Questions
1> What is "Money on Tab"?
2> How many types of trade currency does Moolahnaire offer?
3> Is using "Money on Tab" legal?
4> How much is "Money on Tab" worth?
5> How does it work?
6> How do I price my product or service in “Money on Tab”?
7> Is there any expiration on my “Money on Tab”?
8> Can I pay my transaction fee using “Money on Tab”?
9> What are the tax implications of trading goods and services in “Money on Tab”?
10> Do I need to provide a tax i.d.?
11> Are there any sales tax implications?
12> How does Moolahnaire work as a trade exchange?
13> What if I don’t have enough “Money on Tab” to purchase something that I need now?
14> Can I just swap instead of barter for a item using my "Money on Tab"?
15> How do I know which Seller/Service Provider is good?
16> How does the feedback work?
17> How can I join or start a Group?
18> Do you have a referral program?
19> What if there is a dispute?
20> How can I close my account?
21> How secure is Moolahnaire?
Answers
- What is "Money on Tab"?
"Money on Tab" is trade currency used solely by members of Moolahnaire to exchange goods and services. It is NOT a legal tender, securities or commodities and is NOT redeemable in cash. Return To Top
- How many types of trade currency does Moolahnaire offer?
Moolahnaire offers 4 types of trade currency that we call "Money on Tab", "Lunch on Tab", "Beer on Tab", and "Martini on Tab" which are collectively referred as "Money on Tab". The value of all trade currencies offered by Moolahnaire is equal – we just want our members to have fun with our virtual trade currency!
One "Money on Tab" = One "Lunch on Tab" = One "Beer on Tab"= One "Martini on Tab" Return To Top
- Is using "Money on Tab" legal?
Yes. Barter exchanges, such as Moolahnaire, can have their own unit of exchange. Return To Top
- How much is "Money on Tab" worth?
One "Money on Tab" = One U.S. Dollar Return To Top
- How does it work?
Here’s an example of how it works…
- Post an offer for your service, say, tax consulting for 200 "Money on Tab"
- Receive a bid from a buyer for your tax consulting service
- You should exchange emails &/or call the buyer to negotiate trade terms
- You click on “Accept” when you’ve agreed to the trade terms including if you want the Buyer to “Pay” prior &/or after completion of your service. (In this example, you’ve negotiated payment to be made after completion of your service.)
- Complete your service
- Buyer will then click on “Pay”
- 200 "Money on Tab" will be debited from the Buyer’s account (and a transaction fee will be also be charged to Buyer’s credit card)
- 200 "Money on Tab" will then be credited to your account
- Go shopping and buy any item that our Members offer
- How do I price my product or service in "Money on Tab"?
The price of your product or service in "Money on Tab" should be at fair market value or comparable to an item priced in cash (e.g., U.S. Dollars). Do not inflate! Return To Top
- Is there any expiration on my "Money on Tab"?
No. There is no expiration to your "Money on Tab" unless Moolahnaire itself expires. Return To Top
- Can I pay my transaction fee using "Money on Tab"?
No, transaction fee cannot be paid with "Money on Tab". Moolahnaire will charge a cash transaction fee payable in U.S. Dollars to the Buyer. Any transaction under 60 "Money on Tab" is free!!! A flat fee of $3.95 is charged for a transaction ranging from 61 to 500 "Money on Tab". Any transaction above 501 "Money on Tab" will incur a fee of 3% of transaction value. Return To Top
- What are the tax implications in trading goods and services using "Money on Tab"?
"Money on Tab" is taxable just like a cash transaction according to the IRS. There are no advantages or disadvantages to barter transactions. Barter sales are considered taxable income in the year that they are earned. Barter purchases and expenses that you incurred to perform the work that was traded through the exchange are generally considered tax deductible expenses. Please consult with a tax professional or the IRS on income tax treatment and reporting of your barter transactions as it is your responsibility. Moolahnaire issues each member a Form 1099-B summarizing the value of all sales made through the exchange during the year. The IRS receives the same information. Return To Top
- Do I need to provide a tax ID?
