Member Exclusive

Research: US remains a heavy user of B2B payment checks

  • US business still rely heavily on checks as a primary form of payment.
  • The value of those checks dwarfs credit and debit cards.
close

Email a Friend

Research: US remains a heavy user of B2B payment checks

Often times, B2B fintech firms in the US find themselves competing not with other digital technologies, but with checks and cash. As much digital uptake has occurred, US businesses still weigh heavily towards checks.

Mastercard estimates that 43 percent of all B2B payment volume in the US is still in paper form of some kind.

What’s interesting as you drill down into B2B payments is how differently businesses treat forms of payments. So, while card payments might be the most popular type of payments, research from the Federal Reserve Bank shows that businesses make much smaller payments on cards ($207) when compared to ACH debit ($31,118) and checks written ($2526).

So, businesses find credit cards appropriate and easy to use for small purchases but tend to revert to checks and ACH for all other payments.

0 comments on “Research: US remains a heavy user of B2B payment checks”

Member Exclusive

First-ever bitcoin ETF BITO launches

  • ProShares' bitcoin ETF does not hold bitcoin directly, but instead invests in the cryptocurrency's futures.
  • The ETF is intended to give exposure to investors who do not want to go through the hassle of buying bitcoin directly.
Subboh Jaffery | October 22, 2021
Member Exclusive

With Extend partnership, Amex wants SMBs to create more virtual cards

  • American Express has teamed up with Extend to launch a virtual card solution for its small business customers.
  • Virtual cards provide security and flexibility for SMBs and can help them improve cash flow.
Ismail Umar | October 12, 2021
Member Exclusive

Buy now, regret later? The tricky relationship between BNPL and credit ratings

  • As BNPL use has surged through the pandemic, consumers’ credit scores have taken a significant hit.
  • Research shows more than a third of BNPL users have fallen behind on their payments and hurt their credit score.
Ismail Umar | October 05, 2021
Member Exclusive

The strange connection between horoscopes and financial advice

  • A person’s horoscope may not determine their future wealth, but a propensity to read their horoscopes might.
  • A survey by N26 found that quite a few US adults count on their horoscopes for financial guidance here and there.
Rivka Abramson | September 28, 2021
Member Exclusive

‘There’s a two-sided integration going on between fiat and crypto’: How banks are gearing up to move into digital currencies

  • Many banks are starting to incorporate digital assets into their services.
  • Further adoption will depend on how federal agencies perceive and regulate the large-scale use of cryptocurrencies.
Ismail Umar | September 24, 2021
More Articles