An article appeared yesterday in the Chattanooga Times regarding barter, featuring International Monetary Solutions and Tradebank.
Publicly traded International Monetary Systems, which claims nearly 450 Chattanooga members, operates the largest barter exchange in the U.S., according to CEO Don Mardak.
“It doesn’t often happen that two parties have the exact need at the exact same time, so we’ve created a virtual currency called trade dollars,” said Mr. Mardak. “We’ve created a secondary economy within the economy.”
Membership continues growing at the rate of about four a month, said Donna Burlingham, one of two brokers at the local IMS office.
“We have some manufacturers, we have some distributors, we have people who provide service and people who provide product,” she said.
Wisconsin-based IMS processed $110 million in barter transactions and earned $14 million in revenue last year, according to SEC filings.
But IMS isn’t the only barter broker in town. Tradebank, a Lawrenceville, Ga.-based private company operating primarily in the Southeast, claims 500 Chattanooga businesses as network members. The list, which includes AJ’s Plumbing and the Pickle Barrel, counts members in every category of business, from duct cleaning to wedding services.
“We have a thing called trade university where we actually teach you how to barter,” said Jurgen Mootz, regional owner of Tradebank’s Chattanooga office. “As far as adding members, it has doubled from what it used to be; In the last six months it has taken off.”
Congratulations to both IMS and Tradebank. See the full article at http://www.timesfreepress.com/news/2010/mar/02/bartering-networks-provide-liquidity-in-cash/?business
