Jim’s TradeNet is a business community with its own currency. It is based on a trade exchange platform that not only transforms traditional trade (barter) into a modern business tool but also enables members to transact in a broad, flexible, and secure portal to trade their goods and services.
Jim’s TradeNet is based on a virtual currency called Trade Dollars (denoted as T$) that is used as the preferred payment method to complete transactions with the same spending value as that of cash.
Jim’s TradeNet maintains the payment structure and transaction flow between participating members. Traders have the freedom to trade commercially within a fair framework defined by our Trading Code of Conduct. We require all applicants to agree to this Code of Conduct in their membership application.
Jim’s TradeNet is a department of the iconic Jim’s Group. Jim’s Group is one of the best known and most successful franchise groups in Australia with over 27 years of experience and renowned for delivering excellent quality and customer service.
Need it done – Jim’s the one.
A Jim’s TradeNet member can actively trade their goods and/or services by accepting Trade Dollars (T$) as the payment method.
In our exchange, a Trade Dollar has the same spending value as that of a cash transaction, with trading often being completed with new customers who may not have used your business before.
Before being a member, a business paid for expenses in cash. With Trade Dollars, you can keep the cash and pay for expenses with Trade Dollars.
Whenever a business pays for any expense, those purchases previously must have been funded through accumulated profits from your cash paying customers. By accepting Trade Dollars as an income stream, you have the ability to reserve the cash normally used for purchases and instead use the Trade Dollar currency to pay from your new customers.
Other benefits of being a Jim’s TradeNet member include;
- AN ABILITY TO ACCESS A LIKE-MINDED BUSINESS COMMUNITY AND,
- ATTRACT NEW CUSTOMERS FROM THE OTHER MEMBERS AND,
- GAIN THE ABILITY TO PAY FOR EXISTING CASH EXPENSES FROM THE NEW TRADE DOLLAR INCOME AND,
- REDIRECT THE SAVED CASH TO PAY FOR GROWTH STRATEGIES AND OR EXPENSIVE DEBT.
To put it simply, a business can fund common existing cash expenses by receiving Trade Dollar income as a result of attracting new customers.
E.G. Business A wants to get their offices cleaned weekly (approx. $500 per month in cash). To fund the cleaning expense, accept a new customer paying with Trade Dollars (added revenue) from Jim’s TradeNet and use the new accumulated Trade Dollars to pay for the cleaning expense – your business just saved real $$$ (cash) and has also gained a new customer.
A Trade Dollar is a unit of funds used for payments within the Jim’s TradeNet system. The Trade Dollar(s) are to be considered and treated by participating members as having an equivalent spending value as that of a cash dollar.
In our exchange a price for a product or service must only be expressed in Trade Dollar terms.
E.G. If a product or service was valued at $100.00 (AUD) in the cash economy then it would be listed for sale in Jim’s TradeNet for the equivalent value expressed in Trade Dollars I.E. T$100.00.
Trade transactions are assessable and deductible for income tax purposes to the same extent as other cash or credit card transactions.
Businesses who join TradeNet not only have an option to fill in downtime and/or move excess capacity but also the ability to implement a marketing strategy to attract NEW clients and generate a NEW income stream.
TradeNet helps a business earn extra income and pay for some of the existing business expenses normally spent out of the profit from your cash clients. Utilise Trade Dollars for your business and either pay for expenses incurred in the running of the business and redirect the saved cash to reduce expensive debt or future growth plans.
Businesses that join Jim’s TradeNet should adopt a trade strategy to specifically address;
- FULFIL DOWNTIME OR EXCESS CAPACITY
- MOVE EXCESS OR SLOW MOVING STOCK
- LAUNCH NEW PRODUCT RANGES
- AUGMENT THEIR MARKETING STRATEGY TO ATTRACT NEW CUSTOMERS NOT NORMALLY WITHIN THEIR MARKETING REACH.
