Payments / Lodgements

Payments / Lodgements

How much will I charge?

Credit prices may differ from Euro prices. New traders sometimes charge at Euro rates but don’t get many customers, because Credits are scarce and valuable.
The ‘law of supply and demand’ applies, so there are no prescribed rates, and prices for goods and services may fluctuate. In this new trading network it takes time for prices to stabilise. The ‘best’ price is the price at which a service will sell.
We adjust our prices to:

  1. supply and demand
  2. the availability of credits in the system

Credits are scarce. For now - if you want customers - keep your Credit prices low!

What is a credit worth?

In a world where currencies no longer provide any constant reference value, we’ve given the Credit a reference value of 10 minutes of voluntary time, i.e. a benchmark of ₵6 per hour for voluntary labour. N.B. This doesn’t mean you must charge at this rate; it means that prices in LETS credits are measured against this benchmark rate.

Benchmark Value

The volunteers who develop and run the LETS system are rewarded @ ₵6 per hour (funds permitting). This is the basic benchmark rate for the Credit. It's the same as TimeBank’s rate of 1 hour = 60 Minutes = 6 Credits.

Our online payment system is designed to support paper-based (cheque) payments. nb: a LETS Cheque is sometimes called a “Trading Slip”.

Lodge a Cheque / Trading Slip

When you receive a cheque / Trading Slip, you must LODGE THE CHEQUE to your own account.

Login, and under Seller Actions click 1. Enter Single Transaction, then debit the Buyer’s account. If the Cheque has a number, include this under Description. Cheques should be lodged not more than 3 months from their date of Issue. Late lodgements may be subject to anIssuer Counter Charge (see below).

Lets Co-ordinators can lodge your Cheque(s)

Offline members may ask any LETS co-ordinator to lodge cheque(s) to their account. A list of Co-Ordinators is available when you Login: under Stats, View Local Area Co-ordinators.
A discretionary charge may apply for this service @ ₵1 + ₵0.15 per cheque lodged. Any trusted member may become a local co-ordinator and conduct transactions for other members.

Online payments

The Buyer can optionally send an online Trading Slip. See underBuyer Actions ‘7. Send Online Trading Slip’. The Seller must then lodge the trading slip by debiting the Buyer's account for the amount agreed.

NOTE: It's not necessary to send a Trading Slip, as long as there is agreement between Buyer and Seller, the Seller can simply go ahead and debit the Buyer's account. Both Buyer and Seller are notified by email of all transactions. In addition, LETS Statements of Account are issued periodicaally.

Correcting Errors

If you believe your account has been debited in error, or debited by an incorrect sum, you should contact the Seller a.s.a.p. to resolve the issue. To correct the error, you can debit the Seller‘s account. If the problem remains unresolved please contact [email protected]. Penalties may apply.

Late Lodgement Charge

If your cheque is lodged more than 3 months after its Date of Issue you are entitled to counter-charge the Seller by debiting his/her account @ 10% + 0.5% per day overdue. In the Description box write“Late Lodgement Counter Charge @ 10% + 0.5% per day overdue.”

Chequebooks

A cheque payment is a simple way for a Lets buyer to pay a seller. You need only your Signature, your Account Number, the Date and the Seller's name. New members can get starter Lets Chequebooks at meetings. Standard chequebooks may be ordered online or by post @ €2.50 + 50c P&P
Alternatively, to order via PayPal, email [email protected] with your Account Number and reply address. Double-size Jumbo Chequebooks cost €4+ €1 P&P. A ₵1 admin and handling fee applies. Chequebooks are supplied by Independent Media Services.


LetsTrade.ie online payment system is provided gratis by Community Exchange Systems (CES). You can support CES with a donation here.

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