A growing number of small businesses in Louisiana are turning to a community-backed currency known as Moxey as an alternative form of payment. This barter system operates within a network of local businesses that use it to exchange goods and services. There are currently over 3,000 businesses in the US that accept Moxey as a valid payment method.
The CEO and founder of Moxey, Charlie Davis, describes the system as a way for money to circulate between local businesses like a big family. By spending money at local businesses, owners can expect to receive business back in return. La Divina Italian Cafe in Baton Rouge is one of many businesses in the area that have signed up for Moxey and have seen significant benefits from incorporating this innovative payment method into their operations.
One major advantage of using Moxey is that users can easily search for participating locations in their area using either an app or website based on the goods or services they need. This helps generate more customers for individual businesses and supports the local economy. Additionally, Moxey is exclusively designed for small business owners and is taxable through the IRS with a 1099-B form. Overall, Moxey has proven to be a valuable system for both business owners and customers looking to support local businesses.
