BarterPay joins DMS Lab to pilot commerce solution with Toronto BIAs
Digital Main Street, in partnership with The Little Portugal on Dundas BIA and Riverside BIA, is pleased to announce that BarterPay has been selected to pilot its small business bartering platform this winter as a part of the Digital Main Street Lab program. Funding for this pilot is made available through the Digital Main Street Future Proof program, with support from Federal Economic Development Agency for Southern Ontario (FedDev Ontario).
BarterPay is a bartering marketplace exclusive to business owners which allows users to trade their surplus stock or time for things they need to run their business without spending cash. Rather than being forced to wait for mutually beneficial one-on-one trades, users barter their wares for Barter Credits™ (at fair market retail value) which can then be used to acquire anything on the platform, ensuring that everyone gets what they need. In addition, each business member is assigned a Barter Coach to help them market their goods and services in order to earn Barter Credits™ and to connect them with vendors in order to utilize Barter Credits™ thereby conserving precious cash. This pilot will support at least 40 businesses and is open to any business in the two BIAs.
“The Government of Canada is pleased to support the Digital Main Street platform and see innovative technology pilot studies, like this one with BarterPay, broadening digital access to main street businesses,” says the Honourable Mélanie Joly, Minister of Economic Development and Official Languages and Minister responsible for FedDev Ontario. “We are proud to work with Digital Main Street partners including the Toronto Association of Business Improvement Areas (TABIA), Communitech, Invest Ottawa and the Regional Innovation Centres to help our innovation ecosystem grow stronger.”
“This partnership brings a unique opportunity for BIA members to conduct smart business using barter,” says John Porter, BarterPay Founder and CEO. “During a time when cash is scarce and there’s a surplus of unsold time or idle, paid-up inventory, it's imperative that all businesses adopt new ways to do business that improve cash flow. Our user-friendly bartering system makes it easy for businesses of any size to barter their way to a better bottom line and at the same time, deliver more impact in the community.”
“Our BIA is always looking for next level innovative solutions and creative ways to help our businesses thrive. We jumped on the chance to partner with Digital Main Street Lab through TABIA, to pilot—free for the first year – BarterPay, a fresh solution that is right for the unprecedented times,” says Carlos Dornelas, Treasurer, Little Portugal on Dundas BIA.
“We’re excited for BarterPay to help open up connections and possibilities that we had not conceived of. Bringing more digital options to our members is critical in these times and we are looking forward to what’s to come through this partnership,” says Rosemary Jeffares, Co-Chair, Riverside BIA and owner of Quince Flowers.
BarterPay enables businesses to build new relationships, monetize unsold stock or time at full value and access goods or services they need to thrive, all while hanging onto their cash. The Digital Main Street Lab seeks to pilot initiatives that offer innovative support to small businesses and helps them find new ways to operate.
About Digital Main Street
Digital Main Street is a program that helps main street businesses achieve digital transformation. The program is built around an online learning platform, structured training programs, and our Digital Service Squad, a team of street-level team members who help main street businesses grow and manage their operations through technology.
Digital Main Street was created by the Toronto Association on Business Improvement Areas (TABIA) with direct support from the City of Toronto. DMS is also supported by a group of strategic business partners, including Google, Mastercard, Shopify, Microsoft, Facebook, Intuit QuickBooks, Square, and Yellow Pages. A $42.5-million investment from FedDev Ontario and an additional $7.45 million from the Government of Ontario brought together the Toronto Association of Business Improvement Areas, Communitech, Invest Ottawa, and the Ontario Business Improvement Area Association to expand the Digital Main Street Platform in order to support more businesses to go digital as a response to the impacts of COVID-19.
About the Toronto Association of Business Improvement Areas (TABIA)
The Toronto Association of Business Improvement Areas (TABIA) is a not-for-profit umbrella organization working with the 85 Business Improvement Areas within the City of Toronto, who in turn represent more than 90,000 business and property owners.
About FedDev Ontario
For more than 10 years, FedDev Ontario has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation and growth in Canada’s most populous region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects.
BarterPay is a social profit enterprise and Canada’s only national business-to-business barter
system headquartered in Hamilton, Ontario. BarterPay helps businesses obtain the goods and services they need without using cash, instead they barter their idle inventory and/or services. In 2019, BarterPay completed almost $40 million in barter transactions. The network currently represents close to 4,000 businesses and over 100 charities in 18 Canadian cities and growing fast. BarterPay plans to scale to 50,000+ business members and 5,000+ charities by 2025 generating over $500 million in business transaction volume and more than $100 million per year in charitable giving.
About Little Portugal on Dundas BIA
A unique blend of old and new, Little Portugal on Dundas BIA is a small and independent business collective situated on Dundas between Shaw and Lansdowne Avenues in Toronto's west end. The unique combination of boutique stores, bars, restaurants, music venues, professional services, galleries and convenience stores makes it fun and easy to visit and #shoplocal. The cultural diversity of the area has deep roots, while at the same time attracts new and emerging artists of all disciplines. Come spend some time with us!
About Riverside BIA
The Riverside BIA, established in 1980, is one of the first BIAs in Canada. The Riverside BIA is a community-oriented not-for-profit association of local business people, organizations and property owners who work in partnership with the City of Toronto to enhance the Riverside business district, located along Toronto's Queen Street East from the DVP to Empire Avenue. The BIA’s mandate is to improve, beautify and promote Riverside district through marketing, public programming and streetscape improvements. The BIA has over 25 years of experience in public art implementation, programming, and maintenance.