Dr. Michael Kanter doesn’t just take cash or credit for fixing teeth. The dentist with Lakewood Ranch Dental also takes flowers, or the service of a plumber, or perhaps a meal at Cafe L’Europe or one of his other favorite restaurants in Manatee and Sarasota counties.
As the recession deepens, Kanter is finding more patients willing to do trades for dental care.
As a member of the International Bartering Exchange of Sarasota, Kanter frequently barters his dental services for those of other members. In return, he earns trade dollars to spend on goods and services provided by other members.
Kanter is not alone. Bartering — the trading of goods or services without using cash — is making a comeback in this troubled economy, economists report.
Bartering can be as simple as trading baby-sitting with another family, or as complex as an exchange with strangers facilitated by Web sites that have sprung up to connect trade partners.
Bartering ads on Craigslist.com have increased about 100 percent since last year, according to a spokeswoman for the online classified advertising service.
The modern barter exchange business has become a $600 billion industry with its own banking system, which tracks trading dollars that can be exchanged for goods and services around the globe.
Bartering makes a lot of sense, say Ron and Mary Unger, who founded International Bartering Exchange in Sarasota 18 years ago.
“In good times, bartering is a way to fill occasional down time or move excess inventory,” Mary Unger said. “In bad times, bartering is a survival tool that can help businesses afloat and grow their markets while conserving cash flow.”
IBE’s membership has increased by more than 50 percent in the past six months, which now has more than 600 members, the Ungers report.
“Recession looming, bartering booming,” Ron Unger says with a bright smile.
That same trend is reflected nationwide. The Ohio-based National Association of Trade Exchanges has seen an 8 to 12 percent growth in bartering trades and exchange memberships.
Recognizing that, in today’s tight economy, barter trades make more sense than cash transactions, the Ungers are now waiving the $495 membership fee to help out troubled businesses. Members still pay a 15 percent transaction fee only when they purchase goods or services from another member with trade dollars.
IBE’s network of exchange partners represents nearly every type of business, trade and profession in the marketplace from Tampa Bay to Fort Myers. “We have plumbers, electricians, accountants, lawyers, retail, medical services, advertising and marketing — you name it, we’ve got it,” says Ron Unger.
IBE’s annual revenues: $1.5 million.
Working as brokers, the Ungers help members identify needs and then calculate how much of their business they can transact in trade dollars. Then the Ungers market those services through the IBE’s Web site, which includes a catalog of goods and services members provide.
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