Study: Checks Erode As Means ofCommercial Payment
SAN FRANCISCO - (11/10/04) More than half of financial executivesacross 20 industries said they will be reducing theirorganizations reliance on checks as a form of commercialpayment. The findings are part of VISA USAs second annualcash management survey, which additionally found that of the 51%who plan to use fewer checks, 40% of that group said they will doso by increasing usage of commercial payment cards. The responsesindicate that a significant and growing perception among financialexecutives is that commercial payment cards play a very importantrole in almost every aspect of the cash management process, VISAsaid. Some key activities companies hope will reduce costsand boost operating efficiency include the increased use ofelectronic payments through cards and the elimination of paperchecks and invoices, it added.