What is mutual credit?

Mutual credit is a new way to pay for things. It’s an alternative to conventional money.
As a member of The Open Credit Network you trade in Credits, which are equivalent to £1.
Credits can be traded with anyone else in the network. And no-one needs any money!

See a detailed example of how mutual credit works, or read the steps to joining and trading below.

How does The Open Credit Network work?

1. Join the Directory

Bob The Builder joins the network and list what his business ‘offers’ and what his business ‘wants’.

2. Find new leads

Bob adds his business details and agrees to the Membership Agreement. As soon as he saves his Directory listing he’s directed to his OCN Dashboard which shows him potential suppliers and customers that match his offers and wants.

3. Start trading

Flora the Florist is looking for a Carpenter so Bob contacts her via the directory and offers to make some shelves for her shop for £350 credits.

Meanwhile, he’s approved as a ‘Trading Member’ with a credit limit worth £500.

4. Pay online

Bob notices Beth is offering pale ale to the network. He contacts her and places an order for 2 crates, and sends her £80 Credits from his OCN Trading Account. Beth accepts Bob’s payment: her balance goes up by £80 Credits and Bob’s balance goes down by £80 Credits.

5. Request payments

Bob makes Flora’s shelves and sends a request to Flora for £350 Credits via his OCN Trading Account, just like an invoice but for mutual credit. Flora approves the request and her account is debited and Bob’s account is credited accordingly.

6.Track transactions

Bob’s balance is now positive at £270 Credits (-80 + 350) and he can carry on trading with anyone else in the network.

He’s found a new customer, bought beer before getting paid, and it hasn’t cost him a penny!

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