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US Businesses Still Writing Checks: CEO BC Krishna Expands On WSJ Article

We here at MineralTree are excited to see that we were mentioned in the Wall Street Journal article titled, “U.S. Companies Cling to Writing Paper Checks.”

While we’re excited about our mention, we’re also very happy to see that the message of the inefficiencies of paper is getting some much-needed attention. Here are a few stats from the article:

  • U.S. businesses wrote 21 billion checks in 2012–four times as many checks written in the EU (Federal Reserve)

  • Issuing and depositing checks cost U.S. businesses between $26 billion and $54 billion in 2010 (MineralTree)

  • A business check can cost between $4 and $20, based on price of the check and shipping, plus the time employees spend processing the payment (Bank of America)

  • In 2003, a law passed allowing banks to accept electronic checks, saving $1.16 billion in 2010 (Federal Reserve Bank of Philadelphia)

Click the link above to read the full article. You can also take a look at what our CEO BC Krishna has to say about the prevalence of paper checks in the U.S.

To learn more about moving away from paper-based processes, check out our free whitepaper “The Business Guide to Online Payments.”

We're transforming accounting by automating Accounts Payable and B2B Payments for mid-sized companies. Our award-winning solution has helped over one thousand businesses transform accounts payable from a source of inefficiency and fraud risk to a secure and strategic profit center that provides visibility into key cost drivers.

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