While paper checks have been quickly disappearing from everyday consumer life, the B2B sector is clinging to physical checks as a standard payment form.
According to the Association for Financial Professionals (AFP) 2106 Electronics Payment Survey, businesses continue to write paper checks for 51% of their B2B payments. It appears that the steady decline in check usage has levelled off. However, check usage is significantly down from historical highs of 81% in 2004 and 74% in 2007. As new faster payments rails are implemented and take hold, B2B check usage should once again begin to decline.
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