These include construction, oil and gas, education (fund accounting) and, most recently, class action lawsuit settlements. Tommy Gillis, managing partner of CFC Print & Mail, Grand Prairie, Texas, collaborates with many customers nationally to support vertical markets that he says use “A LOT” of checks. Those numbers are hard to ignore, so shouldn’t check fraud be a thing of the past? No, because despite their near extinction in consumer payments, checks are the payment of choice among corporations. In 2018, for the first time ever, we saw ACH debit transfers (16.6 billion) exceed the number of written paper checks (14.5 billion), further confirming the shift away from traditional check writing.” “At the height of check writing, 68 billion checks were issued annually, but since the early 2000s, check usage has been declining at an annual rate of about 10%,” LaBrant, owner and founder of the Greater Chicago area-based Secure Print Technologies LLC and authorized sales consultant for SICPA Value Document Inks, said. It’s not a misconception that total check usage is dropping, and John LaBrant credits two motivators: convenience and cost. Today, it’s common to receive tax refunds or economic stimulus via direct deposit or EBT cards. Think back to the early 1990s when electronic benefit cards, similar to debit cards tied to benefit accounts, replaced paper food stamps. We can use it to order “Fueled by Caffeine and Chaos” T-shirts that we really don’t need from our friend’s Etsy shop.ĭigital payments are convenient, easy and nothing new. We can transfer the $5 that we hope our coworker turns into $500 million when he purchases the team’s Powerball ticket. With the tap of a button, we can now send our child’s room coordinator money for class party supplies. Video killed the radio star and Venmo killed the personal check.
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