A community-backed currency known as Moxey is gaining popularity among business owners in Louisiana. This alternative form of payment operates within a network of small businesses as a barter system. Currently, there are over 3,000 businesses in the United States that accept Moxey as a valid payment method. Charlie Davis, the CEO and founder of Moxey, describes the system as a way to keep money within the community, fostering a mutually beneficial relationship among local businesses.
One of the businesses in Baton Rouge that accepts 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.
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. LeBlanc mentions that he now uses Moxey for various services, from dining out to car maintenance, further demonstrating the versatility of the currency.
Moxey is exclusively available for small businesses, and transactions are taxable through the IRS with the necessary 1099-B form. This innovative approach to commerce is not only benefiting small business owners but also creating a sense of community and support among local businesses.