BizPaye

[BeerBelly 1,026]

Any business owners use this?

 

For those who are not familiar, it's a business to business bartering service. If I spend 2000 baht of bizpaye cybermoney, then I have 2000 baht in my account from which other members can spend in my place and it doesn't have to be from the person whose business I used.

[misteregg 709]

Yes, I accept it in the bar for bills under 1,000 baht.

[short 215]

Any business owners use this?

 

For those who are not familiar, it's a business to business bartering service. If I spend 2000 baht of bizpaye cybermoney, then I have 2000 baht in my account from which other members can spend in my place and it doesn't have to be from the person whose business I used.

 

Why not use bitcoin?

[BeerBelly 1,026]

Why not use bitcoin?

It's not quite the same thing. With bitcoin, you have to buy bitcoins in advance in order to use them.

 

Since Le Pub takes BizPaye, let's do an example.

 

Let's say I go to Le Pub and spend 600 baht in BizPaye currency. What Phil has had to do was pay, likely with Thai baht, for the beers that he sold me. His cost is under 600 baht, let's just say it was 300 baht for this example.

 

At this point, Phil has a 600 BizPaye baht credit in his account (though he only actually spent 300 baht to get it), and he can use it anywhere that accepts BizPaye. And I have a 600 baht debit, which means I owe 600 baht to BizPaye users in the form of goods and services.

 

If Phil comes to my place and spends 600 baht and he pays with BizPaye, then it gets credited to my account and debited from his account.

 

And again, let's just assume the food I provided only cost me 300 baht.

 

So in the end, we each got 600 baht worth of goods and services, but we each only spent 300 baht of actual Thai Baht.

[jacko 8,778]

It's not quite the same thing. With bitcoin, you have to buy bitcoins in advance in order to use them.

 

Since Le Pub takes BizPaye, let's do an example.

 

Let's say I go to Le Pub and spend 600 baht in BizPaye currency. What Phil has had to do was pay, likely with Thai baht, for the beers that he sold me. His cost is under 600 baht, let's just say it was 300 baht for this example.

 

At this point, Phil has a 600 BizPaye baht credit in his account (though he only actually spent 300 baht to get it), and he can use it anywhere that accepts BizPaye. And I have a 600 baht debit, which means I owe 600 baht to BizPaye users in the form of goods and services.

 

If Phil comes to my place and spends 600 baht and he pays with BizPaye, then it gets credited to my account and debited from his account.

 

And again, let's just assume the food I provided only cost me 300 baht.

 

So in the end, we each got 600 baht worth of goods and services, but we each only spent 300 baht of actual Thai Baht.

Would that not also be the case had you both paid in cash?

[BeerBelly 1,026]

Would that not also be the case had you both paid in cash?

Not exactly. If each Phil and I ONLY had 300 baht to our names, I could buy ingredients to make food for him, and he could buy beer to sell to me, but then neither of us would be able to buy from the other.

 

If we each at 600 baht, then I could spend 300 baht for ingredients, the he could come spend 600 for food at my place leaving me with 900 and he with nothing. So I could NOT go drink at Le Pub because he couldn't stock my drinks.

 

If we each at 900 baht, then I could spend 300, leaving me with 600, and he could come eat at my place leaving him with 300, and me with 1200 , he could then buy beer to sell to me leaving him with 0, until I spent 600 there. In the end, we'd each have 600, 300 less than we started with. I think this is the scenario you are talking about and since neither of us are super poor, it's a more accurate example.

 

However, I think a better analogy would be the use of credit cards. If neither of us had any money, we each could buy from our suppliers with credit cards, then pay each other with credit cards as well. I would owe 300 on my credit card, but would get 600 from his netting me 300 baht (ignoring all fees), but then when I went to his place and charged my beers on my card, I would be back in the hole 300 baht.

[BeerBelly 1,026]

Yes, I accept it in the bar for bills under 1,000 baht.

Are you finding enough places that accept Bizpaye to make it worth accepting it?

[Chang_paarp 253]

So Barter Card by another name. Hopefully without the fees and other problems.

[SunnyValentine 173]

We are Members of Bizpaye too at Brooklyn Diner Soi Buakhao.

Customers coming to our Restaurant can pay 50% of their Bill in Bizpaye Baht (The rest in cash).

My experience is generally positive, although there are some details you need to be careful of.

We don't accept Bizpaye for BlueBarTender POS, as the fees concerned are too high for a business with low markup.

[jacko 8,778]

So it is a method of obtaining credit between business operators, or effectively using the business's profit margin as leverage.

IE you can obtain your potatoes at cost but pay for them with your future sale of the chips!

 

Any users care to comment on any downside or how BizPay make money on this?

[MM 6,562]

So it is a method of obtaining credit between business operators, or effectively using the business's profit margin as leverage.

IE you can obtain your potatoes at cost but pay for them with your future sale of the chips!

 

Any users care to comment on any downside or how BizPay make money on this?

As mentioned above, there are "fees" involved that go to BizPay.

 

I think the whole thing is dodgy as hell. It's like buying gift cards. When the business goes away, your credits go away. I'd look carefully into the people who are running the franchise here in Thailand.

[Bullfrog 2,224]

As mentioned above, there are "fees" involved that go to BizPay.

 

I think the whole thing is dodgy as hell. It's like buying gift cards. When the business goes away, your credits go away. I'd look carefully into the people who are running the franchise here in Thailand.

 

Interesting that you say that.

 

Their office opposite Big C, Pattaya Tai was emptied out when I walked passed this morning. I have no idea when they shut up shop even though I walk by there at least twice a week. I only noticed because of this thread...

[SunnyValentine 173]

Interesting that you say that.

 

Their office opposite Big C, Pattaya Tai was emptied out when I walked passed this morning. I have no idea when they shut up shop even though I walk by there at least twice a week. I only noticed because of this thread...

Bizpaye has its office behind Big C Pattaya Klang. Guess the one you saw cleared out was another Company?

[Bullfrog 2,224]

Bizpaye has its office behind Big C Pattaya Klang. Guess the one you saw cleared out was another Company?

 

I am sure it was Bizpay as I was going to go in and enquire about something a few months ago.... maybe several months ago.......a year ago.....

 

Perhaps it was another hallucination....

[BeerBelly 1,026]

As mentioned above, there are "fees" involved that go to BizPay.

 

I think the whole thing is dodgy as hell. It's like buying gift cards. When the business goes away, your credits go away. I'd look carefully into the people who are running the franchise here in Thailand.

Yes, it's the fees that turned me off. They charge fees on both sides of the transaction and fees on top of fees as well. There is the BizPaye profit fee, then the BizPaye additional profit fee, then there is VAT.

 

Another thing that turned me off was fees on the cash side as well. As mentioned, there is an option to charge only a percentage though BizPaye and the rest in cash. Yet the entire amount is charged fees.