Paper out, digital in for business payments

The high cost of check transactions is driving treasury and finance professionals away from paper checks, according to a survey by the Association for Financial Professionals.

Nearly 80% of organizations are in the process of transitioning their business-to-business payments from paper checks to electronic payments, according to the survey.

In addition, more than two out of three organizations would replace paper checks with electronic payments if there was a cost benefit of doing so, while 88% cite increased efficiency as the primary reason for transitioning to electronic payments from paper checks.