A New Method for the Payment of Bills and the Transfer of Credit

The transfer of credit and the processing of receivables play important roles in most business systems. Present procedures require a <italic>dual handling</italic> of payments— they are processed both by the payee and again by the banks involved in the transfer of credit. The banks must necessarily process payments made by check; it is therefore reasonable to inquire whether the processing now required of the payee is not largely redundant, and whether it would not therefore be profitable to alter the present system. Three questions deserve examination:<list><item>Can the present system be simplified? </item><item>Will simplification lead to net savings? </item><item>How should the savings be shared? </item></list>