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BizXchange Offers Businesses New Sales Opportunities in Struggling Economy; Modern Barter Economy Spotlighted at International Conference September 22-24
The modern trade and barter economy is a "no cash" solution helping more businesses thrive--even in an uncertain economic climate
Seattle, WA - September 17, 2008 - Modern trade and barter exchanges are providing new sales avenues for businesses facing the credit and cash flow crunch--allowing members to tap into their own underutilized capacity to trade for products and services they need to run their businesses.
BizXchange, a Seattle-based business-to-business barter exchange, with additional offices in the Bay Area and Dubai, is among the key participants in the International Reciprocal Trade Association (IRTA) Barter Congress, September 22-24 in Orlando, FL.
As a major sponsor of the 29th worldwide gathering of modern trade and barter experts, BizXchange continues its role as an international leader in this growing industry---focusing on meeting the needs of businesses as they navigate through uncertain economic times.
"Businesses see trading with BizXchange and other exchanges across the globe as a way to get the most out of excess inventories and underutilized staff as the economy continues to slow," said Bob Bagga, president and CEO of BizXchange. "More than ever, businesses are looking for ways to generate new sales and save cash on business expenses."
According to David Wallach, president of IRTA, business-to-business barter is expanding rapidly. He estimates that over the past 30 years the number of business barter exchange members has grown from 12,000 to over 400,000. "Still, that number represents only one-tenth of one percent," said Wallach. "The potential is there for explosive growth in modern trade and barter. With advances in technology that make transactions seamless and easy, modern barter can play an important role in today's economy."
BizXchange helps businesses - large and small - not running at full capacity improve cash flow and generate higher sales by facilitating business-to-business trading within its barter network. BizXchange currently has over 1500 members and has conducted over $150 million in member barter transactions since it began in 2002.
Modern trade and barter differs from direct "company-to-company" barter - which limits participants to using only what an individual company has to offer. Membership in BizXchange allows businesses to trade within a large pool of other member businesses. Members buy and sell products and services with other exchange members using "BizX dollars," which are equivalent to U.S. dollars.
BizXchange acts as a third-party record keeper, just like a bank, providing monthly statements and current dollar balance. BizXchange account managers connect businesses directly with other members to make sales or purchases. BizXchange acts as an external marketing channel and brings new customers to purchase a company's products and services with BizX dollars. "Businesses use the BizX dollars generated from the new sales to offset current business expenses by purchasing products and services from other members without using valuable cash resources," said Bagga.
An increasing number of businesses are embracing the "barter economy" and are incorporating the practice into their business plans. Christian Kar, owner of Silver Cup Coffee of Lynnwood, WA -- a roaster of award-winning premium coffees -- says they have put their "beans to work." Through BizXchange, the company has bartered for construction services (electrical, plumbing, asphalt maintenance, painting) as well as advertising, web design, travel, restaurant catering, employee gifts and more.
"BizX has maximized our business. As a member, we have broadened our business base and are able to purchase necessary items for the business at essentially our cost of goods and the BizX trade fee," said Kar. "This allows a substantial discount over a similarly priced cash purchase, putting dollars to the bottom line and increasing exposure of the brand."
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