While checks are the dominant method of payment to major vendors, many organizations expect to convert most of these to electronic payments by the end of 2010, according to the 2007 AFP Electronic Payments Survey.
For payments to major suppliers, the survey found that the typical organization makes an estimated 65% of its payments by check, 18% by ACH credit, and 11% by wire transfer (see the accompanying chart). A few respondents use purchasing cards (4%) and ACH debits (2%).
The survey also reveals that 43% of respondents expect that their organization is very likely to convert the majority of payments to major suppliers from checks to electronic payments in the next three years.
In terms of vendors that are not considered major trading partners), 80% of organizations indicate that checks are the primary method (see chart).
Wednesday, February 6, 2008
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