Paper checks dead or alive?
A recent Electronics payment survey conducted by Financial giant JP-Morgan explores this essential question and uncovers interesting data
- 51% of B2B payments are made by check, surprisingly at 1% from 3 years ago
- 94% of organizations continue to use checks to pay their major business suppliers
- smaller organizations with the revenue of the less than 1 billion and those making up to 1,000 B2B payments per month are more likely to use checks than other companies
with the growing Trend in electronic Payment Systems, where are companies still using paper checks? The reasons are many and varied. Survey respondents cited these major barriers:
shortage of it resources for implementation 38%
lack of lack of any accounting system 30
no standard format for remittance information 28%
difficult to convince customers to pay electronically 22%
difficult to convince suppliers to accept electronic payment 19%
privacy / Security Bank account information 19%
Essentially, changing an organization's internal payment structure is costly, according to the report. Additionally, the real possibility of electronic payments fraud and an unwillingness to share sensitive Bank information paint a clearer picture for sustained use a paper check for the foreseeable future.
Marble blank business checks to create your own is still a very popular item to use