About LETS

About LETS

The key concept in Local Exchange Trading Schemes is "Mutual Credit". All members have an account in the system, the sum-total of all accounts is zero and members can transfer credits from their own account to acknowledge another member for ie goods or services received.

In the old paper-based systems, payments were made using cheques or payment sheets which were given to the accountant to record the transaction on a central database or spreadsheet: this software enables members to transact online, but cheques, vouchers or payment sheets can still be used if help is available centrally to process them.

LETSlink UK hosts online systems for many groups, who continue to organise themselves locally. In some counties, where there are gaps, our strategy is to host a single platform, which links the existing groups, and enables members to find and support others living nearby. From the mutual base, credit can be extended to the community by means of special funds for particular projects and localities.

These innovations may well be significant in helping LETS groups to outreach to other organisations, increase their membership, and carve out a role for themselves in the community. LETSlink provides training and support for members who are inspired to take on central and support roles.
Further details are on this PDF for the North Yorkshire Hub.


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