Credit relationships and payments are further explored in this chapter by introducing early non-deposit taking banks (i.e. merchant banks), and details through systems of financial accounts how in combination with another credit instrument—the bill of exchange—individual traders were able to engage in economic activity at faraway locations without the need to travel with precious metal coins. The idea that endorsed bills of exchange were able to function both as a paper-based means of payment and netting instrument is then presented. Despite the superiority of such solutions over barter and pure commodity money schemes, the chapter concludes by arguing that the ubiquitous drawbacks of settlement in precious metal coins (be it between individual traders and/or merchant banks) continue to apply.