November 22, 2022 (Investorideas.com Newswire) Business- to-Business (B2B) payments are transitioning from traditional methods such as checks, wire transfers, and cash to modern payment systems that use the internet. However, an analysis from MoneyTransfers.com shows that 33% of B2B transactions in the US and Canada are still made through Checks despite technological advancements.
Speaking on the findings, the CEO of MoneyTransfers, Jonathan Merry, said : “Old habits die hard, and people who started with checks find it hard to switch to other payment systems. With more businesses needing to pay suppliers and employees quickly and securely, there?EUR(TM)s a need for more efficient payment solutions that can streamline the process.”
Checks were once the standard for B2B payments; however, many issues are associated with checks, such as manual errors in filling out details or lost documents. In addition, check payments take longer to process than electronic payments. The full story and statistics can be found here: 33% Of B2B Transactions in the US and Canada Are Still Made Through Checks Despite the Technological Advancements
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