A banner exchange is a cooperative effort that allows your company's banner ad to be displayed on other sites across the Internet at no charge to you. Typically, it works this way:

• You join the banner exchange and receive a unique membership number.
• You paste the banner exchange's HTML code (including your membership number) on your webpages where you want banners to appear on your site.
• For every two banners you display on your site, the banner exchange system will display one of your banners on someone else's site (assuming a 2:1 ratio)
• You typically don't receive monetary compensation but exposure across the Internet in proportion to the number of total banner views you contribute to the exchange.
• The banner exchange owner may be able to sell to advertisers some of the banner views appearing on exchange members' sites, but the exchange owner keeps they money; you won't get any.

The granddaddy of banner exchange programs is the Link Exchange Banner Network