A Brief History of Payment Methods
The methods of payment for goods and services have a long and colorful history. One hundred thousand years ago, bartering was the norm. Commodity money appeared around 3,000 BC, where beads, shell jewelry, and gold were used for trade. Next around 650 BC, Commodity Money 2.0, or Coinage appeared. This was the first use of gold and silver coins to facilitate trade.
The next logical step of course was representative money – enter the Bank Note, which appeared first in China around 960 AD. The concept of a credit card didn’t appear until the 1950’s with the Diner’s Club Card (although you had to pay your entire statement balance each month) and Master Card and Visa in the 1960’s. And today, as individual consumers, we are used to making payments from our smart phones, using PayPal and a variety of other pay anywhere, anytime options.
But when it comes to business-to-business payments, the good old bank note or check, is still king. This method of vendor payment is time consuming and expensive and more exposed to fraud. Studies have shown that it costs over $2.00 to process, print and mail each check. And paper records require excessive staff for filing, processing and document search. The roadblock to moving towards less expensive electronic payment of vendors, like ACH or credit cards is often your financial system. Here are some of the solutions The Resource Group offers to help our
Wells Fargo Payment Manager Integration
With Wells Fargo Payment Manager Integration, we pick up where Vendor EFT leaves off.
Bank of America Integration
We've developed a payment export in the format required by Bank of America, to pay your vendors by ACH or Credit Card.
Commerce Bank Integration
Pay your vendors with your company credit card to cash in on rebates. With Commerce Bank integration, we've automated the process for creating Credit Card payments in Microsoft Dynamics GP. The end result is a streamlined process and a file to upload to the Commerce Bank so that they can pay your vendors for you.
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by The Resource Group