Telstra and the National Australia Bank has launched Proquo, a marketplace where small business owners can help each other out by exchanging services for a lower fee. Here's how it works.
Proquo is a joint venture by the telco and the bank. The objective is to help small businesses owners, each of which have skills and services to offer, to connect with each other to form a mutually beneficial relationship. If both parties are in need of each other's services, then they can come together and agree to help each other out by lowering the fee that they usually charge.
It's "quid pro quo", which in Latin essentially means "a favour for a favour". As you can probably tell, Proquo derives its name from this term. The marketplace is currently in beta phase. Joining and transacting on Proquo is free for now but from 2017, there will be a fee of 7.5 to 10 per cent charged for paid transactions. No fees will be charged for contra deals between members.
According to the Proquo:
"We know small businesses already swap and barter off-line so proquo really extends this opportunity and enables you to build new and trusted relationships along the way."
You can find out more and sign up to become part of the marketplace over at Proquo.