As the owner of BarterPay Simcoe County, I’m a pretty big barter advocate. This isn’t something new for me – I’ve been trading my whole life! Hot wheels in the driveway, school lunches (I was a master at swinging trades to get those Chocolate Wagon Wheels that Mom would never buy us), hockey cards. You name it, I probably traded it as a kid!
Those sort of direct trades were easy. I usually had more carrots and celery than I wanted. My friend Dave wasn’t too fond of Wagon Wheels (my favourite!) and, once I threw in a Dutch Apple Pop Tart, the deal was done!
Unfortunately for business owners, modern trade is rarely that simple. Perhaps you’re a Registered Massage Therapist looking to print up some flyers. There’s an amazing Printer across the street, but she’s not interested in making a trade for your work. End of story and time to pay cash, right? Wrong, because that’s where BarterPay comes in.
How BarterPay Works
In my previous blog post, I discussed how trade can benefit your business. Today, I’d like to tell you a little more about how a bartering network like BarterPay works.
This definition from WhatIs.com is kind of wordy, but gets the point across:
“Because barter is based on reciprocity, it requires a mutual coincidence of wants between traders. This requirement complicates barter, but in a sufficiently large system, traders can be found to supply most wants. “
At BarterPay, we provide that “sufficiently large system” for businesses throughout Canada. BarterPay is an extensive network of thousands of businesses, where all kinds of products and services are traded multi-directionally. Our clients have the flexibility to use their "trade credits", which we call TRADEdollars, earned to purchase what they want or need from thousands of businesses within the BarterPay network (Each TRADEdollar is equal to one CDN dollar.) Barterpay provides the platform where trades come together for our clients, much like a clearinghouse does for stocks, or a commercial bank does for cheques. Just like a brokerage firm, Barterpay receives a commission on each purchase transaction.
Trade works. At BarterPay, we see how barter benefits our members every single day. Not convinced? Let’s have a coffee and talk. My treat – I know a great place nearby that accepts trade – no Wagon Wheels on the menu though!