Connect with us

Headlines

Are You Still Using Paper Checks in Your Business?

Check out this surprising new finding.

mm

Published

on

If your small business is still using traditional paper checks to make and receive payments, you’re not alone.

About 97 percent of small and medium-sized businesses in a recent survey said they rely on checks for business-to-business payments, consultant Gene Marks writes in an article for the Washington Post. Marks cites data from the latest PYMNTS.com SMB Technology Adoption Index, conducted with software firm Sage.

And have you been hearing a lot about digital wallets such as Apple Pay, Android Pay and Samsung Pay? Well, 80 percent of small smaller merchants said they still can’t accept them.

To figure out why so many businesses still use checks, Marks looked at another survey, this one from Viewpost, an online invoicing and payment company.

Marks writes: “The main excuse? Forty-one percent said their own suppliers don’t accept electronic payment! Lack of hidden fees, familiarity and a paper trail were also reasons given.”

Meanwhile, acceptance of credit and debit cards with EMV chips is on the rise.

Advertisement

According to PYMNTS.com: “Roughly 53 percent of SMBs do not accept EMV-enabled credit and debit cards, down from 61 percent last quarter.”


Read more at the Washington Post |

PYMNTS.com

Advertisement

SPONSORED VIDEO

After 139 Years, A Family Legacy Finds Its Perfect Exit With Wilkerson.

When third-generation jeweler Sam Sipe and his wife Laura decided to close Indianapolis’ historic J.C. Sipe Jewelers, they turned to Wilkerson to handle their retirement sale. “The conditions were right,” Sam explains of their decision to close the 139-year-old business. Wilkerson managed the entire going-out-of-business sale process, from marketing strategy to sales floor operations. “Our goal was to convert our paid inventory into retirement funds,” notes Sam. “The results exceeded expectations.” The Sipes’ advice for jewelers considering retirement? “Contact Wilkerson,” Laura says. “They’ll help you transition into retirement with confidence and financial security.”

Promoted Headlines

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular