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How Do I Trade?
| Ecos are the local currency used
by Wandle LETS. An Eco roughly equates to £1
Sterling. They are traded using either LETS
cheques or electronically on the website. You pay
for things by transferring the agreed
number of Ecos to other members. Ecos are interest
free and you don’t need to earn them before
you spend them, though you are given a credit
of 50 Ecos when you join or renew your membership.
Credit or debt are practically irrelevent - it
is the constant flow of trade that makes LETS work.
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Is Everyone Equal?
| Some schemes
prefer members' time to be equal, others prefer
a more free-market approach, others suggest a standard
hourly rate for people to use when in doubt. Nearly
always though it is up to the traders to agree
the rate between themselves. In
the Wandle LETS scheme members can, if they wish,
specify a rate for the various services they offer
in the Directory so anyone looking to use them
will have an idea of what that good or service will
cost prior to getting in touch.
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Is It Secure?
| Yes it is. There isn't any money
to lose, only credit or commitment. The worst that
can happen is that someone takes a lot of other
people's time or goods from the scheme and does
not give anything back. If this happens that person
will eventually lose their credibility within the
scheme and other people will not want to trade
with them. Conversely, the same is true for members
who accumulate credits and don't get around to spending
them. Apart from not benefiting from the scheme directly
it ultimately restricts the flow of trade.
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