It’s pretty obvious that consumers have moved past checks; you rarely see checkbooks in line at the store. So why are checks still around? You may find these numbers surprising:
- According to The Need for Real-Time Payments in the US, a white paper written by Rene Pelegero of RPGC Group, it is estimated that businesses will use checks for 75% of their payments in 2013. Wow. In fact, the white paper goes on to explain that $135 billion are tied up in the mailing process alone.
- Can you imagine if companies DIDN’T HAVE TO WAIT for checks in the mail? They don’t anymore – a lot of people do not know that. Businesses can now pay their vendors with checks via the internet.
Payments enablement company, VerifyValid offers a service whereby companies (and consumers) can send checks, one or thousands via the internet. The check will appear in the payee’s email inbox. As the Treasurer of my son’s football booster club, I pay for uniforms, footballs, coaching this way. The common response is, “Wow! That is so cool!” It turns out not having to wait for the mail or a personal delivery is a good thing.
As a team member for VerifyValid, it has been fun to watch peoples eyes light up when they look at their smartphone and see that check waiting in their email inbox! While checks are on the decline, I predict with this new electronic enhancement, businesses will embrace checks more than ever.
To learn more about VerifyValid, watch this 2.5 explainer video.