Disclaimer: This article is an opinion piece and reflects our personal views and experiences regarding International Monetary Systems (IMS).
What is the International Monetary System (IMS)?
The International Monetary System, known as IMS Barter or simply IMS, is a bartering network that allows businesses to trade goods and services without the immediate exchange of cash. In principle, IMS aims to help businesses maximize their resources, increase customer bases, and reduce cash expenses. Members of the network gain trade dollars, an IMS currency that enables bartering within a closed group of businesses.
IMS Barter is an ambitious concept, rooted in the idea of helping businesses thrive through non-traditional exchanges. The basic idea of bartering is not new—humans have engaged in bartering for centuries. What IMS attempts to do is formalize that concept by providing a platform where members can trade with one another under an organized system. However, while the concept may sound promising, the business model and management of IMS may leave much to be desired.
A Brief History of Bartering
Before the advent of cash and coins, societies relied heavily on bartering—exchanging goods and services directly. Ancient communities traded livestock, tools, and crops for other items they needed. Even as currency became more popular, bartering never entirely disappeared and has been a part of trade culture ever since.
IMS modernized the barter system, launching a more formalized structure to help companies trade within a network. Members are meant to benefit from each other’s services in a mutually beneficial arrangement, which, on paper, sounds fantastic. But is IMS Barter really an effective solution for the modern business world, or does it fall short? Our experience indicates the latter.
The Application Process: A Red Flag?
Our team recently applied to IMS Barter using a legitimate business that has a strong track record of both traditional services and bartering. After an initial application submission, we received a follow-up call from a representative, Lisa at IMS. Due to being out of the country and having limited service, we couldn’t respond immediately. Not long after, we received an email that seemed odd:
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"Thank you for applying to IMS for a barter account. After review of your application, we are unable to accommodate your request for membership at this time. IMS has a full capacity of member businesses offering the goods and/or services your business offers and is not accepting any more at this time.
Please keep in mind that the IMS membership network is carefully cultivated and grown based on simple supply and demand principles. If we determine that the network cannot deliver value to your business, we simply do not want you to spend money and time on a membership. It is just good business.
We hope you will consider IMS again in the future. Thank you."
----------This message was puzzling. Why would IMS, a network focused on connecting businesses, limit its member base? The message, instead of feeling like a genuine rejection, came off as contrived and arbitrary.
Pros and Cons of IMS Barter
Let’s break down the pros and cons of IMS Barter.
Pros of IMS Barter
- Cashless Transactions: IMS offers a cash-free alternative for businesses to acquire goods and services, which can be helpful for companies needing to conserve cash flow.
- Exposure to New Customers: Members potentially gain access to other businesses within the IMS network, which can help them grow their customer base without direct marketing costs.
- Resource Maximization: Businesses with excess inventory or underutilized services can use IMS to trade for something of value rather than letting resources go to waste.
Cons of IMS Barter
- Limited Membership and Exclusivity Issues: As our experience shows, IMS may arbitrarily reject applications, citing “full capacity” for certain goods or services. This approach not only limits business opportunities but makes the network feel exclusive in a way that’s counterproductive to bartering’s open-ended nature.
- Complexity and Hidden Costs: Businesses may find it challenging to get real value out of the IMS system. Memberships, trade dollar exchange rates, and commissions can all add up, diminishing the actual benefit of bartering.
- Questionable Business Model: IMS claims that it operates based on supply and demand principles; however, by selectively controlling membership, IMS restricts the very essence of a marketplace.
- Unclear Value Proposition: IMS emphasizes the “benefits” it provides to businesses, but if the network is overly controlled and selectively open, its usefulness is questionable. Why should companies jump through hoops to join when they could build their own bartering connections more freely?
- Customer Service and Communication Issues: Our interaction with Lisa at IMS and the subsequent rejection email highlighted poor communication practices that don’t inspire confidence. When dealing with a business model as niche as bartering, consistent and transparent communication should be a priority.
Is IMS the Future of Bartering, or Just Another Barrier?
The appeal of IMS lies in its promise to connect businesses and reduce cash spending. However, our experience paints a different picture. Not only was our application rejected for vague reasons, but it also showed us that IMS might not be as flexible as it appears. In a market that should embrace variety, freedom, and creativity, IMS seems bound by its own rules and exclusivity to the point of stifling potential.
What’s more, the language in the rejection email gave the impression that IMS could not “deliver value” to our business. This struck us as odd—why wouldn’t a barter network aim to include as many members as possible, especially if each one brings something unique? After all, the strength of a bartering system lies in its diversity.
Launching a Superior Alternative: A Better Way to Barter
The rigid and selective approach of IMS gave us an idea: why not create a better platform for businesses interested in bartering? We envision a system that truly supports businesses, operates transparently, and makes it easy for members to connect without unnecessary gatekeeping. We believe bartering should be straightforward, valuable, and, above all, accessible to all who want to participate.
Our goal is to develop a network that caters to businesses of all sizes and specialties, promoting real and organic connections between companies. Our system won’t be about exclusivity or artificial limitations but rather about genuine growth and collaborative success.
Final Thoughts
IMS Barter’s concept may be interesting, but its execution leaves much to be desired. If you’re considering joining a bartering network, think critically about whether IMS’s approach aligns with your business values. The rejection we received, simply for having a common offering, was the turning point for us. We’re committed to building a bartering platform that doesn’t play games but supports businesses in a way that is honest, straightforward, and beneficial to all.
If you’re interested in our new model, stay tuned for the official launch! We’re excited to share a new way for businesses to thrive through bartering, without the unnecessary hurdles.