Henrico-based barter exchange group switches back to original name
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A Henrico-based barter exchange company has switched back to its original name.
BancMarc, a company founded more than 45 years ago in the Richmond region, had been operating under The Barter Authority name for a number of years after acquiring a Virginia Beach company of that name but recently made the switch back "to better reflect what modern barter can do for today’s business owners," according to company president Bill Meacham.
The BancMarc name stems from the company's core tenets, according to Meacham: banking and marketing.
“Barter used to mean swapping one item for another — a chicken for a sack of grain,” said Meacham. “But today’s professional barter exchange works more like a bank for businesses. Members earn trade dollars when they sell their goods or services, and then spend those credits anywhere in our network, from advertising and printing to computers and travel. It’s modern, it’s IRS-approved, and it helps businesses grow.”
BacnMarc members include businesses in a wide variety of industries – restaurants, contractors, business services and others – and they use BancMarc to fill excess time or inventory to generate trade dollars, which they then can use to "purchase" products or services from other businesses in the organization. BancMarc collects a small fee on each purchase.
The exchange also offers travel opportunities and global buying power through international partnerships, Meacham said.
As part of the rebrand, BancMarc also unveiled a new logo and website, along with a new standalone marketplace platform for members to buy and sell items.
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