Canadian credit union (CU) Meridian and Hamilton, Ontario-based BarterPay have collaborated to provide the latter entity’s trading platform to Meridian Business Banking Members throughout Ontario, according to a Wednesday (July 7) announcement.
Firms can obtain different kinds of products and services by the way of the BarterPay platform without needing to harness funds. They can do this by exchanging their “spare capacity,” which could include “unsold time, space and idle inventory,” according to the announcement.
“This partnership brings a unique opportunity for Meridian business Members to conduct smart business using barter,” BarterPay Founder and CEO John Porter said in the announcement. “During a time when cash is scarce and spare capacity is at an all-time high, our user-friendly bartering system makes it easy for businesses of any size to convert their under-performing assets into value and at the same time, deliver more impact in the community.”
While two parties need to want what the other is offering at the same instance and value with “one-to-one bartering,” BarterPay provides a “one-to-many ecosystem” in which companies can receive Barter Credits for their spare capacity.
Companies can use those credits with all other BarterPay members for the things they require to offset expenses.
“Our partnership with BarterPay can help businesses and all entrepreneurs manage their cash flow better, a vital aspect of overall financial health for any business,” Kevin Van Kampen, vice president of Business Banking at Meridian, said in the announcement. “As a purpose-driven organization, we’re excited and energized about working together with BarterPay in support of a resilient business sector and thriving communities.”
That tie-up fits alongside Meridian’s present collection of financing services that encompasses loans and lines of credit, among other offerings.
“Our partnership with Accord Financial, a dynamic, trusted and longstanding commercial finance leader, complements our existing suite of products and expands our breadth of offering,” Van Kampen said in a May announcement.