Bartering is one of the older methods of exchanging goods and services, and there is a version of it today in Northwest Arkansas called Local Trade Partners (LTP) that puts bartering online to help local businesses support each other and thrive.
“Eureka seems to really dig it,” Rich Creyer, senior trade broker with LTP, said. “It is like their own little money system. It is working really well up there.”
LTP is up to about 60 members in Eureka Springs who participate in the system touted as a simple and secure local currency with a national reach. Creyer said they started out in Fayetteville, which has been very accepting of the concept.
“Fayetteville is a very progressive, think-outside-of-the-box kind of place,” Creyer said. “We are trying to grow in Benton County, which is more made up of large corporations, who are not our target traders, but we’re growing quickly throughout the region. We have 40-45 members in Branson. Anyone who wants local businesses to survive and thrive over big corporate entities would really like this private currency system we have created. It keeps your purchasing power in your local community instead of going to Amazon or China. It is a small way to keep the wealth here.”
The LTP Dollar is now available at Eureka Springs, Fort Smith, Van Buren, Alma, Fayetteville, Springdale, Rogers, Bentonville, Siloam Springs and Branson, Mo. There are even a few members in Oklahoma.
Bartering used to be far more common. Creyer said before the 1960s it was common to barter for goods. “You would pay for a doctor visit with a chicken and a dozen eggs,” he said.
Creyer said if you are making a purchase for $1,000, would you rather write a check or pay with an equal amount of your product/service at its normal selling price to a new customer?
“Take the Trade Dollars you make and use them to replace some of your previous cash expenses,” he said.
Exchanges are all done online, membership director Shana Kasparek, said.
“You show a card that shows you are a member of LTP and it’s all done online,” she said. “It is really easy. What is also really neat is if I’m in Eureka Springs, for example, and purchase a meal at a Local Trade restaurant, as soon as they run it through I get a text and email with details of the transaction.”
Kasparek said LTP helps bring new customers to businesses. For example, if you have empty restaurant seats, unfilled appointments or simply need more customers, LTP can help.
“We can bring new customers to you,” Kasparek said. “Our members are local business owners, just like you. With our leading edge local currency, web site and convenient apps, you can accept LTP business over the phone, online or in person. We utilize leading edge Cloud technology.”
Currently there are about 950 local Arkansas members including dentists, orthodontists, periodontists, Eureka Springs lodging establishment owners, dog groomers, attorneys, massage therapists, chiropractors, accountants and auto repairmen.
Always spend LTP dollars at the rate you sell. Taxes must be paid in cash. For more information, see www.localtradepartners.com.