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Baton Rouge entrepreneur develops barter system for small business owners
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BATON ROUGE - A community-backed currency is gaining traction among business owners across the state.
The alternative form of payment is called Moxey, and it is used within a network of small business owners as a barter system. Currently, more than 3,000 businesses in the United States accept Moxey as a valid payment method.
"It's like a giant family, where we keep the money in the family. So the more money you spend with local business owners, the more money those local business owners spend back with you," CEO and founder Charlie Davis said.
La Divina Italian Cafe in Baton Rouge is one of hundreds of businesses in the capitol area who accept Moxey. Owner Lance Leblanc said he signed up for Moxey in 2015, after his business had been open for one year.
LeBlanc is now celebrating more than a decade in business and says incorporating Moxey was one of the smartest business decisions he's made.
"Customers who never would've come to us or found us, have come our way simply because they had the need to spend their Moxey dollars as we do," LeBlanc said.
Through an app or a website, Moxey users can search for participating locations in their area based on the kind of good or service they need. For example, if someone is in need of a car wash, they can search it on the Moxey app and find a business who accepts Moxey payments.
Davis says this is how it generates more customers to your specific business, and supports the local economy.
"Pretty much any time I go out to eat now, I choose that restaurant that is spending my Moxey dollars. I have my car serviced through my Moxey dollars, pest control, and the list goes on and on," LeBlanc said.
The currency is only for small business owners. It is taxable through the IRS with a 1099-B form.
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