Larger Companies Embracing Eletronic Payments

The number of companies using financial electronic data interchange has grown dramatically, from 25% in 1992 to 40% in 1994 (see chart).

A survey by Phoenix-Hecht of companies with sales exceeding $100 million found that bigger companies were more likely to exchange payments and related information electronically.

Half the respondents with sales of $1 billion to $2.5 billion used financial EDI in 1994, compared to 35% of those with sales less than $250 million. The medium is most popular with the largest corporations - fully two-thirds of companies with sales exceeding $2.5 billion used financial EDI in 1994.

Phoenix-Hecht surveyed more than 1,300 companies in several industry sectors.