As predicted in the 2011 Electronic Supplier Payments report, demand for electronic supplier payment systems is at a record high. Last year, 69 percent of the finance professionals PayStream surveyed said they were actively seeking to increase their company’s use of Automated Clearing House (ACH) and Purchasing Card (P-Card) payments for accounts payable.
The 2012 Electronic Supplier Payments report revealed that 68 percent of survey respondents reported they were writing fewer checks (up from less than half a year ago). PayStream loves it when people actually do what they say they’re going to do. Significantly, 78 percent of those polled in our most recent survey reported increased use of ACH, half reported an increase in P-Card transactions, and a third noted an increased reliance on electronic wire transfers. See Figure A.
Figure A Change in Use by Payment Type Paper Checks are on the wane as more companies push for electronic payment.
Simply put, the adoption of electronic supplier payments is accelerating, while the use of checks is declining at a faster pace. Key drivers of this trend continue to be the reduction of transaction costs and acceleration of payments to avoid penalties and consistently capture early-payment discounts.
PayStream’s 2012 Electronic Supplier Payments report is based on responses of more than 300 accounts payable professionals polled in the first quarter of 2012. Download your complimentary copy of the Electronic Supplier Payments report today and learn more about electronic supplier payment trends, data, solution providers, and more.