ITEX, The Business Currency, is a federally Recognized form of payment. Founded in 1982 and a public company, ITEX implemented a Virtual Currency for the purpose of transacting business as an enhancement to using US Dollars (Cash). For Federal SIC Code purposes – Business Services Not Elsewhere Classified. ITEX is then essentially what is known as a Modern Barter Exchange.
For accounting and reporting purposes, the ITEX Dollar is equal to a US Dollar (See IRS: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Barter-Exchanges) “Unlike one-on-one bartering, members of exchanges are not obligated to barter or purchase directly from a seller. Instead, when a barter exchange member sells a product or a service to another member, their barter account is credited for the fair market value of the sale. When a barter exchange member buys, the account is debited for the fair market value of the purchase.”
Even the US Dollar has flavors of being Virtual in the form of checks, credit cards, debit cards, and even loyalty programs, couponing, and promotional codes.
ITEX in N Texas, also known as B2B Virtual Currency, B2B Mutual Currency, ITEX in DFW, and ITEX in Dallas, is an independent franchise of ITEX Corporation, Bellevue, WA
Babs Troutman – Boys & Girls Clubs of N. Central Texas
A special thank you to Jeff Weaver for helping the Boys & Girls Club of North Texas to become an ITEX member. The Club has been able to make many renovations and improve the overall Club environment for the kids we serve, including fully re-carpeting. The generosity of fellow ITEX…