PAYSTAND BLOG

Read about the digital transformation of commercial payments and how to automate your enterprise cash cycle.

How much is it costing your business to accept paper checks?

Paper checks are one of the most costly ways you can collect payments from your customers. Many businesses think getting paid by check is free, but this couldn’t be further from the truth. Paper checks are loaded with labor costs, processing fees, and hidden markups. Last year alone, North American businesses processed over $18 trillion in paper checks, and it cost them a staggering $550 billion in profit due to delays, labor, and errors.

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Eduardo Lopez Eduardo Lopez on September 4, 2019

Payments, Paper Checks, Digital Payment, Paystand Bank Network

Why Paper Checks Remain the Dominant Method of Payment in the B2B Realm

Despite widespread availability and development of digital payment methods, paper checks are still alive and well in the world of Enterprise. The phrase "paperless society" is thrown around without much weight and may have many believing that swipes of plastic, insertion of chip readers and cash transfers at the click of a mouse are the predominate means of paying bills. Where this presumption may be more relevant on a B2C basis, the reality is that in 2016, 97% of companies that participated in a research study are still using paper checks to pay vendors and receive payment from customers. Looking at this from a sheer numbers standpoint, this means that there is $550 Billion stuck in pre-Internet paper, plastic, & manual processes. The Financial Revolution is here, so what is making the paper check so seasonable?

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Kenzie Earle Kenzie Earle on April 20, 2017

B2B, Paper Checks, Payment Solutions, Digital Payment, B2B Payments

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