Frequently Asked Questions
Here are some of the questions we are frequently asked. If you have a question not listed here or you would like further explanation please contact us.
There are ten generic areas that account holders spend BBX:
- Regular business expenses eg. printing, vehicle maintenance, accounting, legal services, cleaning…
- Personal expenditure eg. dentist, optician, clothing, holidays, gifts, restaurants…
- Sponsorship, PR, Promotions, Advertising and Marketing (turn spare capacity into attracting more cash business)
- Training – all forms of self development for you the business owner or your staff eg. specialist training, sales training, manual handling…
- Staff incentives, bonuses, overtime, competitions, entertainment…
- Charity – many business owners support local and national charities by using BBX.
- Wealth creation – many global opportunities – see real estate.
- Networking eg. A sign company buys graphic services from a fellow BBX account holder enabling them now to provide a sign and design service to their customer base.
- Value Adding – instead of discounting, purchase a goods or service from a fellow BBX account holder eg. A car body shop instead of discounting buys towing services and offers tow and repair for its prevailing body repair price.
- Promotes your spare capacity into the global BBX network.
- Saves cash in your business or improves your lifestyle by connecting you with suppliers of goods and services in the BBX network.
- Networks you with fellow business owners on the platform and shares trading tips.
Your account manager does this by being in regular contact with you which could be either by phone or email depending on your preferred methods. As a bare minimum your account manager will talk to you via phone once a month. Some business owners prefer regular contact and want a phone call everyday to discuss what capacity is for sale and what opportunities are available to spend their credit on.
- If the buyer has insufficient BBX pounds in their account – the BBX platform will inform you of this.
- Real Estate Purchases. Firstly because the buyer may not have sufficient funds and secondly the vendor may have a mortgage to pay off.
- When the buyer wishes to purchase at a wholesale price to offset a fixed cost overhead or a core product. For example a wine merchant supplying a restaurant wine at a wholesale price. The wholesale price might be £3 at a cost of £2.50 (due to import duties and distribution) to the wine merchant. The wine merchant would not be able to absorb these costs month in and month out so a blend of cash and BBX is negotiated. Your BBX account manager can guide you through this.
- If the seller is required to sub-contract part of a supply to a non-BBX account holder (the seller will inform the purchaser of this upfront). Notwithstanding if the seller wishes to mark-up the sub-contractors goods or services, then it should be on full BBX . An example would be a mechanic who fixes an engine but has to sub-contract work to provide body damage repair and has to pay this person in cash.
- Sometimes it may be uneconomical for the seller to BBX the whole transaction. For instance a hotelier (buyer) may want his whole hotel redecorating which will take a painter & decorator (seller) 3 months to complete. This could preclude the painter & decorator from doing any cash work during this time. Again your BBX account manager can guide you through any specific circumstances.
- Online – www.ebbx.com and logging into your account.
- Smart Phone – BBX are about to release an app that will allow you to transact on the go.
- Account Manager – You can call the BBX office and authorise your account manager to transfer the funds.
- Transactions are recorded in a centralised “ledger” which records the value of the items purchased (debit) and sold (credit) – much like a clearinghouse does for stocks, or a commercial bank does for cheques.
- This ledger system utilises a “BBX pound” as a method of accounting:1 BBX Pound = £1.
- Just like a brokerage firm, BBX receives a commission on each transaction.
- Value add – a printing company buys graphic services using BBXs and sells a print & design package to it’s cash customers
- Spend BBX to advertise your products and services to create cash sales.
- Spend BBX on expenses you would otherwise spend cash, therefore leaving the cash in your bank.
- Purchase bulk stock using BBX to resell in your shops or through other markets.
- Take part of your salary/directors drawings in BBX to pay for holidays, restaurants and other personal items that you otherwise would have spent cash on.
Details of our account options can be seen here.
2. Annual Card Fee
This pays to keep your BBX account open for 12 months.
£200 + VAT Cash
T£100 + VAT BBX
Plus T£100 BBX Debt Reserve Fund – which has already come off your BBX account balance. The Debt Reserve Fund protects BBX clients from bad debt on the exchange. All BBX clients pay into this once a year and all systems like ours around the world have to have this in place. If you would like me to explain in detail how it works, please let me know.
3. Sales Success Fee
This is charged as a percentage of the value of any new sales, you receive, as a member of the BBX Community – this is charged at the point of any sales transaction taking place:
BRONZE – 15% + VAT in Cash
SILVER – 13% + VAT in Cash + 1% + VAT in BBX Pounds
GOLD – 10% + VAT in Cash + 1% + VAT in BBX Pounds
BLACK – 6.5% + VAT in Cash
That is it. There are no other charges on the account.
