PYMNTS.com – The notion of the check — that rectangular piece of paper that has been around for centuries — may seem outdated in this day and age of technological innovation. In fact, says a June 2014 white paper from Corporate Spending Innovations (CSI), a corporate payment services company, half of all businesses continue to write paper checks.
And that can prove a costly exercise, as Bank of America has estimated that the cost to U.S. businesses alone can range from between $4 to $20 per check, and that adds up to a staggering $54 billion in “economic burden” — defined in terms of wasted manpower, processing and other activities.
Media stories have offered individual case studies that show the benefits of virtual cards adoption over traditional corporate check-writing and credit card use. In just one recent example, Business Travel News reported late last month that Sutherland Global Services, a business process and technology management outfit, had found significant operational improvements upon virtual card adoption, especially in the area of corporate travel.
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