By Mario Toneguzzi, July 2, 2020 – BarterPay is a unique platform which retailers and other businesses are using at an increasing pace to meet the cash flow challenges brought on by the COVID-19 pandemic.
John Porter, Founder and CEO of BarterPay, based in Hamilton, Ontario, said the unique concept helps business owners barter their sunk-cost, idle inventory (or spare capacity) for what they need instead of having to dip into precious cash.
“We’re a social impact enterprise that helps any business (or charity) in Canada get the things they need without using money. Instead, they can just trade their own goods and services to acquire what they need,” said Porter.
“Barter is the oldest form of commerce, it’s how business was invented. But, for two parties to enter into a fair trade, each side has to want what the other person has to offer, and here’s the catch, at the same time and at the same value. It’s actually called the double coincidence of wants.