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Q. How much Competition will I have with the exchange?
A. It is important to VTE that members receive a return on their
membership
investment. There is a delicate balancing act in providing members with trade
purchasing options while not “flooding the market” with so much competition that
the none of the sellers are earning enough trade dollars to make it worth their
while. The amount of competition a member can expect depends mainly on three
primary factors:
1. Trade Restrictions: We look first at how
much trade you accept per transaction
compared with the costs of the products and services you offer. If your
restrictions are such that members would have to spend a significant amount of
cash, they are more likely to either look elsewhere or decide not to buy. VTE
will
allow more competition in these instances so that members have options that
allow them to maximize their trade dollars.
2. Geography: The Triad spans a broad
geographic footprint. Your proximity to the
members who desire the types of products and services that you offer will be a
key factor in determining whether or not to bring a competitor into the group.
3. Capacity: Ideally, the amount of trade
business members receive will be
between 10 – 20% of their total revenues. Once a member reaches that range,
VTE may bring in competitors if the additional demand is there.
Q. How Much does it cost to join VTE?
A. There is a one-time membership investment and a modest monthly
administrative fee. For more information, see Pricing & Services
Q. How do I join VTE?
A. You may simply go to the Join VTE section of this website, where you
will find
instructions for starting the application process. We will contact you promptly
to
begin the on boarding process. You may also contact our office to schedule an
appointment to do everything in person at one time. For more information, see
How it Works.
Q. What if my application is not accepted?
A. There are several reasons that VTE may not accept a prospective
member’s
application (see Is VTE Right for Me? and How it Works). If you are not certain
that
you meet the requirements for acceptance, it is advisable to contact us prior to
completing the application. If your application is not accepted, your initial
fees will
be returned to you less a $50 processing fee.
Q. How does VTE make money?
A. Depending upon the membership level selected, there is a 5 - 8%
transaction
fee on sales and purchases. This represents a commission / brokerage fee for
generating new business and providing prescreened cashless purchasing
opportunities for our members. This fee is VTE’s main source of revenue, and is
necessary to keep the exchange operating on a financially responsible basis.
Q. Who decides what prices the seller will charge on
trade?
A. The seller is expected to trade their goods and services at their
normal retail
prices. In an effort to maximize the value new members bring to the group, VTE
will
compare the prospective member’s pricing of their primary products and services
to local competitors prior to accepting their application. Ultimately, much as
in a
cash market, VTE members set the tone of suitable pricing by accepting or
rejecting the prices offered; members who raise their prices above market
standards can expect more competition within the membership group. In addition,
we will regularly monitor fair trading practices.
Q. How are transactions processed?
A. Sellers can process transactions online, by fax, through our automated
trade by
phone line, live with a VTE representative, or by mailing in completed sales
slips.
(Note: sales slips are required as back up documentation for all transactions.
It is
highly recommended that members not depend solely on sending in the sales
slips, sine the shipping delay could create an issue if the buyer does not have
enough trade dollars in their account to cover the transaction when the sales
slip
is received).
Q. What do I do if the item(s) I want to purchase cost
more than I have in my trade account?
A. You may pay what you can with trade dollars and pay the balance with
cash.
You also have the option, at the discretion of the seller, to put down a trade
dollar
deposit to have the item held, then pay the balance and collect the item once
your
account rebuilds. If you are not earning the trade dollar volume necessary to
buy
what you need, be sure to contact our office and we will devise a plan with you
to
increase your trade dollar earnings.
Q. What should I do if I begin geting more trade sales
than I can handle?
A. Members should always try to balance trade dollars earned with trade
dollars
spent, unless saving for some specific purpose. If you do find that you are
earning more trade than expected, browse the member directory or contact our
office for ideas of other products or services that you can purchase to balance
your account; there may be things you’re paying cash for that you could be
buying
on trade. You may also make a trade dollar charitable contribution to your
favorite
local nonprofit group and enjoy the tax benefits without spending cash.
If, after consulting with your account representative, you find that you still
have a
high surplus of trade dollars or that trade business is exceeding 10 – 15% of
your
revenue, you may make a request to temporarily go on standby. We will work with
you to make adjustments and / or find new spending opportunities that will bring
your account back into balance so that you may quickly return to active status
and
enjoy the full benefits of your membership.
Q. What happens if I am not satisfied with the quality
of work done for me?
A. VTE is unable to guarantee the quality of others’ workmanship. Be sure
to read
over the service provider’s guarantee policy before signing up for their
services. If
the provider has a policy guaranteeing their work and you are not satisfied, ask
for
corrections to be made prior to signing off on the work. If the provider does
not
have any sort of formal policy, we recommend that you request something be put
in writing in regards to their work for you. Just as with cash transactions, we
recommend that you use caution if a service provider is not willing to guarantee
their work. Please be sure to provide us with both positive and negative
feedback
regarding your experiences with other members as this helps us monitor the
quality of service our members are providing and allows us to respond
accordingly.
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