Depending on the relative traffic levels of your sites, you may be asked (or you may ask the other web site) for a slightly uneven exchange, where one site provides a banner link and the other a text link. It’s up to you to evaluate whether such an arrangement will work for you, but the old saying, “beggars can’t be choosy” comes to mind.
If your site has significantly less traffic than the other site, you should consider offering such an arrangement if your offer to simply trade links is declined. You’ll have to monitor such an arrangement carefully, so that you can ask for a better deal when your site begins to return more traffic than it receives.
Once you begin to receive responses, keep up your end of any deals promptly, and confirm that you have added the agreed-upon links via email. Not only is this the right thing to do, it also reminds the other party of the agreement and encourages them to respond in kind with a confirmation from their side. Getting the links set up is only the beginning of your reciprocal links program. You’ll want to manage these relationships carefully to get the full benefit.