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RES

 

RES is a regional payment system founded in 1995 in Belgium by entrepreneur Walther Smets. It was originally set up as a business-to-business trading system for entrepreneurs, but now also consumers use RES. One RES is equal in value to one Euro.

 

The main objective of founder Smets is to support local entrepreneurs by offering them the opportunity to trade without the intervention of the banks and without the use of printed money.

 

The RES network now counts over 5,000 entrepreneurs and more than 100,000 consumers who use RES. The currency has an annual turnover of 35 million RES-euros.

 

Received RES-euros can be used to pay fellow traders for their services or products. Entrepreneurs belonging to the RES network are eligible for interest-free credit. The RES network consists of a wide variety of businesses including wholesalers, manufacturers, media, insurance, technical trades, printing, beauticians and restaurants. According to the founder trading in RES delivers entrepreneurs a sales growth of 3 to 5 percent.

 

But RES also has attractive benefits for consumers, who-  by using RES - are motivated to buy at local shops and restaurants. Consumers receive special offers and significant discounts. Consumers can request a free RES-loyalty card and pay an annual administration fee of € 3.50.

 

Payments can be made in three ways: using the RES-loyalty card (similar to Visa and MasterCard); by transferring RES through the online RES account and by phone.

 

Because most purchases do not involve large amounts, most RES retail shops accept the full amount in RES. However, every entrepreneur has the freedom to limit the amount of RES he wishes to receive for a certain product.  RES traders pay 6 percent commission per transaction. This commission is reduced to 3.5 percent per transaction if the merchant has sold more than 10,000 RES in products.

 

RES is structured as a co-operative company with three types of shares: main founding shares, 100% owned by Walther Smets; each participating merchant buys a B share, worth 1 euro, for legal registration on the system; B shareholders are eligible to buy C shares costing 2,500 euro’s each, with amaximum of 10 shares per member. B shareholders become much more active members when they can also buy shares and invest in the development of the company. So far 120 C shareholders have raised 350,000 euro working capital. C share holders elect members to the RES Advisory Board. This system allows RES to raise capital inside its own system.

 

RES has 21 full-time staff members – with offices around Belgium. Its goal is to recruit 20,000 merchants and 250,000 users by 2017.

 

The concept of RES has been taken over in many other European countries including Austria , Iceland, Latvia , Denmark , Sweden , Great-Britain, Scotland, Turkey, Poland, Germany, Czech Republic, Slovakia and Spain. It is possible for RES cardholders to use RES internationally. RES payments can be used for hotels, restaurants, car rental and tickets for attractions.

 

 
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Properties

Type of initiative Company
Field of work Trade, Financial services, Other (specify): Local currency for B2B and consumer
Date of commencement 1995
Founder(s) Walther Smets
Legal form CoŲperatieve onderneming
Continent Europe
Country Belgium
City Leuven
One or several keywords that describe your initiative Local currency for businesses and consumers
Publications Newsletters , films , leaflets
More information
 

Contact person(s)

Walther Smets

 

Contact information

Name RES
Address Vismarkt 10 B
Zip/postal code B-3000
Place LEUVEN
State/province Flanders
Country Belgium
Phone +32 (0) 16 31 45 45
E-mail info@res.be
Website www.res.be

 

 

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