“Mutual Credit Network” Frequently Asked Questions
Trading in Currents is easy — it’s a simple system.
You simply agree to accept an additional form of payment known as Hudson Valley Currents for payment for your goods and services. You spend the Currents you earn at other businesses who accept Currents. Our online HELP section has lots more info, but these are the basics:
HOW DO I SELL?
Making a sale through the Current trading platform is like selling through an online store, except the form of payment is in Currents instead of Dollars. You place a free ad in the Current marketplace or respond to a request from another member.
HOW DO I BUY?
Search the ads of other members to find what you need. If you can’t find what you need, list your “Requests” to let us know the goods and services you are looking for, and the businesses you would like to trade with. If you’re not sure what to buy or sell, we can help you identify your business and personal cash expenditures that could be offset with Currents and direct you to suppliers. We also recruit new users based on your requests.
HOW ARE PAYMENTS MADE?
The Currents you earn and spend in the marketplace are valued just the same as Dollars, by IRS mandate. For instance, if you normally sell your product or service for $300 Dollars, you will sell it in the Current marketplace for 300 Currents (300~). You make and receive payments much like online banking, through your banking page. For increased mobility, you also have the option to make text payments!
HOW DO I “PAY-BY-TEXT”?
Using Currents via text message is as easy as 1,2,3…. Below, we show how to make a purchase from the Current General Store using text payments. The steps will be the same for any member— just substitute the correct username and amount of item purchased. 1). Compose Text: “pay hvcurrent 9.99” 2.) Send your text to “HV Current Text Payments”: 845-809-1064 3.) Receive Text Confirmation— You’ve Paid!
CAN ANYONE PAY-BY-TEXT?
Yes! If you entered your mobile phone number when you created your HV Current account, you should be all set to make text payments. You can double check that you’ve registered and enabled your cell number by logging into your Current account and clicking the following: Personal>Edit>Phones. Once you’ve done this, you’re ready to exchange goods and services using Current text payments!
HOW DO I DO MY ACCOUNTING?
Accounting practices are the same as Dollars. It is quite easy to keep track of both Current income and expenses. It’s a good idea to print the receipt whenever you make a Current transaction. Then enter the info into Quickbooks in a new bank account called HV Current. The Current website keeps track of transactions on both sides, so a bookkeeper can reference your profile to enter income and expenses. Then the accounting can be done by checking your Current profile and printing out a history of transactions.
WHAT ABOUT TAXES?
The Hudson Valley Current is a third-party record keeper. We provide every marketplace participant with necessary forms for tax reporting at the end of each year (1099B). This report will show the amount of sales your business made in the Current marketplace. There is no tax advantage or disadvantage for transactions. As in normal accounting, your Current income is taxable and at the same time, certain capital purchases and business expenses can be tax deductible.
HOW DO I PLACE AN AD TO PROMOTE MY GOODS AND SERVICES?
Click the Marketplace option in the blue menu bar, click My Advertisements, and Click New. Fill in the form, applying formatting to text if desired. Click Add Image link below the ad text box. Do not use an image more than 200 pixels square. If you want to continue your work later, click save; when you’re ready to publish, click Save and Insert New.