According to a survey conducted by the Credit Research Foundation (CRF), credit and account receivables professionals anticipate that ACH transactions will surpass checks as the leading form of payment received from business customers by 2020. Down from 63 percent in 2014, checks currently account for almost 50 percent of payments today.
This report shows the preferred B2B payment methods in North America in 2017. In this survey, 58 percent of the respondents said that their favorite payment method was ACH. Alternatively, 47 percent of them said that paying by check was their least favorite.
Positives to switching to electronic payments:
ACH payments are considered more secure than checks and require more of an effort for criminals to commit fraud
75 percent of organizations that were victims of fraud attempts/attacks in 2016 experienced check fraud
ePayment in the form of ACH or Virtual Card is very convenient compared for payers and payees when compared to traditional check
ePayments don't require maintenance of supplies, postage and manual labor processes. And, the payee doesn't have to wait for a check to clear the bank to access the funds
Our recommendation to companies of ANY size seeking to migrate to ePayments starts like this:
Find a solution that works well with your existing system
One that works by pulling information out of the accounting system and feeding data back in to the system
One that doesn't require a huge capital expenditure
One that doesn't require a year or years-long project
One that doesn't require high-priced consultants to manage
Find the solution that properly and accurately manages the data
Find a solution that communicates well with your vendors by providing usable remittance notifications
Seek a solution that has a minimal impact on your IT department.
Your IT department should not have to become ePayment experts
In today's digital world, no one really uses checks regularly for their personal transactions. Ask anyone outside of the finance industry the last...
Sign Up to get the latest News
Listed by CFO Tech as one of the Top 10 Accounts Payable Solution Providers 2018 and 2019 and by CIO Review as part of the 20 Most Promising Corporate Finance Tech companies for 2017, OnPay Solutions streamlines processes for accounts payable by automating invoice processing and payments.