Tradebank: A Smarter Way to Build Business Connections
Starting a business requires sourcing and pricing many different products and services such as legal counsel, accounting, public relations and marketing. To eliminate expenses that can add up quickly, Tradebank offers a progressive alternative for new business owners.
How Tradebank Works
Regional owner of Tradebank of Charleston and managing partner of Tradebank of Columbia, Jennifer Minchoff, explained how the program works. She said, “For over 35 years, since 1987, Tradebank has been helping businesses save money and find new customers. We do that by giving new business owners the opportunity to access important services from other Tradebank members by using trade dollars. Every client works personally with a Tradebank broker who actively connects new members to existing established members that can provide what they need. It’s a super supportive business ecosystem where everyone benefits.”
“Our network spans virtually every industry, including restaurants, contractors, marketing agencies, accountants, auto repair shops, printing companies, IT services, hotels, retail stores and health care providers. We work with any legitimate business that can provide products or services to other members,” Minchoff said.
Benefits for Members
Medicare recipients who are Tradebank members can use their trade dollars to cover co-pays and deductibles at participating medical providers. “This helps patients stretch their dollars further while ensuring they get the health care they need. Pulling from their trade dollar balance instead of paying cash out of pocket can be tremendously valuable, even if it’s just used for one or two visits.”
Tradebank also fills empty spots on doctors’ calendars for patient members. “What we’ve seen over the past several years is that medical practices are dealing with unused appointment slots, especially during off-peak hours, and their default solution is to put more cash into advertising and marketing,” Minchoff said. “We connect these practices with Tradebank members who need medical services and fill those gaps with patients who pay immediately in trade dollars – no insurance hassles, no accounts receivable, no waiting for payments.”
Flexible Membership and Low Fees
As a member of Tradebank, there are no quotas or mandatory trading requirements. “Members trade when it makes sense for their business. We simply ask that they honor their trade commitments and maintain a good standing in the network,” Minchoff said.
“Tradebank isn’t about replacing your cash business or cash customers. Trade dollars are a second revenue stream that you can use to purchase what you need when you need it. Our Tradebank brokers work as legitimate business partners, guiding members to find creative ways they can use their trade dollars and connecting them with the right businesses that fit their needs.”
Joining Tradebank
Interested businesses can apply at tradebank.com/join. After being approved, there’s a one-time fee to open an account. The rate varies between regional locations and typically ranges from $300 to $500. After that, there is a monthly membership fee of $19.
The Return on Investment
The return on the investment happens quickly, Minchoff said. “New business owners typically see immediate cash savings on essential services, access to new customers they wouldn’t have found otherwise and networking opportunities. Many of our clients report that trade dollars help them afford business improvements and marketing they couldn’t have paid for in cash.”
By Sarah Rose
