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11/29/05
Ground Breaking Development:
Bartercard recently reached agreements with four of Australia's leading Banks to go live with a Bartercard EFTPOS system, via the Banks' existing electronic networks.
Ground Breaking Development

29/11/2005
Bartercard recently reached agreements with four of Australia's leading Banks to go live with a Bartercard EFTPOS system, via the Banks' existing electronic networks.

The introduction of electronic transactions for Bartercard Members holds a host of benefits for all parties involved in the arrangement.

Bartercard facilitates a cashless exchange of goods and services between its Members, using a currency known as Trade Dollars ($T1=AUD$1).  As a result of trading, new sales are generated and cash is conserved in the business, leading to a reduction in the cost of borrowing and a healthier bottom line.

The initiative of electronic transactions is among the Trade Exchange's most significant single achievements for securing a wider acceptance of trade as a viable means of doing business.

Bartercard Managing Director, David Johnstone, said for the four major banks - The National Australia Bank, Westpac Banking, St George and Commonwealth Bank of Australia - it made good business sense to become involved in Bartercard's initiative.

"Bartercard's 25,000-strong Australian membership base was very appealing to the Banks, especially as thousands of Bartercard clients already possess EFTPOS and EXPOS terminals from one of the four Banks."

Mr Johnstone said the four Banks will now be known as "Bartercard conforming Banks."

"This simply means that they have been wise enough to recognise the future opportunities and potential growth of the Bartercard business network," Mr Johnstone said.

"The four Banks have agreed to work closely with the Bartercard team, to ensure a smooth and efficient service is provided to all Bartercard Members that choose to use an electronic transaction system."

In most cases the links between the Banks and Bartercard will be ready for conversion in December 2005.

As the world's largest and leading barter Trade Exchange, Bartercard's modern form of bartering has proven an effective and innovative service for a wide range of companies, while offering unlimited and profitable business opportunities to potential franchisees and now with the introduction of EFTPOS it will be even easier.

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