L.E.T.S. is a ‘Local Exchange Trading System’
where we use Credits, not Euros, to exchange our skills and resources.
LETS started in Canada 30 years ago. Members add their services to a list of Offers and then contact each other directly. Payments are made using cheques or ‘trading slips’. Some traders request a Euro element to cover costs, e.g. utilities, materials, fuel, etc. Credit Club members offer Credit Discounts to attract customers.
Every member has an account with an interest-free overdraft. By using your overdraft you spend new Credits into circulation. The ideal LETS trader uses this credit facility many times a year, to balances purchases with sales over time.
All sales and purchases are subject to a 2.5% transaction fee. This goes to the Community A/c and is used: (i) to pay bonus/incentives to promote participation and trade; (ii) to provide the ‘starter’ credits in new accounts; (iii) to provide ‘liquidity’ during the growth phase of the network; (iv) to reward the volunteers who organise and promote the network.
Community projects, charities and schools use LETS to fundraise, by collecting Vouchers for skills/resources from supporters, then selling Vouchers for Credits on www.corklets.net
LETS is a non-for-profit community exchange. Volunteers receive C6 per hour for their time – including dedicated skilled and professional services. They give us a ‘benchmark value’ we may use to measure/compare prices in Credits, i.e. C6 per voluntary hour (C1 = 10 mins). LETS is a free marketplace and prices are negotiable but the Credit itself provides us with this constant ‘benchmark value’ as a pricing guide.
LETS also need euros to survive, to cover printing of flyers, vouchers, cheque books, brochures, stationery, heating and electricity costs, office, equipment, repairs, website hosting, communications, software, postage, etc. Your support is essential to the success of this project. Please Donate today and help our new community develop. Thanks, and Happy Trading!