The previous Tool Box featured collecting old bills through ITEX dollars. It made me think about “Paying Bills” with ITEX dollars. Cash flow is pretty tight for a lot of companies today. This might delay payment of bills for some past purchase or delay some much needed services on a building, or delayed buying advertising, or…?
Paying a vendor in ITEX dollars won’t work if it’s your mortgage company or your electric bill, but if the company you owe or you’d like to continue to do business with is an independent operator, consider asking them to accept payment in ITEX dollars.
Simply approach the vendor with the idea, “I’d like to have this done (or I know I owe you) but cash flow is tight right now. I want to work with you. The only way I can do that is if I pay you with ITEX dollars. You can then use those dollars for things you need and normally pay cash for.”]
You’ll get payment much quicker than if you wait for me to pay you cash.
You can either have them talk to us about opening an ITEX account or you can set up a “Sub Account” for your vendor and make payment to them.
A sub account pays no fees and has no expense to join the network. In cases I’ve seen in the past the vendor generally wants to work with you. No, it’s not their first option, but they want the business or settlement of the debt, and hopefully, will do future business with you on a cash basis.
Have the vendor contact us directly to discuss spending options. It’s to all of our best interests to make this successful for you.
In one actual case from a few years ago a member lost a court case and had a judgment entered against them for over $300,000. The member’s Broker contacted the winner, opened an ITEX account for them and they accepted 100% of their judgment in ITEX dollars!
We’ve done this a number of times… it works.