U.S. businesses are making more of their payments electronically, with just 57% of B2B payments currently made by paper check, according to a recent survey by the Association for Financial Professionals. That's down from 74% of payments that were paper-based when AFP last surveyed in 2007 and from 81% in its 2004 survey.
When it comes to cross-border payments, the survey shows that 69% are made via wire transfers, 14% with checks and 12% from payments made by the company's local country treasury operations.
The study, which was underwritten by J.P. Morgan Treasury Services, shows that 58% of U.S. companies say they're interested in using same-day ACH settlement for tax payments, 43% in using e-payments for cash concentration and 41% in using e-payments for payroll.
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