Trade as a currency is not designed to replace cash business but it can be an effective addition to income growth particularly when business expenses can be funded by the use of Trade Dollars.
The system has been developed to enable your business to market within a closed business community whereby the members can become new clients wishing to do business with you for trade spending to reduce their existing cash expenses.
A Jim’s TradeNet transaction is processed similarly to that of an online banking payment. A member simply logs in to their account, enters the suppliers membership details, the amount to pay and rates the experience on a 1 – 5 star rating. Its that easy to complete a Trade Dollar transaction.
No. All accumulated Trade Dollars are available for spending with no expiry period.
The T$ Advance facility is available to all Jim’s TradeNet members.
An application is required online and is purely designed to determine a member’s ability to repay the advanced Trade Dollar amount. A trade advance is free of fees and does not attract interest. However, any advanced trade funds need to be repaid at a level of 50% of the advanced amount every three (3) months. This is a great tool to finance a project for your business growth.
If your business has a good credit rating and/or a good trading history, this option is an ideal tool to expand your trade strategy.
An invoice for a Trade Dollar transaction is to be treated exactly as a cash transaction. The invoice should note the sales amount in Trade Dollars. This can be done by entering the term “T$” before the amount.
It is recommended that the purchaser’s membership number be entered on the invoice to aid easy payment and record keeping.
As a Jim’s TradeNet member you can offer for Trade Dollar payment whatever service or product your business can provide. As a member, you are not obliged to sell your whole suite of products as long as whatever is advertised can be purchased using Trade Dollars only to complete the transaction.
All sales must be made using only Trade Dollars and must not exceed the equivalent Recommended Retail Price. Our members and Jim’s TradeNet will not tolerate overpricing in the exchange.E.G. If the Recommended Retail Price (RRP) for a product on sale was valued at $100 then the trader can sell it within our network for no more than T$100 for the same item.
Jim’s TradeNet does exclude trading of illicit items, illegitimate services and/or any other illegal business activities.
It is entirely up to you what you can trade. It is the sole discretion of each business as to which item(s) or services are available as a trade purchase. Our system, however, will not accept a part cash/ part trade purchase transaction and this practice is not permitted within our exchange.
A Trade Dollar transaction is 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 sale to another member, there is a liability for tax, including GST.
Trade Dollars are to be considered and treated as per the definition of a virtual currency for both trading and taxation purposes as defined by the Australian Tax Office.
To be a member of Jim’s TradeNet, the business applicant must agree and commit to the following statements:
- TO ONLY USE THE CONTACT INFORMATION PROVIDED BY THE JIM’S TRADENET SYSTEM TO ATTRACT NEW CUSTOMERS WITH THE SOLE PURPOSE OF INITIATING A TRADE DOLLAR TRANSACTION AND
- TO NOT ACTIVELY CONVERT A PREVIOUS CASH RELATIONSHIP WITH A SUPPLIER WHO IS ALSO A JIM’S TRADENET MEMBER INTO BEING A TRADE PAYMENT RELATIONSHIP UNLESS BOTH PARTIES AGREE AND
- TO MAINTAIN THE HIGHEST CALIBRE OF CUSTOMER SERVICE AND QUALITY STANDARDS TO ALL JIM’S TRADENET MEMBERS AND
- TO MAINTAIN PRICING PARITY WHEN PRICING GOODS AND/OR SERVICES OFFERED IN TRADE DOLLARS SO THAT THEY DO NOT EXCEED THE EQUIVALENT CASH CURRENCY TRANSACTION PRICE AND
- TO ONLY REPRESENT PRODUCTS / SERVICES THAT CAN BE PURCHASED 100% IN OUR TRADE DOLLAR CURRENCY AND
- TO AGREE TO ADHERE AND POSITIVELY CONTRIBUTE TO THE SELF-REGULATION STANDARDS OF THE MEMBERSHIP.
It is mandatory that an agreement to this Trading Code of Conduct is received before an application for membership is approved by the exchange.