Bonita Springs, FL – Why are nearly 50% of U.S. and Canada businesses still writing paper checks? CSI globalVCard, a leading provider of electronic payments solutions, set out to find that answer. Fifteen senior level financial executives were interviewed and among the most prominent reasons cited are fear of change and the perception of a loss of control.
The interviews also reveal something else: assurance that greater security and control can be achieved with the right electronic payment solution, as well as some added benefits that can’t be found for those companies still writing paper checks.
- Efficiency – 100% of the executives interviewed said their electronic payment solution brought far greater efficiencies to their business. FTEs could be reduced or reassigned to more strategic and value added roles within the company.
- Security – Greater security was achieved for two reasons cited: 1) there are no checks floating around, and 2) the use of single-use virtual credit card numbers provides an immediate audit trail and eliminates the risk that a stored credit card number is compromised.
- Guaranteed Payments – Payments are easier and faster. CFOs share examples of bettering vendor relationships because payments can be timed within the half an hour, and the peace of mind of knowing there are no more calls from suppliers that didn’t receive their check.
- Lower Cost – These executives have reduced their expenses significantly by eliminating the cost of printing, signing, stuffing, mailing and chasing paper check payments. During the interviews, every executive cited ‘lower costs’ as one of the key benefits of CSI’s electronic payments program.
- New Revenue – In most cases, virtual card payments can be included as a component of the rewards earned on corporate card programs, adding additional value. As one CFO shared, “we’ve been able to turn these overhead departments into revenue generating departments.”
If your company is still writing paper checks, the executive interviews featured in this video affirm there is a better, more efficient and profitable way to process payables. As shared in the conclusion of the video: “How do we do more with less? Ditch the paper!” Learn more about CSI globalVCard at www.corporatespending.com.