The innovative community-backed currency known as Moxey is gaining popularity among business owners in Louisiana. This unique form of payment operates within a network of small businesses as a barter system, helping to keep money within the community and foster mutually beneficial relationships among local businesses.
One of the businesses in Baton Rouge that has embraced Moxey is La Divina Italian Cafe. Owner Lance Leblanc joined the Moxey network in 2015, a year after opening his business. Now, over a decade later, LeBlanc credits incorporating Moxey into his business as one of his smartest decisions. By accepting Moxey, he has attracted customers who may not have discovered his cafe otherwise.
Moxey is exclusively available for small businesses, and transactions are taxable through the IRS with the necessary 1099-B form. Through the Moxey app or website, users can easily locate businesses in their area that accept Moxey payments. This system helps businesses attract new customers and support the local economy by providing an alternative to traditional forms of payment such as credit cards and cash on hand.
The versatility of Moxey has allowed La Blanc to use it for various services such as dining out and car maintenance. It’s clear that this innovative approach to commerce is benefiting small business owners while creating a sense of community and support among local businesses.
As more small businesses adopt Moxey as a payment method, it becomes increasingly clear that this community-backed currency is here to stay. Its ability to bring together local businesses and foster mutually beneficial relationships makes it an attractive option for any small business looking to grow its customer base and support the local economy.
