Toronto, Ont., Oct. 30, 2018 (GLOBE NEWSWIRE) -- Restaurants Canada, the largest association representing more than 30,000 foodservice and hospitality businesses in Canada, today announced a new partnership with BarterPay, a platform where businesses can buy the products and services that they need, without having to use their own cash ? instead, they can pay using only their gift cards.
Restaurants Canada members will enjoy exclusive program benefits, including reduced activation fees, instant rebates and special promotions within the BarterPay network.
"In an industry where the average pre-tax profit margin is only 4.2%, restaurateurs are continuously mining for margins," said Troy Taylor, Restaurants Canada Vice President of Operations. "Now they can save money by paying for things they would need to buy anyway, in gift cards instead of cash, and even make money from their purchasing interactions by bringing new traffic through the door."
Through the BarterPay network, business operators can purchase goods and services that they need, such as renovations or new furniture, by issuing gift cards. BarterPay then converts the gift card amounts dollar for dollar into TRADEdollars, and markets them on the BarterPay network. This means foodservice and hospitality businesses can:
? Protect their cash flow
? Leverage food costs to pay for necessary operational expenses
? Attract a new community of customers and increase sales
"We're looking forward to helping members of Restaurants Canada conduct smart business through barter," said John Porter, BarterPay Founder and CEO. "Our user-friendly bartering system makes it easy for businesses of any size to make the shift and barter their way to higher profits."
"BarterPay has been an amazing asset for our business," said Harrison Hennick of Nique Restaurant in Hamilton, Ontario. "It has brought in new customers on a continual basis. We have been using BarterPay to offset costs for our upcoming expansion project. We pay for products and services using BarterPay instead of cash, which saves us money."
To learn more about the BarterPay program offer for members of Restaurants Canada, visit https://info.restaurantscanada.org/rc-barterpay. Or call 1-800-387-5649 ext. 8006 and speak to a Member Services representative.
About Restaurants Canada
Restaurants Canada (formerly CRFA) is a growing community of more than 30,000 foodservice businesses, including restaurants, bars, caterers, institutions and suppliers. We connect our members from coast to coast, through services, research and advocacy for a strong and vibrant restaurant community. Canada's restaurant industry is an $85 billion industry, directly employs 1.2 million Canadians, is the number one source of first jobs and serves 22 million customers every day.
BarterPay is Canada's only national business-to-business barter system headquartered in Hamilton, Ontario. Established in 1996, BarterPay helps businesses source goods and services without spending cash by bartering inventory and/or services. In 2018, BarterPay brokered over $35 million in barter transactions between its member businesses. The network currently represents close to 4000 businesses in 18 Canadian cities. BarterPay plans to open 15 new franchised locations and grow to 25,000+ members in the next three years. Learn more at www.barterpay.ca.