Tradebank has opened a new franchise in Saskatoon promoting the oldest way of doing business, the barter system.
The idea is for businesses to trade good and services without any cash ever exchanging hands. Instead, participants use trade credits. Those are earned and used to purchase from any business within the Tradebank network.
Karen Jones, who owns JonesE Property Maitenance Solutions in Saskatoon, said she signed up because she thinks it will help expand her network and grow her small company without as much capital investment.
"As a business you are always running on that cash flow. So it definatley helps in regard to using your tradebank dollars instead of your cash dollars to ensure your company can still continue to grow," Jones said.
Kim Groff, who owns the Saskatoon franchise of Tradebank, said the reception in the city has been overwhelming.
"As I talk to business people, they comment that they are actually really surprised at the wide variety of businesses that we have actually been able to attract," said Groff.
Groff said Wednesday 25 businesses have already signed up, and he expected 60 by the end of the week.
The company now operates eight franchises in three provinces, connecting over 3000 business owners.