London Inc. June 2022 - 27

" IT SAVES ME ABOUT 40 TO 60 PER CENT,
DEPENDING ON WHO I'M TRADING WITH
AND WHAT THE DEAL IS " -Greg Kahnert
" It saves me about 40 to 60 per cent,
depending on who I'm trading with and
what the deal is, " he says, noting that
some trade deals are exchanged dollar
for dollar; others are part barter and part
payment.
And that can be turned into fun
money, too: plenty of restaurants barter
with gift cards, he says, which can make
for an easy and inexpensive night out. " I
use it a lot, and I don't just use it for my
business, " he says.
The operators of the BarterPay
network say that using their network
unlocks a lot of potential for businesses.
" Different business owners use
it in different ways and for different
things, " says Shane Harrison, who
runs the Middlesex Centre network.
" There's no limitations on what you can
barter - nothing, zero. Everybody can do
barter, from a magazine down to a
widget maker. "
Sales on the network, Harrison suggests,
are easier when people are spending
in something called Barter Credits,
the cash equivalent system that enables
members to trade with the entire network
rather than strictly one-on-one. (It
also allows BarterPay to take their 13 per
cent fee on transactions, and account for
taxes on the goods or services received).
Many of the goods and services sold
on the network - extra capacity for
services or idle inventory of goods, for
example - would otherwise expire or
have to be sold at a markdown price. But
take your profits in Barter Credits, and
you've essentially turned input costs
that might've been wasted into fully
realized profits.
" For Greg, it's a great deal, " Harrison
says. " He sold the table that he was
going to have to discount to clear room.
Instead, he got full retail value for it. "
Scale that basic equation, Harrison
says, and the value of being in the network
starts to become clear.
" Ultimately, my goal is to grow this
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JUNE 2022 | londonincmagazine.ca | 27
network, " Harrison says. " I'd like 400
businesses in London by the end of this
year - that'd be a big goal. If I get to 320,
I think that's more reasonable, but I'm
going to aim for 400. "
For Kahnert, who was primarily in
the bar business when Covid hit, it's
helped him chart a path out of all this. " I
was planning on selling the wood
business, " he admits. " Now, more than
ever because of Covid, for the average
businessperson it's very crucial that we
have vehicles that can save us money. "
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London Inc. June 2022

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