Vendors and Market Money

The Island Roots Market will be issuing Market Money (MM) and shoppers will be spending it at the Market. It is the same colour and size as CDN $5s, $10s and $20s. You will recognize it on site.

 

Vendors are asked to accept MM as though it were cash and can return it to the market manager or the volunteer in charge of MM to receive the equivalent in CDN money or use it to pay Market fees. BUT please use it as part of your market float, give it to shoppers as change and return it to the manager or volunteer only when you have at least $100 worth.

MM provides vendors with advantages:

  • It generates customer loyalty. Shoppers with a wallet full of MM are more likely to shop at the market.
  • Vendors can carry smaller cash floats and ask shoppers with large bills to change them for MM at the Market Tent.
  • Shoppers who want to use a card can get MM from the Market Tent if you do not have the ability to accept their card.

MM provides Island Roots with advantages too:

  • It lets the co-op provide a “banking service” to shoppers who do not have cash with them but need it to make a purchase.
  • It provides the co-op a way to reward members and volunteers with a minimum of paperwork
  • It covers its own cost, the cost of member and volunteer benefits and more because, as long as it continues to circulate among shoppers and vendors the co-op can retain and use its face value for all of it own purposes. That is because the co-op sells MM at face value, less any discounts, and keeps the revenue generated until the MM is returned for cash by a vendor.

Note: There will be people who don't want MM and there will be times, especially at the beginning, when you will not have MM to use for change. We are simply asking that you accept it when offered and, if you have MM, you offer it to customers as change. They can decline if they wish.