Transaction Trends

The results of Viewpost’s 2016 Online Invoicing and Payments Annual Survey are in, and reveal that more than half of executives prefer electronic payments over checks for business. Electronic payments are close to overtaking checks as the most commonly used form of payment already, at 35% of total remittances, versus 37% still made by check. In addition to favoring electronic payments, 30% surveyed said they have also migrated to electronic invoicing.

The survey, taken between September 29 and October 7, interviewing almost 3,000 U.S. business leaders, communicated that the majority of executives received a confidence boost in their performance after adopting electronic payments, and 64% say they’ve moved to electronic payments for bill payment because it increases speed and efficiency. All respondents said they still use checks sometimes, with 67% reporting that when they use checks, it is because their suppliers don’t yet accept electronic payments.

Click here to review Viewpost’s full survey results.