BizX is a community of thousands of business owners who support one another and most importantly, are able to buy and sell amongst each other without spending cash.
BizX is a community of thousands of business owners who are able to barter for goods and services amongst each other without spending cash. Instead, they use their very own community currency, BizX dollars. The benefits are simple: they each earn new customers that they wouldn’t have had, and get to buy things they need without spending their hard-earned cash.
A BizX dollar’s value is equal to the US dollar and is used to record the value of every transaction. Transactions are posted to member accounts as credits (sales) and debits (purchases), and are recorded pursuant to the Trading Procedures, Policies, Rules and Regulations of BizX and IRS regulations
When you purchase goods & services with your BizX dollars, you save cash. So a $10,000 expense that – instead of writing a check – you are able to pay for with BizX dollars that you earned from new customers, means $10,000 cash stays in your bank account.
By joining BizX, you are agreeing to accept an additional form of currency for payment. BizX will market your business to thousands of other members, delivering you new customers to purchase your products or services, who pay you in BizX dollars.
You are then able to redeem this new BizX revenue with any other member in the network for goods & services you need. The impact to your business is new customers & improved cash flow when you regularly buy and sell with BizX.
And critically, when you spend BizX dollars, you purchase goods & services at your own cost of goods.
There are over 6,700 businesses participating in BizX currently, generally focused in our primary markets: Seattle, the Bay Area, San Diego & Dubai. There are over 120 industries represented in BizX, from media companies to restaurants, printers to hotels, cruise lines to construction companies, and everything in between.
Our members come in all shapes & sizes, from Fortune 500 companies to pro-sports teams, regional leaders to local companies & start-ups. The thing that BizX members tend to have in common is that they provide high quality results and are thriving in their space. Our membership is truly what makes BizX great. If you have a great product or service, are ambitious, scrappy, and want to grow – this is the community for you.
BizX will improve your business if:
You are in complete control of the amount of business you accept & where/when you spend your BizX dollars – and if you aren’t transacting, BizX is free to be a part of. If you do wish to leave the network, for any reason, just let us know you would like to close your account (email email@example.com) and we will do so. As a general rule, we ask for 30 day notice of account closure so we can let your BizX customers know that you are no longer accepting BizX.
In BizX barter transactions, the purchasing member’s account is debited, the selling member’s account is credited, and the full transaction details are recorded by BizX and represented in both members’ account statements.
There are many ways to pay with barter via BizX; on the marketplace, in-location, via the BizX mobile app, or on the BizX Point of Sale web-based terminal, just to name a few.
When members sell via BizX, they accumulate BizX dollars which are banked in their private account. Members are able to purchase goods & services from any other member, and when they do so, they spend this balance – paying with barter and getting things they need without spending valuable cash.
The innovation in this approach is that no two members have to have what each other need to make a deal – you do not have to purchase from a member that purchases from you. You can spend your BizX with any member, at any time – and these dollars never expire, so you can sell now, and buy with confidence later on.
We understand that for many business owners, this is a new concept and that it can take some time to get the mind around it. Here’s the good news – there are numerous videos & blogs at your finger tips to learn how to get started, and our team is dedicated to simplifying & educating new members. Typically, a 30-minute call with one of our Account Managers is all that a new member needs to identify their capacity, inventory they want to sell, where they will spend their BizX, and determine quantifiable goals.
BizX dollars are redeemable with any other member of the community – today, this represents over 6,700 businesses, in a wide array of categories, up and down the West Coast & around the world.
Some of the most common spending areas include:
Yes. Many business owners in BizX use this incremental revenue to enhance their lifestyle as well as build their business. As a business owner, you can pay yourself BizX dollars as part of your salary, leaving equal value in cash in your business. So that next family vacation can be enjoyed cash free.
You also have the opportunity to bonus your employees in BizX dollars via Perks by BizX. In this program, your team has child accounts that are fed, at your discretion, by your parent account. BizX members participating in Perks often use this program to drive sales contests, distribute annual bonuses, or other performance-based rewards – effectively utilizing spare capacity to improve employee morale.
Once granted a BizX Line of Credit, you have a powerful tool to meet your ongoing business needs while conserving vital cash flow. For example, you may need to complete a $10,000 print job to execute your new marketing campaign. Though you might not have accrued $10,000 yet, you could utilize your BizX Line of Credit to purchase printing services from a printer in the network – saving your cash. Your account balance goes to -$10,000, which you earn back as we deliver you new customers from the network.
You can travel the world and spend your BizX, cash free! There are hundreds of travel offers available through BizX - however, it's important to know that we are not Expedia. To travel via BizX, first check out the Hot Travel Offers category in the Marketplace. This is where you'll find the most easy-to-book trips. Have something else in mind? Fill out a Travel Request Form with all pertinent details of your desired trip, and we'll do our best to find you accommodations. It's important to be somewhat flexible with dates and destinations, i.e. Hawaii or Mexico, France vs Italy. The more flexibility you have, the higher likelihood we will be successful in booking your travel.
You have the freedom to sell almost anything you choose via the BizX platform. Primarily, you will be selling your business products & services. Beyond this, you have the ability to list anything of value from your business or home on the BizX classified marketplace. BizX dollars become a valuable asset in your business & life – incrementally earned & widely usable.
Yes – you are in complete control of how much business you accept, what you wish to sell through BizX, and when. On average, BizX members earn 5% of their gross sales via BizX – and off-set the same in cash expenses. We understand that there are times when you are operating closer to full capacity than others. BizX is here to deliver you new customers when you want them, and your bank of BizX dollars is your secret weapon to keep more cash in your business.
Buying & selling in the network is for 100% BizX dollars.
On a case-by-case basis, and with approval of an authorized BizX representative, part cash / part BizX dollars selling is permitted. Circumstances that would warrant a blended selling price are generally large transactions with high materials cost, i.e. large construction jobs.
Yes – BizX is safe and legal. In 1982, Congress passed the Tax Equity Fiscal Responsibility Act (TERFA), which stipulates that all barter revenue earned is to be treated as income in a taxable year. The IRS sees BizX as a Third-Party Record Keeper. Every year, we report all transaction data to the IRS, and issue 1099-B forms to our members to do their own reporting. Revenue is revenue, expenses are expenses.
There are many advantages to using BizX, but tax avoidance is not one of them. There are no tax advantages or disadvantages to BizX.
Sales tax is paid by the purchaser in BizX dollars. The seller remits to the state in US dollars, but when they go to spend their BizX dollars, they pay sales tax in BizX as the buyer. Because of this, mathematically, sales tax via BizX is a wash.
All members may apply for a BizX Line of Credit. Reach out to your Account Manager or firstname.lastname@example.org to obtain an application form. We issue lines of credit from $500 to $500,000. The amount of credit extended is decided between BizX & the member, and takes into account several factors, focusing on the likely ability of that member to generate sales based on their geography, industry, and sales. There is no credit check or inquiry & the process is fast and free. As a general rule, BizX will extend 50% of a member’s target annual sales volume (a company that can do $50,000 in annual sales qualifies for a $25,000 line of credit).
BizX is free to join & to be a part of. We earn our revenue by charging fee’s when our members transact with one another on the platform. The two sides of a BizX transaction represent distinct benefits to each participating member: one receives a new customer that they wouldn’t have had otherwise, and the other receives a good/service without spending cash. When we deliver these benefits, we earn a cash fee on both sides of the transaction. Our members accounts are set up as “auto-pay” and transaction fees are billed monthly. Members transact because they find value in BizX, so we built our revenue model around delivering that value every day.