BPS Technology is introducing a unique B2B trade and payments solution to more companies in the U.S., the company said late last week.
Reports on Friday (May 27) said the company is rolling out its Bartercard tool to new markets Tennessee, California and Georgia. The solution provides a way for business owners to barter and trade their goods and services without using cash and instead using virtual payment technology.
It may seem novel, but the company said it has been operating the solution for more than a quarter century. The solution was first available to businesses in Australia, New Zealand, the U.K., the U.A.E., South Africa and others and achieves an annual trading value of $600 million.
Bartercard provides its own digital currency so businesses don’t have to use cash reserves, the company explains.
News of the expansion across the U.S. coincided with BPS Technology’s latest financial report. The company recorded a post-tax net profit of $3.5 million, a 7.3 percent increase from the same time a year prior. BPS is expected to continue its focus on the U.S. market, the company said, but will also grow its recently announced partnership with SmartTrans to facilitate B2B trade on the Alibaba wholesale eCommerce platform, 1688.com.
BPS Technology also pointed to recent collaborations with firms in Australia to facilitate cross-border trade with China and streamline cross-border payments through the SmartTrans platform.