Don't Let The Bad Economy Get You Down!
Apr 8, 2009 5:43 pm US/Eastern
Bartering Gets Local Business Through Recession
Bartering Becomes New Form Of Payment In Today's Recession
ITEX Ft. Lauderdale: 954-587-7001
FORT LAUDERDALE (CBS4) ―
No doubt you've heard of the term bartering--trading one thing for another.
Bartering has been around since the Stone Age, and it's making resurgence as struggling businesses look for ways to keep their doors open.
Business has not been great at A to Z Rentals in Fort Lauderdale for a long time. Owner John Strawser says, like many businesses, his is feeling the economic crunch.
"I've been through the 70's, 80's and 90's. I've not seeing it this way and I pray I don't see it this way again", he told
CBS4 Your Money Reporter Gwen Belton.
But Strawser says he's keeping the doors open by bartering or trading serving with other businesses.
"All my advertising is on it, my dentist, my attorneys", he says.
Strawser is a member of ITEX, one of the largest trade companies in the U.S. It has more than 23-thousand members.
Every time Strawser trades out his services with other participating businesses, he gets trade dollars to spend. This means less cash coming out of his pocket to meet his needs, now that business is slow.
"A member whose air conditioner breaks down, he may not be in a position to spend three to four hundred dollars to get it repaired. He can call ITEX and we will send out a tech who will accept ITEX dollars in payment", says Marian Ernsberger.
Ernsberger is a local ITEX broker. She and her staff represent hundreds of South Florida businesses. And these days many of them are strapped for cash.
Bartering is not a new concept, but in these tough economic times, Ernsberger say the ability to trade services is helping to keep many struggling businesses afloat.
"It's helping businesses to survive because they aren't having to reach into their pocket for extras", she says.
And extra cash is something Strawser says he doesn't have much of right now. Bartering allows him to hang on to what he has, and is lucky enough make these days.
"ITEX is a great way for me to subsidize", says Strawser.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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