Frequently Asked Questions

How does the Hudson Valley Current actually work?
As a local business owner, you simply sign up and agree to accept an additional form of payment known as Currents. We orient you to the online trading marketplace and help you get started buying and selling using Currents. We keep records of all transactions, help recruit new members you want to trade with, and provide consultancy and educational services to help you and our community understand the benefits of using a complementary currency.

How do I sell?
You list an offer in the Current online marketplace or respond to a request from another member.

How do I buy?
We help you identify your business and personal cash expenditures that you would like to offset with Currents and direct you to suppliers through the trading platform.

Are there really buyers for my excess inventory at full retail price?
Yes. The buyers are other businesses like you, who want to reduce their costs by purchasing goods and services using Currents. They too know that when they make purchases in Currents, they can realize big cash savings.

Can I really purchase essential services and goods in Currents?
Yes, because you will be purchasing from other businesses that have excess inventory or extra capacity. For example, after doing all work for existing clients, an accounting firm still has 30% of idle staff capacity. Instead of letting those billable hours go to waste, they will gladly work for you and bill you in Currents, so they can use those Currents to make their own essential purchases. Likewise, when a manufacturing company has excess inventory, instead of paying for storage and giving discounts, they will gladly compete for your business and sell it to you in Currents to move the inventory. It is a win-win for both of you.

What if there are no suppliers I can buy from in the Current network?
When you become a member, we will take stock of your current and future business needs and will recruit key businesses into the network that can become your suppliers. If you have a preferred supplier, you can tell them about us and get them to join, too. In turn, we will seek to understand the needs of these new businesses and help them recruit their potential suppliers into the platform. It is our job to ensure a vibrant and diverse ecosystem within the Current network so that all members can realize their business goals. Remember that if you claim travel, food, etc. as business expenses, you can often purchase these in Currents and conserve your cash.

What if I earn more Currents than I can spend?
Each Hudson Valley Current member decides how many Currents to accept each month. Tell us your monthly limit and we will stop referring sales to you when you reach your limit. If you ever find you have more Currents than you need, you can stop selling in Currents for a while until you have spent down your balance. One great way to save cash is to pay employee bonuses or parts of their salary in Currents. Ask us how to structure it so that it is a win-win for both you and your employees. Finally, you can also donate it to a charity for tax deductions.

What if I don't have enough Currents to purchase what my business needs?
If you have quality marketable goods and services, you can apply for a 0% interest line of trust. The credit limit is based on the value of the goods and/or services that you commit to selling in a calendar month, and it is capped at 10% of the average of your most recent 3 months' sales in cash.

Is it true that purchasing with Currents is slower than purchasing with cash?
Yes, purchasing in Currents may take from several days to several weeks more to transact than cash or credit card purchases. This is because businesses will generally prioritize their cash transactions and only process their complementary currency transactions when they have exhausted their cash sales. This is why you should plan your purchases in advance.

How are items for sale in Currents priced?
All Current offerings must be priced the same as cash offerings.

What happens if I decide to leave the Hudson Valley Current?
When you leave, you will have a set amount of time to spend your balance if you have a positive balance. Likewise, you will have a set amount of time to make enough sales to zero your balance if you have a negative one. For large positive balances, you can negotiate for additional time.

How do I do my accounting?
Each month, a statement is made available detailing recent transactions. This can be obtained from the online system. Accounting practices are the same as Dollars and we’d be happy to help you with your bookkeeping questions.

How do I get paid?
The Currents you earn and spend in the Current marketplace are valued just the same as Dollars, by IRS mandate. For instance, if you normally sell your product or service for $300 cash, you will sell it for the same amount in the Current marketplace, except for 300 Currents (300~).

What about taxes?
There is no tax advantage or disadvantage for Current transactions. As in normal accounting, your Current income is taxable and at the same time, certain capital purchases and business expenses can be tax deductible.

The Hudson Valley Current is a third-party record keeper. We provide every Member that earns Currents with the necessary forms for tax reporting each January (1099B). This form shows the amount of income your business received in the Current Marketplace.

What happens if the Currents becomes a bubble that bursts and we still have currents in our account?
Great question. The Hudson Valley Current platform is built to prevent this from happening. Members approve trades before accepting payment in Currents, helping to prevent "pooling" or accumulating more Currents than they can spend. Current staff works with members to ensure that all balances generally hover above and below zero. The point of the system is not to build up credits but to keep them flowing.