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The Rise And Fall Of The Paper Check

There was a time when we brought our checkbooks with us everywhere. We would write out our check, present our driver’s license, and in it went to the cashier’s tiny printer where it loudly stamped some numbers on the back. I find myself now, annoyed to be stuck in line behind someone using this method of payment instead of simply swiping their debit card.

Here’s some data to back me up on consumers thinking like me vs. using paper checks:

So why are we those of us that use electronic forms of payment in our personal lives still paying by paper check in business? 

Checks as a vendor payment are being used for a few reasons. We know the process, they are trackable, we can control the amounts, and we know which vendors accept them (most of the time). But checks are also ripe for fraud attempts, extremely slow, unreliable and require manual work.

AND your vendors don’t want to be paid by check as indicated in this chart:

How do you make the transition from paper check to electronic payments?

Join this webinar on Thursday, April 20th at 1pm ET to learn more about transitioning from paper check to electronic methods of payments.


ABOUT THE AUTHOR

Christina Pappas is the Director of Marketing at MineralTree.

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