While more than 80% of accounting departments continue to use paper checks as a primary method for paying vendors, they are only the seventh most preferred method among accounts payable pros. In this post we look at some trends and reasons driving adoption of electronic payments in AP.
Growing Popularity of Electronic Payments in AP
In general, electronic payments are the preferred method of payment for AP departments and same-day ACH has been shown to be the most satisfying AP payment method.
According a recent Payments.com study:
- 34% percent of companies say their use of ePayables will increase in the next three years
- More than 35% percent of companies earning more than $1 billion per year have already adopted accounts payable automation
- 61% percent of businesses say that Real-Time Payments would improve their payroll operations
Why Choose Electronic Payments for AP
- Improved Security: Reduce fraud risk over paper checks
- Greater Simplicity: Reduce manual tasks
- Cost Savings: Reduce price per payment
While electronic payments are quickly becoming the preferred method of payment in AP, an AP automation solution can help turbo charge payments. AP automation is key to truly realizing the benefits of electronic payments. Learn more about How AP Automation Enables Benefits of Electronic Payments