Where Can I Find My QR Code?
Every member of a community has a unique QR code. With this code, members can easily and quickly transfer Letscoin to each other via the mobile app. You will find your QR code if you are logged in via a web browser under “Personal.” Then click on “QR codes” in the bottom left, and then click on the code that you see in the screen. You can then save the QR code on your computer with your right mouse button, and add it to your invoice as an image, or print it to place it next to your cash register.
Does Anything Change When The Sales Tax Is Declared?
No, nothing changes. A company or consumer purchases your company and pays in Letscoin money. When the payment is received, you indicate as ‘normal’ in your accounting whether it concerns a high or low VAT payment.
For the tax authorities, it does not matter whether the sales that are entered in the cash register are paid in cash, via the bank, by debit card or with Letscoin. This is purely for your administration. You ultimately pay the VAT from your Normal Money account, so running your entire company 100% on Letscoin money is not possible, but also not necessary to benefit from the network and Letscoin money.
Do I Also Have To Pay VAT And /Or Income Tax In Letscoin?
Turnover/income earned within the Letscoin must be declared to the tax authorities. Moreover, a Letscoin counts as a standard US Dollar. Transactions that are subject to VAT in national currency are also subject to VAT within Letscoin. The same rules apply here as for trade in the national currency. For more information, see the answers to the questions, “Does anything change when declaring sales tax?” and, “How do I keep Letscoin money in my administration/accounting package?”
Where Can I Spend Letscoin Money?
Letscoin can be used by individuals who have an address in the listed countries. See the list here. You can spend Letscoin money with either the individuals or companies that are members of Letscoin. On the website of your community, you can search for spending options based on services and products, name, industry, community, or location. Our App can re-adjust its location according to your whereabouts and only show you companies based in that area from which you can spend Letscoin.
In principle, you first look for spending opportunities within your community. If they are unavailable, you can continue searching for other members of Letscoin online. If you would like to involve a specific entrepreneur in the network, let us know – we can help you engage this entrepreneur together.
How Can Customers Pay Me In Letscoin Money?
Paying with Letscoin money is uncomplicated. You can make payments via the online environment, the Letscoin app, or by using the QR code. The online payment environment works the same as with regular internet banking. With the mobile app “Letscoin” you can transfer Letscoin with your mobile phone (available for Android and iPhone) with no trouble. Entrepreneurs can make it easier for their customers to pay via the app by visibly hanging their QR code or printing it on an invoice.
Every entrepreneur in the network has a unique QR code. With this code, members can quickly and securely transfer Letscoin to each other via the mobile app. You will find your QR code if you are logged in via a web browser under “Personal” and then “QR codes.” Then click on the code that you see on the screen. You can then save the QR code with your right mouse button on your computer, and add it to your invoice as an image, or print it and place it next to your cash register.
I Want A Company From My Network To Become A Member, Where Do I Indicate This?
Do you have suppliers or buyers that you would like to involve in the network? Then you can indicate this at the organisation of your community; they can help you engage this entrepreneur. Of course, you can also approach the entrepreneur yourself. Then read this list of frequently asked questions carefully so that you can answer the questions correctly, especially those that involve accounting.
How Can My Company Be Found In Letscoin?
The most important ways are through your name, keywords, and your industry. You can choose a sector in your profile. You can also enter a description of your services and products, including keywords. For example, if you enter “film, animation, storytelling,” you will be found if someone searches for “animation”; Use this field to your heart’s content to increase your chances of finding.
Moreover, members can find you via your location: on the map or by searching for nearby businesses. Additional search functions that respond to the bonus factor between members are the “Member of a bread fund” and “Customer with Triodos” fields. If you check this in your profile, members can filter it if they are looking for companies, and you have a higher chance of being found.
How Does Trading With Letscoin Benefit Both Me And The Local Economy?
