DO PEOPLE STILL USE PAPER CHECKS???
Here are some interesting takeaways from Blair Jeffery’s article – “Will 2017 Ring In the Death of Paper Checks?”
- A 2016 SunTrust Bank survey of SMBs (middle market and small business executives) indicates that more than 57% of all their payments are through paper-driven processes and checks.
- Similar results from the AFP 2016 Electronic Payments Survey shows 51% of B2B payments are still made by check, an increase of 1% compared to 2013 levels.
- Interesting to note -- less than 2% of all businesses use bank offered bill pay solutions.
- Javelin Research goes a bit further -- QUALITY CLIENTS are CHECK USERS.
What does that mean for the banker? Putting it simply, there is more money to be made – on at least 3 different fronts. Read more about it! You will be surprised. We guarantee it!