Accounts Payable Resources & Tools: Books by Mary Schaeffer

Excerpt from The Complete Guide to Checks, P-cards, Electronic Payments and Other Payment Strategies: A New Payment World by Mary Schaeffer

PAYMENT ARENA YESTERDAY, TODAY, AND TOMORROW

The payment process in the business world, for both corporates and not-for-profits, is undergoing a quiet evolution. Techniques that were used by only a few organizations considered to be on the bleeding edge just a few short years ago are becoming commonplace. Interestingly, these techniques have not been limited to a few big companies with money to spend on the newest technologies. There has been widespread adoption, across industry and size lines. What’s more, looking forward, organizations of all sorts expect to emulate the success of the payment pioneers who blazed the trail.

Part of the reason for the widespread adoption of new technologies is the low cost. In fact, in many instances, adoption of these technologies will result in lower costs, something that no organization can afford to ignore. Additionally, unlike some of the precursors (think electronic data interchange ([EDI]), the new payment methodologies are easy to understand and often have their roots in the consumer world. Thus, when executives are first presented with proposals to take the new route, they understand what is being put before them. Combine the ease of understanding with the cost savings and often improved internal controls, and it is easy to understand why this payment revolution is taking place.

Continue reading the first chapter of this book in electronic format (pdf) here.

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