Paper checks have ruled business to business payments for decades. In 2004, 81% of customers used checks. By 2016, that number had dropped to 51% and by 2020, that number is expected to decline to as low as 34%. According to the Credit Research Foundation, by 2020 ACH B2B payments will increase to 45% meaning ACH B2B payments will officially surpass B2B check payments. Business is moving fast from paper to digital.
84% of businesses have adopted some form of digital payments and 7% of businesses have adopted a fully digital payments approach.
Improve Security and get PCI certification
Automate remittance data gathering
Implement Straight-Through Processing
Streamline Bank Reconciliation
Checks have ruled B2B transactions for decades, but that is changing quickly. Now’s the time to get prepared to accept the many digital forms of payment your customers can choose from. This is what we call Customer-Centric AR.