Below are a list of the most common ‘How To’ questions.
If you have one of your BBX statements open whilst reading this, it will help!
Underneath the black bar is where all of your transactions (BBX sales, BBX purchases and payments to us) will appear.
There are 4 columns on the right-hand side of all these transactions, which show the relevant values of these transactions.
Column 1 shows the value of BBX sales (the BBX revenue you have earned)
Column 2 shows the value of BBX purchases
Column 3 shows the sales success fee in BBX trade associated with each transaction
Column 4 shows the sales success fee in cash associated with each transaction
Underneath the transactions, there is a summary of:
The VAT element to be reclaimed.
Debt Reserve Fund Charge if applicable. This is VAT exempt.
Total due for the month.
Balance from previous month.
Cash payments to us.
Closing cash fee balance of what is due.
Your account balance at the close of the previous month + any new BBX sales – any new BBX purchases = Your New BBX Balance. Add this to your credit line (interest free overdraft facility), gives you your available spending power.
If you have further questions about your BBX statement, please contact your account manager.
You can access your BBX account and process BBX transactions, anytime, anywhere, using the BBX Mobile App!
Please find below a guide on how to access the BBX Mobile App and process BBX transactions anytime, anywhere:
1. Go to your relevant app store and search for ‘BBX MONEY’ – the app does not currently work with Windows:
2. Download the App, and then use your BBX login details to access the app (if you do not know your BBX login details, contact your BBX account manager) – after the first time of logging in, you will remain constantly logged in, unless you actually log out:
3. Click on ‘Process Transactions’:
4. Enter the details to process the transaction:
- Use the drop down bar to indicate if you are the seller or the buyer in the transaction you are about to process
- Enter the other BBX clients, account number
- Enter the amount (value) of the transaction (inc VAT) – enter the decimal place in if requried to indicate pounds and pence
- Enter a brief description of the transaction – eg. ‘Flowers’, but it could be an invoice number
- Hit process transaction
- If successful, you will be given a 6 digit, BBX transaction number (you do not need to make a note of this, as it will appear on your BBX statement). If unsuccessful, it will tell you to contact your account manager.
Here is an explanation of ‘How To’ process BBX transactions, via the BBX portal – just follow the steps as detailed below.
You can also process BBX transactions, anytime, anywhere, via the BBX mobile app – simply go to the relevant app store and search for ‘BBX MONEY’. You will need your BBX login details to open the app for the first time.
If you have misplaced your BBX login details, please contact your account manager.
- The BBX card number of your customer/supplier
- The amount of the transaction
- A description of what the transaction is for – i.e. Food & Drink (if you have raised an invoice for your customer for the transaction, it makes sense to enter the relevant invoice number)
Then click “verify” – that will confirm the company name next to the company number you typed in
If this is the correct customer/supplier, then hit the red button to process the transaction.
The transaction should process immediately, and if successful, you will be given a 6 digit transaction number – you do not need to make a note of this, as it will appear on your BBX statement
If the transaction was not successful, contact your account manager.
Here is an explanation of ‘How To’ access your BBX account, via the BBX portal and your present and past BBX statements – just follow the steps as detailed below.
You can also access your BBX account anytime, anywhere, via the BBX mobile app – simply go to the relevant app store and search for ‘BBX MONEY’. You will need your BBX login details to open the app for the first time.
If you have misplaced your BBX login details, please contact your account manager.
One of the many benefits to being a BBX client, with a Silver, Gold or Black BBX account, is gaining access to the ‘BBX Rewards’ scheme. BBX Rewards, gives you access to hundreds of discounts at high street shops and large retail names – discounts that are in addition to any other discounts, already being offered! Not only can you gain access to these discounts, but so can your workforce and family!
After opening your account you will automatically be enrolled with BBX Rewards within 20 working days. You will receive an introduction email from BBX Rewards when this happens.
To login anytime please click here.
If you are eager to get set up or believe you may have missed out you can speed the process up by following the below instructions:
- Go to the BBX Rewards page
- Scroll to the bottom to find the registration form (bottom right)
- Complete form and submit
- We will then send you a unique link to register your details
- Login into BBX rewards using the above link
- Then simply follow the on-screen instructions to obtain the rewards/cash back rewards/discounts etc!