According to the survey conducted by Credit Research Foundation (CRF) in partnership with NACHA-The Electronic Payments Association, ACH transactions will account for 45% of payments, checks 34%, cards 12.5% and cash and wire 8.5% in 2020.
Currently, checks dominate as the preferred payments method in the B2B industry, accounting for almost 50% of total payments. Although it still holds a majority, checks’ popularity has plummeted from 63% in 2014.
The survey also explains the growth in popularity experienced by ACH payments. Respondents said that internal factors (29%), technology improvements (28%), customer push (23%), cost (13%), and card/bank push (7%) drove increases and decreases in payment use.
Although an overwhelming majority (80%) of credit and account receivables professionals want to be paid via ACH, there are still several important hurdles to surpass. 45% of credit and receivables professionals said that they work with customers who are unable to send ACH payments. Another 34% say that their customers can send ACH payments, but do not properly send remittance with the payment. Finally, 21% of professionals suggest that their organizations do not have the proper systems and/or resources to effectively use ACH.
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