SIX months on from its introduction, Mudgee Money is being hailed a success for the region’s business owners.
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The localised currency was introduced by Mid-Western Regional Council and the Mudgee Chamber of Commerce in November last year in an effort to encourage residents to spend at the region’s businesses.
Mudgee Money cards operate in a similar fashion to gift cards, with funds deposited on the card’s account to be used to pay for goods and services via EFTPOS machines located in retail outlets in Mudgee, Kandos, Gulgong or Rylstone.
The credit deposited on cards is valid for 12 months from the date it is issued.
Mudgee Chamber of Commerce president Greg Dowker said the concept was beginning to enjoy a trickle down-effect as some of the region’s biggest employers came on board and the financial benefits filtered down to smaller retailers.
“At one stage we were up to $26,000 that had to be spent in town,” Mr Dowker explained.
“$12,000 of that has been spent, which is a very pleasing result.
“It’s working well because people are realising the money stays in town.”
The scheme is operated by Why Leave Town Promotions and is configured in a way that the cards only work on locally-based and approved EFTPOS machines used in the outlets to sign on to the program.
At this stage that’s 50 shops, but Mr Dowker is confident that number will grow.
“We’ve been waiting for that snowball-effect and we’re starting to see it,” he said.
“Shop owners are now contacting us asking to join, which is great to see and shows how well the idea is working.
“It costs them nothing if they are a member of the Chamber of Commerce, which costs $75 a year.”
Business owners interested in signing on to the scheme can find out more by emailing Mudgee Chamber of Commerce at info@mudgeechamber.com.au or calling 02 6373 3344 or 0403 130 899.
