Barter, the smarter form of currency, allows businesses to increase cash flow
HENDERSON, Nev. – Tradebank of Las Vegas, a cashless commerce solution that allows Southern Nevada business owners to trade for goods and services, has opened.
Established locally in June, Tradebank of Las Vegas is located in the Henderson Chamber of Commerce’s Henderson Business Resource Center, a business incubator.
A global trade network, Tradebank assists companies of all sizes in converting what they have into what they need. There are more than 70 regional exchange offices throughout the United States and Canada. Tradebank uses a means of exchange called the Tradebank Dollar (T$) in the United States and the Tradebank Canadian Dollar in Canada.
Tradebank serves as an ideal supplement for startups, mom and pops, and other businesses dealing with cash flow issues in today’s challenging economic climate by leveraging goods and services to expand their bottom line. Tradebank of Las Vegas is the first Tradebank location in the Southwest and will act as the hub for future market expansions within the Western United States.
“We felt Las Vegas was the perfect location for Tradebank,” said Joe Lotito, regional director. “Southern Nevada businesses have been hit hard by the economy. Barter allows businesses to obtain the products and services they need to run their business while increasing cash flow, as all trade via Tradebank is done using Tradebank dollars. Barter is an old concept whose time has come again. With our proprietary software system, Tradebank is serving its clients faster than ever before. ”
Businesses that join Tradebank of Las Vegas can trade with any of the more than 20,000 card holding clients in the Tradebank network. Tradebank members receive a Tradebank card that works similar to a debit card that can be used with any other Tradebank member. For example, this is especially helpful in situations in which Tradebank members take business contacts to lunch at restaurants within the Tradebank network; paying is as easy as handing the Tradebank card when the bill comes.
Tradebank dollars act as a pre-approved, interest-free line of credit. Clients of the Tradebank network can search the Tradebank website for those products and services that are offered by other clients. Additionally, Tradebank’s experienced brokers help clients facilitate trades by matching them with suitable opportunities.
“By joining Tradebank of Las Vegas, members have access to new potential clients throughout the United States,” Lotito said. “This opens new doors for members – both in the trade and cash world. Many Tradebank members end up referring business to their non-Tradebank business contacts as well.”
Founded in 1987, Tradebank International is one of the country’s largest and oldest barter and exchange companies. Currently, Tradebank represents thousands of business owners and professionals with 70 regional exchange offices across the United States and Canada. Since its inception, Tradebank has completed more than 2 million barter transactions, each helping its clients conserve cash and make their businesses more profitable.
Tradebank of Las Vegas – the first Tradebank location on the West Coast – was established in 2012. Members of Tradebank of Las Vegas can trade with any Tradebank member in the United States and Canada.
Barter via formal barter exchange networks is a growing phenomenon. The UK and French Governments both recently published research reports, announcing that barter was an effective method for businesses trying to alleviate cashflow issues, access interest free credit and offset their existing cash expenses.
To date much of the trade involving barter is done as large countertrades (government to government and/or government to corporation), with the second biggest type of trades being media barter. There are new and emerging technologies as well in this sector but both individuals and business owners need to be careful that in the more formal, mutual credit, reciprocal trade and barter networks that the exchange operators are not running a deficit (spending barter credits and never repaying them); otherwise it can be just as bad – or worse – than a bank (and potentially a higher risk of collapse). There are some good networks out there though such as the Ormita Commerce Network – http://www.ormita.com http://www.ormitacommerce.com and there are good resource centres providing neutral barter information online (such as the Complimentary Currency Resource Centre – run solely on donations – or the Mutual Credit Library – run as a resource centre for businesses interested in barter – http://www.mutualcreditlibrary.com
Both are worth checking out for neutral information on the barter segment. Just make sure that the barter exchange network you are dealing with has no “owner” deficits in it (where the owner spends and never repays). Be careful out there! Use a trusted network and ask for their policy on deficit spending. Do your home work.