offer at the exact same time. With BLT Community Dollars participants are not limited to buy from the participant they sell to. Participants can use their BLT Community Dollars to purchase from any participant or affiliate. In addition, BLT Community Dollars brings participants new customers and increased sales. This new found revenue can help minimize cash outlay for everyday business expenses.
8. How will BLT Community Dollars help my business be more profitable?
If you're in a service industry and have empty appointments, you still have fixed costs of rent, electricity, salaries, etc. You pay these costs whether or not you have customers, so why not bring in BLT Community Dollars clients to fill in the empty appointments? You can't sell today's unused time tomorrow.
If you're a retail store that purchased 100 items at $10 each and sold 90 of them for $20 each, you've covered your costs and realized a profit. If the last10 items are just sitting on your shelves, you can put them for sale on BLT Community Dollars.
Restaurants have empty tables, hotels have empty rooms, and radio stations have empty time, why not bring in BLT Community Dollars clients to use the unused capacity? Also, when customers are coming through your doors, they often bring more customers.
9. How can I pay my rent and electric bill with BLT Community Dollars?
The cash you save by using BLT Community Dollars can be used to help pay those expenses. For example, if you can use BLT Community Dollars to pay a mechanic, pay for advertising, and/or pay for dental care, the cash you saved could be used to pay for your rent and/or electric bill. Perhaps you could use your BLT Community Dollars to design a new website that attracts more cash customers. BLT Community Dollars can be a powerful business tool to bring you more cash.
10. How should I price my product or service?
The price you quote to BLT Community Dollars participants is the same price you would quote to a cash paying client. BLT Community Dollars is simply another method of payment, just like cash or a credit card.
11. What if I need to make a purchase before I have earned enough BLT Community Dollars?
Depending on the type of business, BLT Community Dollars will purchase gift cards from merchants as a way to get Community Dollars into their accounts.
12. Does BLT Community Dollars provide support?
Yes. BLT Community Dollars will start by assigning you to a broker who will set up a website 'how to' tour and help you put your first few items into the marketplace. BLT Community Dollars will also explain the benefits of participation and where your business can use Community Dollars. Your broker will also check in with you periodically. You can call our office at any time or email your broker with your questions.
13. Can I sell an item for part cash, part Community Dollars?
BLT Community Dollars policy states that transactions must be done 100% in Community Dollars unless parts or supplies need to be ordered. Transactions over $2,500 can be part cash and part Community Dollars. Keep in mind, when you go to purchase products or services, you'll want to buy at 100% in Community Dollars.
14. If an item needs to be shipped, who pays for shipping?
Sales tax, tipping and shipping is always paid by the buyer in cash. Always get shipping and sales tax up front, before shipping an item.
15. Why do you ask for my Social Security number or Federal ID number?
The Tefra Act designates Virtual Currency and Barter Exchanges as third party record keepers, the same as banks and credit card companies. IRS regulations dictate that virtual currency/barter sales are the same as cash sales, as the seller is receiving revenue that can be spent just like cash to purchase products and services. Therefore, virtual currency/barter sales are taxable income that must be reported to the IRS. By February of each year, BLT Community Dollars will send each participant a 1099b detailing their sales for the previous year. In March of each year, BLT Community Dollars reports all income from sales to the IRS, as required by law.