Letscoin ensures that money is used more often in the region. You will, therefore, establish local connections with other entrepreneurs by expanding the network with your company, and you will also ensure more customers and revenue for your own company and other local entrepreneurs. After all, money that stays longer in the region can do more for that area. Letscoin flows from regional entrepreneurs to local entrepreneurs’ hence encouraging domestic investment. Think of organic quality marks by local horticulturists who are now becoming possible, or a slightly more expensive local purchase that is now becoming financially attractive, as it will also increase their future income.
Moreover, it is not easy to get financing for start-up businesses, and Letscoin makes credit possible at low costs. You always spend a loan with other network work members. The members will stimulate trade for each other and thus benefit from your Letscoin credit. That is why we all share the costs. The previously mentioned process is how we make interest-free, affordable credit possible. With this, we increase the local amount of ‘lubricating oil’ in the economy, and we stimulate a thriving economy.
How Can The Credit Be So Advantageous At Letscoin?
The costs and risks of credit are significantly lower at Letscoin than at banks or other financial institutions. The network makes this possible by hedging risks without interest. Every loan comes with specific credit risks. Banks hedge those risk with interest payments. However, the following also applies: creditors charge higher interest to borrowers who are likely to default their loans. With Letscoin, however, the risk is covered jointly with the member contributions instead of with interest. By sharing the expenses with everyone, the costs tend to lower, and the interest pressure decreases among the members hence making it easier for them to repay their credit. It is also logical to share the costs with the other members of Letscoin: after all, the members can spend and benefit from a shared loan. The shared credit creates a positive spiral in which, together with the reduced risk, the costs of the credit decrease.
What If There Are Not Many Companies In My Area Yet – Where Can I Spend Letscoin?
Yes, if we ask you to become a member right now, you will help Letscoin grow. Fortunately, taking part has no risk. However, if you can’t spend it locally, you can disburse it with another community. Collaboration between communities will, therefore, increase the number of spending options so that even in the initial phase, you will get more from your Letscoin money. If this means that more money flows to some communities than to others, we work together with the other groups to bring the trade balance more into balance.
If it is not yet possible to find excellent spending opportunities in other communities, you as a company can buy National Currency from the guarantee fund with your Letscoin. We always aim to have at least 103% of the required National Currency in the guarantee fund – we are currently well above that.
How, And After How Much Time, Can I Buy National Currency With My Letscoin?
At present, a company can buy National Currency with Letscoin at any time. Because we want to encourage Letscoin to continue to circulate locally for as long as possible, we will introduce in a while that the Letscoin must continue to flow in the network for a minimum period before selling it for National Currency.
Members with a business account can then see in the online environment how many days they can buy National Currency with their Letscoin at Letscoin. Every new Letscoin put into circulation initially receives a turnaround time of 180 days. This way, we know for sure that Letscoin will continue to circulate among the members of Letscoin for at least six months. If you receive Letscoin with a different circulation time than the Letscoin in your account, the weighted average of the two amounts is taken to calculate the new circulation time.
When buying National Currency, a small ‘cash-out’ levy is charged (1.5%) to encourage you to take another look at whether you can still spend the money as Letscoin or ask us for help with this.
As a company, do you currently want to buy national currency with your Letscoin, and is the remaining time of the money in your account for 0 days? Send an e-mail at email@example.com with the amount you want to buy. We will automate this process within the online environment in the future.
For private individuals, buying National Currency at Letscoin is unfortunately not possible due to the regulations of the AFM. As a private individual, you need to see Letscoin just like a book voucher: you can spend it at all affiliated companies, but you cannot exchange it.
What Can I Do To Give Extra Support To Letscoin?
Letscoin can only work by setting it up as a network of large-scale communities, in which hundreds of companies from various branches participate. Then there is meaningful spending space for everyone in Letscoin.
Suggesting new members to your community is an excellent way to support Letscoin in your town. Besides, it is, of course, essential to have as much of your income and expenditure in Letscoin money as possible; this is how we create value and a strong economy.