Yes, if you live in the United States. You can download our W-9 form (PDF) . You must print, fill out, sign and date the form. Once completed, you can submit via fax to 1-415-721-3287. Please include your Moolahnaire User ID on top of your W-9 to ensure that the name on your account matches the name on your W-9 form. Return To Top
- Are there any sales tax implications?
When applicable, each state and county varies regarding how much sales tax is charged on a transaction. You will need to check with your state/local tax office or a tax professional to determine the correct amount. We provide a list of state tax office and contact information for your convenience but cannot guarantee that it is current. Any sales tax obligations will be the responsibility of the Seller. Please be sure to collect any sales tax as part of your transaction when selling your product and remit to the appropriate government agencies.
- How does Moolahnaire work as a trade exchange?
Moolahnaire is a trade exchange acting as a third-party record keeper that tracks all barter trade sales and purchases, and maintains account balance with 24/7 access to online account on behalf its members. Opening a Trade account with Moolahnaire is similar to opening a credit card or brokerage or bank account, where we will require tax identification for tax reporting purposes. Return To Top
- What if I don’t have enough "Money on Tab" to purchase something that I need now?
Moolahnaire may extend an interest-free revolving line of credit to its members the same way a bank gives a line of credit to qualified members. We start our new member with 100 "Money on Tab" Credit Line balance. Member must submit an application subject to our approval for any increase to the amount on your Credit Line. You must pay a minimum payment of 5% on your average quarterly outstanding balance on your Credit Line at least once during a calendar quarter. Also, you must pay any outstanding balance on your Credit Line in cash dollar when you close your account. Return To Top
- Can I swap instead of barter for an item using my "Money on Tab"?
Yes, we offer straight-up swap option to our members as well. If you found an item that you’re looking for and also saw that this member’s want under his/her 'My Wish List' is something you can provide (a perfect match!), you can just send that member a quick email to swap. It’s free, so be sure to post your wants under 'My Wish List' section. Return To Top
- How do I know which Seller/Service Provider is good?
You can read the feedback that previous Buyers have left for that Seller on their Public Profile page. We also encourage members to exchange emails, obtain references, and agree on all terms (e.g., set price, date of completion, define scope of work, method of shipping and shipping cost, any sales tax payment, etc.) to eliminate any potential dispute. We recommend that Buyer and Seller keep documentation of their transaction. Lastly, we have a zero tolerance policy where after 3 “Incomplete” feedback from Buyers, the Seller member account will be deactivated. Return To Top
- How does the feedback work?
At the end of the transaction, Buyer / Seller are able to leave feedback on one another by rating their performance in five different categories and leaving comments as appropriate. Return To Top
- How can I join or start a Group?
We understand that you may want to limit your trades to a group of members where you have established trust (vs. general public). If you have a group or network of 25 members or more, you can initiate this request online in MyPortal webpage, or send your request to admin@moolahnaire.com with details of Group name and Group members. We’ll set it up and your group can designate an administrator who can add or delete members over time. Return To Top
- Do you have a referral program?
Yes, we do. We will give you 35 "Money on Tab" if you share with friends and family and a referred user signs up with Moolahnaire. Be sure to ask your referred user to input your name and Member ID during registration in order to receive your referral bonus. Return To Top
- What if there is a dispute?
If there is disagreement between buyer and seller, we encourage buyer and seller to work out the problems. We may step in and moderate, although we have no obligation to do so and are not liable for the product or service. We discourage excessive number of disputes by any member and this will result in account closure. Return To Top
- How do I close my account?
Simply click on 'Settings' to find our ‘Close Account’ button in MyPortal webpage. Return To Top
- How secure is Moolahnaire?
Moolahnaire uses 128-bit SSL encryption, the financial industry standard, to protect all communications with your browser. This prevents potential hackers from "tapping" a data conversation. Moolahnaire.com has received the VeriSign security seal. Return To Top