2013 AFP Electronic Payments Survey
Payment methods are going through an unprecedented period of change. Yet despite a continued decline in their use, paper checks remain the dominant payment method. At the same time, the use of mobile payments is becoming increasingly popular. The result of these trends is that U.S. businesses have an expanding range of payment choices as they migrate from paper to electronic methods.
The 2013 AFP Electronic Payments Survey gauges the extent to which and the ways in which treasury and finance professionals are taking advantage of payments innovations to accommodate the pace of change in the complex business-to-business environment. The survey identifies changes in U.S. business payments practices since AFP’s previous electronic payments survey in 2010, including the drivers of change, the benefits gained, and the barriers to realizing a more “electronic payments” future. AFP thanks J. P. Morgan for the support of AFP Research, including their underwriting of the 2013 AFP Electronic Payments Survey.
Key findings include:
- The use of paper checks to make and receive business-to-business (B2B) payments continues to decline.
- The typical organization receives 50 percent of its B2B payments by check.
- Among organizations that make payments cross country borders using multiple currencies, the most widely used payment method is wire transfers.
- Email is the delivery method most likely used to deliver and receive remittance information tied to organizations’ ACH payments.
- Organizations are more likely to have integrated their accounting systems with their ACH payment systems than with their card systems.
Download the Report