Contrary to what might be considered “conventional wisdom,” in 2016 51% of business-to-business payments were made by check. Does that mark a slowing in the “disappearance” of check usage? Au contraire – that number is up from 50% in 2013!
Magnus Carlsson, AFP’s Manager of Treasury and Payments, discusses in the attached video the new AFP Payments guide on checks (available for download here). Checks still make up 51 percent of B2B transaction in the United States.
Carlsson explains that old legacy systems are reluctant to change, and there is a substantial segment of the public and business community that are wary of cyberthreats to the extent that they prefer to stick with “tried and true.”
“Over the last year, we’ve seen some of the companies ordering more checks. And what we’re told is that they are so afraid of the cyberthreats that they would rather issue a check.”
Be sure to download the latest AFP Payments Guide, for a very detailed treasury analysis about the durability and longevity of checks in business and personal transactions. In a number of markets, checks are stable and even growing!