Despite the aggressive marketing attacks by many electronic payment platforms, even Bankrate advises readers to think twice before consigning their checkbooks to the nostalgia pile. Go to the link for details, but the five fundamental reasons paper checks are still important payment tools, according to Bankrate, are as follows:
- Many businesses shun plastic
- Ease of person-to-person payments
- You can save money on processing fees
- Checks create a paper trail
- You have control of the payment process
It’s well worth reading the article to get details on each, but the bottom line is this: Regardless of whatever cutting edge pay-with-your-iphone tech is new next week, the smart money is still on being able to to efficiently and effectively process check payments from a consumer population that is being advised – wisely – to keep those checks handy! The article quotes 18B checks in 2012, but if you recall from previous blog posts and webinars, there are actually 18B checks written today!
Now that’s staying power! And, to top it off, new innovations abound around checks. Many vendors are investing heavily in check processing platforms. OrboGraph with OrboAnywhere is just one. Look at the other platforms like Alogent, Wausau Financial Systems, Deluxe, Fiserv, FIS, Mavro … the list goes on.
A new wave of innovation is hitting the check processing market!