Meridian's new partnership with BarterPay helps growing businesses leverage organized bartering to manage cash flow

Meridian Members eligible for Barter Credits™ valued at $1000 CAD
through Exclusive Benefits Program

TORONTO, July 7, 2021 /CNW/ - Today, BarterPay, Canada's bartering system for businesses and charities, and Meridian, Ontario's largest credit union and second largest in Canada, announce a new partnership to bring the BarterPay trading platform to 25,000 Meridian Business Banking Members across the province.

The organized bartering platform is a modern spin on the oldest form of commerce to help businesses generate new sales and offset costs resulting in a big boost to the bottom line. Through the BarterPay platform, businesses can acquire a wide variety of goods and services, without needing to use cash, by trading their 'spare capacity'− unsold time, space and idle inventory.

"Our partnership with BarterPay can help businesses and all entrepreneurs manage their cash flow better, a vital aspect of overall financial health for any business," said Kevin VanKampen, Vice President, Business Banking at Meridian. "As a purpose-driven organization, we're excited and energized about working together with BarterPay in support of a resilient business sector and thriving communities."

How it works

Unlike one-to-one bartering that requires two parties to want what the other is offering, at the same time and value, BarterPay is a one-to-many ecosystem where businesses exchange their spare capacity for Barter Credits™, at full value, that can then be redeemed with any other BarterPay member for the things they need to offset costs. One Barter Credit™ equals one Canadian dollar for valuation, accounting and tax purposes and is recognized as a cash equivalent by the Canada Revenue Agency (CRA).

Exclusive Partnership Program

To make it easy for Meridian Business Members to give BarterPay a try, they will have access to the following benefits:

• Free account activation ($99 savings)
• No monthly fees for six months ($150 savings)
• Eligibility for the BarterPay Meridian Small Business Grant (1000 Barter Credits™ will be given to businesses upon earning their first 1000 Barter Credits™ valued at $1000)
• A dedicated Barter Coach™ who helps businesses market their spare capacity to the network and utilize Barter Credits™ to offset costs.

"This partnership brings a unique opportunity for Meridian business Members to conduct smart business using barter," says John Porter, BarterPay Founder and CEO. "During a time when cash is scarce and spare capacity is at an all-time high, our user-friendly bartering system makes it easy for businesses of any size to convert their under-performing assets into value and at the same time, deliver more impact in the community."

Social Impact

BarterPay has also established the BarterPay It Forward Foundation^®, a Canadian registered charity that supports local communities across Canada. Businesses can create social impact without using cash by donating Barter Credits™ to local charities via the Foundation and receive a charitable tax receipt. Already, the Foundation has generated over $3 million in Barter Credits™ that have been distributed to community charities who in turn have used them to reduce administration and overhead costs.

To learn more, visit www.barterpay.ca/meridian

About BarterPay
BarterPay is a social impact enterprise and Canada's only national business-to-business barter system headquartered in Hamilton, Ontario. BarterPay helps businesses obtain the goods and services they need without using cash, instead they barter their idle inventory and/or services. To date, BarterPay has completed over $600 million in barter transactions saving businesses in excess of $200 million. The network currently represents just over 4000 businesses and 100 charities in 22 Canadian cities and growing fast. BarterPay plans to scale to 100,000+ business members and 5000+ charities by 2025 generating over $750 million in transaction volume and more than $100 million per year in charitable giving by its members via the BarterPay It Forward Foundation^®.

About Meridian Business Banking
Meridian's Business Banking serves more than 25,000 Members in 15 Business Banking Centres located across Ontario, helping our Member businesses grow and build stronger communities. Meridian offers a full suite of banking services for all sizes of businesses, including cash management, financing and Business Visa. In addition, Meridian has specialized industry teams that focus on specific sectors such as Corporate Finance and Real Estate and Development. For more information, see our Small Business and Commercial Banking sites, and visit us on LinkedIn.

About Meridian
With more than 75 years of banking history, Meridian is Ontario's largest credit union and the second largest in Canada, helping to grow the lives of 370,000 Members and customers. Meridian has $26.6 billion in assets under management (as at March 31, 2021) and delivers a full range of financial services online, by phone, by mobile and through a network of 89 branches across Ontario, and business banking services in 15 locations. Meridian Members also have access to THE EXCHANGE® Network, with more than 3,600 no-fee ABMs across Canada and 500,000 ABMs in the United States. For more information, please visit: meridiancu.ca, follow us on Twitter @MeridianCU or visit us on Facebook.

SOURCE Meridian Credit Union

For media inquiries please contact: Teresa Pagnutti - Senior Manager, Public Relations, [email protected] | Mobile: [phone]; John Porter, Founder & CEO, [email protected] | Mobile: [phone]