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

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.

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