What is a Barter System?
Bartering systems are a simplified version of exchanging goods or services without using money or currency.
In fact, it is the oldest method of exchanging items of value in history. You must have probably heard of or even participated in this activity before. Remember back in school kids used to swap pencils for erasers, snacks for a drink, sweets for friendship and so on?
Even this old system still exists in modern days and among those of all age groups. In this present era, we now have barter network systems established worldwide with the use of online swapping or bartering scripts/ software. See some examples of online barter system.
How does Bartering work?
The barter system is based on the concept of “mutual exchange”. In order to make this basic barter system work effectively, the individual participants in the exchange process should be equally interested in each other’s goods. This ensures mutual satisfaction and matching goods appropriately considering perceived value.
Even though it used to be quite common, now it is very unlikely to come across those using the bartering system while walking through the street or market.
It comes as no surprise that we still expect to complete payments using payment apps, credit/ debit cards, bitcoins, cash or cheque which is typically the case in our day to day living, but the technology still has it’s space for bartering, as the interactions between the users have increased online.
Online websites created for swapping has made bartering more advanced than was expected in the first place.
Let us see how an online barter system actually works and how to use it effectively.
- FIND THE BEST SITE FOR YOUR NEEDS
The first step towards online bartering is to find the best marketplace for exchanging the items and it gets easy with the modern-day marketplaces that can be found easily online. There is now an increased possibility for bartering activities with technological advancements.
The availability of the item we are looking for as well as the people who are looking for our item will be greater on online platforms compared to that of the local regional markets hence the online options are the better bargain for you in the matter of extensive possibilities.
- REGISTER ON THE SITE OR BARTERING COMMUNITY
In the early days, exchanging goods didn’t have tracking codes or receipts. That’s a whole different story today. Now online systems can easily keep track of our exchanges so it’s pretty easy to sort items – and even other members – when we look for any past exchanges in the future. To maintain proper track of the activities, users must have to register on the website.
It could be free or paid, as it really depends on the website administrator’s choice. The majority of these bartering websites amounting to up to 90% will be free of cost from the registration. Instead, the site administrator will cut a portion out or share a commission with those selling goods in order to effectively provide the right online platform for both users and sellers.
- LOOK FOR THE ITEM AND MAKE A DEAL
Ready to search for items? After becoming an active member on the site, you can look at items and browse those that interest you. When you find an item of interest, you can proceed in numerous ways.
- The owner can either accept or reject your bartering request. If he/she accepts, then you both can agree to exchange your own items or him/she can exchange items for your points.
- If rejected, you can choose to bargain with points, which is considered virtual cash you keep in the system.
- CLOSING THE DEAL
Once the exchange deal is settled between both the parties, the bartering request will be proceeded. The admin plays an important role here, if the exchange is with the item, the admin must make sure the item given and received is perfectly succeeded in order to avoid fraud exchanges.
The iScripts online bartering system is a unique system that will allow you to create your own barter exchange network website where users can easily buy, sell and swap their own items. If you are new to the online selling business, first learn the basics of online selling.
The software contains all the most wanted and sought after features and functionality necessary for you to launch a professional barter exchange network website, similar to Swap.com or U-Exchange.com.
The iScripts eSwap is a bartering system similar to the most common to Craigslist and Swap.com websites. We’ve had numerous clients create their own bartering websites using the open-source script for iScripts. We made sure to include features common on all the best bartering websites.
Do you have a garage full of items that are still useful but you no longer use? Perhaps you have a closet full of clothes that you no longer wear?
Do you think of wasted money when your bookshelf is stacked with all of these books you’ve already read?
You are not the only person looking for a way to turn these lightly used goods into other useful items or even cash!
Disposing of these items could result in a great loss as some can be sold for copious amounts of money.
Online swapping is the best choice when you wanna easily reach out to products at better deals in this era of computers and the internet. You can think of the whole process as a sale happens at a yard or garage with a difference that this happens online!
Instead of getting cash, you get other items you might need or want in exchange for your own unneeded and unwanted items. Better yet, as the admin of a site like this, you get profit in the form of success fees, memberships, featured listings, points-system purchases, and more!
iScripts eSwap is an innovative software script designed to create an online marketplace for users can buy, sell, or exchange items at ease and better deals. The platform allows you the opportunity to offer your users a variety of options including listing fees, featured item fees, optional escrow fees, or monthly subscription.
It gives you the flexibility to charge any or none of these fees from your users. The software supports the most common payment gateways. Offline payment methods are also supported.
The iScripts eSwap software supports both exchange transactions either based on money/ virtual currency or points. The script also contains other features such as admin report creation, easy custom theme integration, and ability to run the system for swap only or for swap and sale together.
There are many reasons to participate and even own a bartering site.
Traditional Swapping system is a smart way to attain products and services 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 costs or to reduce personal 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 to trade something (an idea, product or service) you have for something you want or need. 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.
Check: 15 Most Popular Barter Exchange Networks
Bartering has no limits hence it is easy to barter any good or service when desired. From house cleaning and haircuts to recliners and digital music players, bartering is limited only by your imagination. In 2010, 17-year-old Steven Ortiz made national headlines by bartering a cell phone to start a series of trades that ultimately put him in the driver’s seat of a Porsche.
Surprisingly, even healthcare isn’t out of the bartering system. In 2011, Matthew Wagner of Connecticut exchanged his photography services for Lasik eye surgery through a barter exchange. The most popular items that can be bartered are personal care services (like haircuts), technology, clothing, toys, gifts, and crafts.
Another great option is offering trading points or credits. The credits can be used in place of goods or services and used later.
Software that makes all of this possible at a reasonable price is iScripts eSwap. Your swapping site may be free or paid depending upon the type of setting you to choose. The software allows users to buy, sell and swap goods and services.
These can be physical and/or digital products. iScripts eSwap also supports an individualized user wishlist, negotiation capabilities, and an editable user guide and Help section. You may also charge your users listing fees, “featured” listing fees, optional escrow fees or monthly subscription.
We are at your service to guide you through the process of starting your own bartering website! We also provide you with a live demo for a better understanding of the system.
Check it out today and see the details! View the full list of features and check out our Live Demo at iScripts eSwap.
iScripts eSwap gives you the provision to easily create an online business where your users can buy, sell and/or swap goods and services as and when desired.
Are you set to flag your barter or swap website?
Try it out for yourself right now. See the Free Live DEMO
For more information or queries related to how to use and buy the platform, you can contact us at (312) 423-6728 or email to sales@iscripts.com
