Some information for businesses
We recommended -
- They remained in control at all times of their commitment to accept local currency. They decided how much to accept and when. They were under no obligation to accept local currency for everything, or to continue to accept it once they had reached their own limits as to how much they wanted to accept.
- That local currency was NOT exchanged for pound sterling on a cash-for-cash transaction (except for accounting, tax or personal purposes). Change from Favours should always be given in Favours.
(However, it would support business take up if businesses could exchange any unused local currency for pound sterling).
- That they limited the amount of local currency they accepted initially - say 1 or 2 Favours per customer, or for every ten pounds in national currency.
- That they may not wish to accept local currency in conjunction with other discount vouchers.
- That they may wish to accept local currency in part payment for specific items (such as slow movers or end of season items).
- That they spend their local currency rather than accumulate it. If they couldn’t find something they needed for their business, to spend it on themselves or their family. (e.g. a massage, home decorations, local produce etc.), or donate it to a local voluntary organisation.
- That they encouraged their staff to accept local currency as part of their next wage increase.