Deere Implements Internet Payment Service

Deere & Co. last week announced its plans to implement PowerTrack, U.S. Bank's patented business-to-business Internet payment service. PowerTrack will help Deere & Co. and its transportation providers streamline the process of logistics payments, the company says.

PowerTrack eliminates paper from the business-to-business payment process, enables electronic accounts payable and receivable, and links logistics and financial processes for greater efficiency and management control. The service provides complete electronic payment from beginning to end of the shipping cycle.

With PowerTrack, sellers receive payments as quickly as 24 hours after service completion, in contrast with 30 to 90 days when a paper-based process is used. Buyers, however, keep the same payment terms they currently receive with traditional payment methods and get a consolidated monthly statement, via the Internet.