Traders FAQ

Are you a local, independent business in Exeter or in the surrounding area? Then you could be eligible to accept the Exeter Pound. Here we answer some of the questions we are frequently asked. You can download these FAQs.

If you're ready, you can sign up here.

Signed up traders can download and use useful stuff on our resources page.

If you have any further questions please email us: info@exeterpound.org.uk 

What is the Exeter Pound?

The Exeter Pound is a local currency designed to make sure money spent in Exeter stays in Exeter. It is like a voucher that can only be spent in local independent businesses. It is equal in value to sterling and people will be able to buy £E1, £E5, £E10 & £E20 Exeter Pound notes as well as a limited edition £E15 Rugby World Cup note at exchange points around the city.

The Exeter Pound will launch on 1st September 2015 on paper. Businesses will also have digital accounts to manage the paper money. We plan to add a fully digital Exeter Pound in 2016.

What are the costs for my business?

 

What are the costs for my business?

It is free to join Exeter Pound. You will receive a free trader pack with POS materials and a window display sticker to show you accept the currency. Our trader members will have online facilities to manage the notes, which will allow you to take paper Exeter Pounds received in the course of business to one of our exchange points**

**See "Where can I deposit Exeter Pound notes?" below

Who is behind the Exeter Pound?

The Exeter Pound Project is a joint initiative between Transition Exeter and Exeter City Council to develop and issue a community currency for the city. The project has attracted widespread support from local individuals, communities and businesses, in particular the Federation of Small Businesses. Exeter Pound was registered in November 2014 as a Community Interest Company (Company no. 09310383) and has a small group of volunteer Directors.

What are the benefits for my business?

Exeter Pound Trader Members will:

  • be listed on our website as part of a searchable directory and interactive map
  • be listed in our colour brochure, which will be available to consumers for free in local shops and at Exeter Pound exchange points NB to be included in the brochure at launch on 1st September 2015, businesses must sign up for membership no later than 11th August 2015
  • be listed on our app* as part of a searchable directory & interactive map
    have the opportunity to be included in our ongoing social media and local media campaigns
  • receive a free trader pack.
*we hope to launch the Exeter Pound app early in the New Year.

Where can I deposit Exeter Pound notes?

Exeter Pound notes received by Trader Members in the course of business can be deposited and the balance transferred to their online Exeter Pound account via TXT2PAY or online transfer at the following Exchange Points:

  • Exeter Phoenix, Gandy St
  • Tourist Visitor Information and Tickets, Dix's Field
  • The Custom House Tourism Information Centre on the Quay
  • Sancho's Dress, 126 Fore Street
  • Devon Air Ambulance Trust Furniture and Electrical, Summer land Street
  • Devon Air Ambulance Trust, Cowick Street
  • Devon Air Ambulance Trust, Heavitree
  • Devon Air Ambulance Trust, Topsham
  • The Bran Tub, Magdalen Road

 

What can I do with Exeter Pounds?

You can:

  • Pay suppliers who are also Trader Members of the scheme
  • Pay business rates
  • Pay staff as part of a voluntary salary scheme, or ad hoc incentive scheme
  • Offer as change to customers*
  • Deposit at exchange points and have the balance transferred to your online Exeter Pound account
  • Exchange back to sterling via your online Exeter Pound account

* Exeter Pounds are not legal tender, therefore customers do not have to accept Exeter Pounds in change

Can I change Exeter Pounds to sterling?

As a trader member of the scheme, you will be able to convert Exeter Pounds in your online account back to your registered UK bank account at any time by using our online banking tool*.

*These transactions will be handled manually, so please allow up to two working days for funds to appear in your sterling account.

When will Exeter Pound go digital?

Next year, pending regulatory approval, we hope to roll out the digital Exeter Pound to individual consumers, allowing them to pay for goods and services by text-to-pay or online transfer to trader members who sign up to accept the digital currency. Under this system, trader members will also be able to pay each other electronically.

What about franchises?

One of the key aims of the Exeter Pound is to support local, independent businesses. While we understand that franchises are independent businesses in their own right, it was decided in the course of conversations with our stakeholders that franchises and franchise-like businesses should be excluded because they benefit from the marketing support, purchasing power and infrastructure of a national or international brand.  As a stakeholder-led organisation, the Exeter Pound scheme rules could be changed in the future to allow such businesses to join the scheme if this was deemed appropriate.

Where can my customers get Exeter Pounds?

 

Exeter Pounds can be bought at the exchange points listed in the guide. Exchange points will exchange for sterling at a rate of 1:1. The exchange can be made in cash or using a credit/debit card (card transactions may attract a small admin fee).

How do I account for Exeter Pounds for tax, or even for gift aid?

 

When it comes to doing your paperwork, you account for VAT and taxes as appropriate as if all transactions were made in sterling.

How do sign up to accept Exeter Pounds?

 

When you are ready to sign up you can:

Sign up here; or
Email us: info@exeterpound.org.uk for a trader signup form, which you can print and post to: Exeter Pound, Civic Centre, Paris Street, Exeter, EX1 1JN

What about forgery?

 

The Exeter Pound notes are created by Orion Security Print with the following security features:

Tear resistant Security watermark paper with a distinct diamond pattern – best viewed when held up to the light.

“UV Dull” paper that does not glow blue under UV light as ordinary paper does.

Invisible red and blue UV fibres incorporated into the paper. These fibres are 3mm long and can only be seen under a UV light source.

Special fluorescent colours which glow brightly under UV light: the £E1 and £E5 are fluorescent orange; the £E10 and £E20 are fluorescent green; and the limited edition £E15 is fluorescent green.

An Invisible UV (Pink) image (repeat pattern of the Exeter Pound “E”) is printed on the face side of all note types. This is only visible under UV light.

The Exeter Pound logo in the bottom left corner of all notes is printed in a Pink Heat Reactive ink that will partially or completely disappear when rubbed with a finger (creating friction heat). The image will re-appear once it returns to room temperature.

All notes are serially numbered in white inside the gold foil rectangle on the face side. The serial number is also repeated in black (below the expiry date).

Each denomination of note has a unique hologram shape:
£E1 - Gerald the Giraffe
£E5 - Soccer Ball
£E10 - The Phoenix
£E15 - Rugby Ball
£E20 - Cathedral Green Chestnut Tree

A pattern in the Security Hologram foil with small squares each containing the following images:
‘Security’ (constant image)
‘BONDED’ (constant image)
‘OK’ changes to a tick according to the viewing angle
A tick changes to ‘OK’ according to the viewing angle

A rectangle containing the Exeter “E” is produced in silver holographic foil on the face side of each note.