BizX, a community of 7,000+ businesses that free up cashflow by trading what they have to get what they need, has emerged as a vital tool for companies to preserve cashflow and pivot along with shifting regulations amid the COVID-19 pandemic.
BizX is a modern day, digital barter exchange that was founded in the wake of 9/11 to help businesses connect and forge new relationships where they can support one another – particularly during times of crisis. In addition to improving their cash flow, BizX also provides members with access to a line of credit.
Bartering as a tool for businesses in the age of COVID-19 — with BizX leading the way — has garnered recognition in recent months, including:
- Inc. covered how businesses are turning to “zero-cash deals,” including Oakland, California-based property-management company Commonwealth Management, which has offered tenants the option of paying up to half of their monthly rent in barter through BizX.
- As an example of how the country’s roughly 200 “cash-free trade systems are seeing an influx in participants” since March, Bloomberg highlighted the Seattle-based Heavy Restaurant Group, which recently leveraged BizX to buy 56 cases of Malbec wine for $15,000 worth of barter credits.
- Similarly, Puget Sound Business Journal highlighted how area tenants and landlords alike are turning to BizX to smooth out residential and commercial rent agreements that have been complicated during the pandemic, with Seattle-area commercial real estate titan Larry Benaroya of Benaroya Cos. stating that their experience accepting BizX dollars for part of the rent due in their leases has been a “win-win.”
- Seattle’s Q13 recently aired a segment focused on Moctezuma’s, a Mexican restaurant in Tacoma, Washington, and how it is using BizX to complete work on its ceiling, as well as to pay electricians and masons.
Roughly 65 percent of Fortune 500 companies use barter or non-cash transactions as part of their day-to-day business; 30 percent of the global economy is non-cash and growing by the day.
“Rather than compete with each other, we are now seeing business owners coming together again in informal and formal ways, utilizing BizX and other bartering networks as creative solutions to help weather the pandemic,” Bob Bagga, CEO and co-founder of BizX, said. “We are thrilled that more and more businesses, as well as the press, are realizing this, and we look forward to helping more businesses connect and discover innovative ways to support one another.”
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