Recent research indicates that usage of paper checks for B2B payments may have increased slightly in 2016. A key impediment is the highly fragmented electronic payments process across AR, AP, accounting, and reconciliation.
Jeffery is realistic about the lifespan of the paper check: It cannot be said with certainty that 2017 will be the year that paper checks die (indeed, considering the existing data on the topic, it’s quite unlikely). Yet he remains optimistic that the time of the check will eventually be over. “I am confident that adoption of ePayment methods will accelerate as a prevailing number of payment players dedicate themselves to solving the last remaining challenges,” he stated. “And there is certainly reason to be hopeful that the dependence on paper processes and checks may finally be nearing its end for businesses — if not this year, then certainly in the years to come.”