As the oldest systems and form of payment, bartering may seem out of style. However, it has many advantages that can still benefit us today; making it a perfect system for an online business.
Bartering is the most flexible form of payment. Users do not need money to barter. In fact, depending upon the website’s idea, the niche, and operations, bartering does not require physical goods to trade. In place of money or possessions, different services can be traded in exchange for goods or other services.
Why Online Barter System?
As trade through barter is increasing, owning an online barter system or swap trade website becomes a lucrative business option:
Traditional Swapping system is a great way to trade especially during inflation or when times are tough. Due to the number of people choosing to “go green” and the hurting economy, people are wising up to the benefits of swapping products, services, and even real estate.
Businesses are also embracing swapping as an alternative way of conducting business and saving money. Bartering may be used to cut business costs and other expenses. If there is a surplus of inventory, businesses sometimes trade them for other goods and services.
With this type of trade, businesses reserve cash to use for other important things such as debt. The most important aspect of bartering is mutually beneficial trade where both parties are benefited. This is what makes it such a versatile business model.
The Wall Street Journal has described barter as a “powerful cash-saving tool”. Barter News goes further by stating: “We’re moving into the golden age of barter,” and adding that 600,000 companies in the US alone actively traded both locally and across borders.
Online Barter vs Traditional Barter
One disadvantage of tradition bartering is the fact that you usually must have a degree of faith in trust in a complete stranger. Having a barter website that operates similar to eBay brings a sense of community and comfort. Here, users meet and reviews fellow swappers based upon their online account.
Another advantage of online barter is offering trading points or credits. The credits can be used in place of goods or services and used later.
Online Bartering has no limits and can be applied virtually anywhere. From healthcare, hospitality, tech and even software, the scope of bartering is huge. Some popular bartering items include personal care services (like haircuts), technology, clothing, toys, gifts, and crafts. In 2020, TikToker Demi Skipper made national headlines by bartering a 1¢ bobby pin to start a series of trades that ultimately put her inside the comfort of an $80,000 house.
How to Create a Barter System with Software?
In order to create an online barter system, you can either go the tradition way of development through coding or you can use a swapping software. In this article, we will exclusively focus on the latter.
By choosing to begin your business using an open-source software, you can quickly develop a site with little financial cost while also utilizing extra features such as a built-in points system. The software allows users to buy, sell and swap goods and services through built-in functionality. Your swapping site may be free or paid depending upon the type of setting you to choose.
The software also provides an option where users are given even more freedom to pay and barter with other members. Here users will have the provision to get whatever item or service they need without much effort. They just simply decide what they want to trade in exchange for what they want.
iScripts eSwap – Online Swapping Software
iScripts eSwap is one of the most popular open-source PHP online barter system software available in the market. It allows you to create an online barter network that provides features to buy, sell and swap functionality, tools for counter-offers, unlimited users, products and categories, integrated shipping, detailed reports, and even multi-language capability. Languages include English, Spanish, German and French.
After purchasing, the software has to be installed on a server. You can install yourself or opt for the iScripts installation service. In the absence of your programmer or if you do not have one, iScripts also offers you customization services at an affordable rate.
Check out iScripts eSwap demo