US AFP survey: 73 per cent of businesses to switch to electronic payments

Tuesday 1 February 2022 14:27 CET | News

The Association for Financial Professionals (AFP) has conducted a survey on US-based professionals regarding their payments processes and revealed that 92% of organisations still use paper checks.
According to the survey findings, automated clearing house (ACH) transactions have doubled in the last six years but, despite the costs of issuing checks being up to USD 2 per check, most organisations still prefer this form of billing as opposed to modern electronic payment methods.

While paper checks remain a popular payment method in the US, the current pandemic has accelerated a major shift and pushed companies towards finding safer payment alternatives, including electronic payments. 

As for outgoing payments, the survey showed that 78% of the companies use ACH for both credit and debit, while 74% prefer Fedwire or CHIPS.

AFP is headquartered in Washington, D.C. and established and administrated the Certified Corporate FP&A Professional credentials. 

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: survey, online payments, direct carrier billing, digital payments, digitalisation
Categories: Payments & Commerce
Companies: Association for Financial Professionals
Countries: United States
This article is part of category

Payments & Commerce

Association for Financial Professionals

Discover all the Company news on Association for Financial Professionals and other articles related to Association for Financial Professionals in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events