LETS

Local Exchange Trading System

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WebLETS is an online transaction system for reconciling "favors." The project was dead, but is now revived and the code is now maintained on Sourceforge by Terry MacKintosh, founder of Manasota LETS.

• written in PHP
• no interest (usury)

What is LETS?

From The LETSaholic Twist:

"LETS points are not dollars. They are more like favors. And when you can accept LETS points as being just "favors" from one member to another, you will not be concerned about the balances on their accounts; either in debit or credit... LETS account balances are just a record of how much each member is giving to, or receiving from, the LETS group. It is necessary to keep a record of each member's trading activity so they could strive to bring their balances back to zero, thereby keeping the system as fair as possible for all.

"By far, the biggest improvements ... in LETS groups have come about after members changed their concept of the group's purpose from that of being a local 'employment' or 'barter' system, to that of being a self-help group. Along with that comes a new understanding of what a LETS point really represents: changing it from being an alternative to cold, hard, 'cash' ... to a much warmer, favour."