To watch the video clip, click the URL below:
WTVG -- Many local businesses have found a way to keep more of their cash on hand through a tried and true trade system. It's a simple principle: trade something you have for something you want. But how do you go about that? A local network is making it easy for businesses that want to barter to find one another.
"We don't need money, they don't need money," says Louis Dolgin of John Dolgin Jewelers. That's why Louis Dolgin likes the barter system. "Just last week, our sweeper went bad. We bought a sweeper from them by barter. Didn't cost us anything in cash," says Dolgin.
"There are other members of a barter network that John Dolgin Jewelers belongs to. That network, Metro Trading Association, has hundreds of members in Ohio, Michigan, and across the Great Lakes region. "If they wanted a diamond ring or color stone ring, they can pick it up from us and it costs them nothing in cash. Just signing, Metro will approve of it, we get our barter money which we in turn use for something else," says Dolgin.
Barter works without any cash changing hands. Say you own a restaurant like Barry Bagels and you need to have your eyes checked. You find a vision center like Westgate Vision that will check your eyes in exchange for food or other goods. All of those businesses belong to M.T.A. and say it helps save cash and attract new customers."A lot of it is strictly business to business," says Chris Miller of Westgate Vision.
The administrators make money by charging small fees for transactions. But business owners say that's worth it, especially with a struggling economy. That specific bartering network has been around since 1978. More of them are springing up now and membership is growing. It's not just businesses that are bartering, individuals are too.
You can find established barter networks for businesses in our area that have been around for nearly twenty years. Now, individuals are starting up their own groups to save cash. You'll find barter opportunities on the internet at places like Craigs List. You can trade services like lawn mowing or home repair for goods or other services. Business owners use bartering both for their jobs and for their families.
Some companies that oversee barter networks charge a fee for each transaction. But other individual deals are absolutely free and you can find them on the internet or in the local classified ads.
