Over the last five years, there has been a decline in the use of paper checks for business to business payments. Many forward-thinking businesses have grasped the financial and eco-friendly benefits of reducing paper check processing. Businesses that have converted to electronic payments have found that their efficiency has increased with the reduced use of paper.
"With the number of businesses equipped to handle faster, more secure, and less fraud-prone payment methods, the continued use of checks in business to business payments is both astounding and disappointing," Wex Inc., a payment solutions company adds. "Electronic payments are 10 times cheaper than checks. Writing checks to suppliers is not only time consuming and inaccurate, it’s wasteful in terms of cost, as the average cost of writing a business check ranges from $4 to $20."
This is no surprise. The transition from paper-based to digital payment processes allows for a faster, more secure, and easier to use payment platform. It simply takes less time to find and process information.