Check Printing Remains Strong in B2B Transactions

Check PrintingMICR

B2B Check Use Holds Top Position as Payment Method

It’s safe to assume the use of paper checks as a payment method has declined in recent years. However, when we look a little more closely at the groups using checks, it’s much harder to make such a blanket statement. Unsurprisingly, consumer-to-business check use has experienced a steep decline. According to the 2013 Federal Reserve Payments Study, personal check use has exhibited an annual decline average of 9.2% since 2009. Online bill payment and card-based POS systems have revolutionized the way consumers pay bills and pay for goods and services, making these kinds of check payments almost obsolete. Regarding consumer-to-consumer check payments, there has actually been very little change since 2009, which indicates that new person-to-person payment products either haven’t been created or haven’t been widely adopted. 

The Easiest Solution for B2B Transactions: Check Printing 

Companies in the United States still use paper checks as their main method of business-to-business payment, and here’s why: it’s simply easier to continue to pay with printed checks rather than incur the cost and hassle of converting to electronic payments. According to the 2013 AFP Electronic Payments Survey

  • 50% of enterprises receive B2B payments via check.
  • 70% of companies surveyed report they are struggling to shift toward digital payment methods due to IT barriers and customer/supplier adoption reluctance. 
  • A whopping 92% of organizations report still using check printing when paying at least some of their major suppliers. 
  • 93% receive checks from their major business partners. 

Check Printing for Payments Isn’t Going Away Anytime Soon

When it comes to payments, organizations report that their B2B customers also use ACH credits, wire transfers, ACH debits, card payments and even single-use accounts. However, 42% of all payments made by major business customers still involve checks. According to these numbers, check use may be in decline overall, but for business-to-business payments, they aren’t going anywhere anytime soon.

Share This

Facebook Twitter LinkedIn

Contact Our Sales Team Today

* indicates required