2016 AFP Electronic Payments Survey

 

Underwritten by J.P. Morgan

The payments industry experienced some dramatic developments over the last couple of years. New technologies, like mobile wallet and Apple pay, facilitate payments more efficiently and have emerged at a rapid pace.

 

But surprisingly, despite the new developments in payments, to a large extent businesses in the United States still rely on checks for paying their vendors and suppliers.

51%

of organizations’ B2B payments are made by check

But, change is on the horizon.

70% of respondents believe their organizations will convert the majority of their payments to electronic methods within the next three years.

Have you transitioned to electronic payment methods?

YESNO

You will be joining the 21 percent of organizations who currently make a majority of their payments to major suppliers via vehicles other than checks

← Back to the question

Whether you have a plan to do so in the future, or have no plan in sight, realize cost savings is a huge benefit to transitioning.

← Back to the question

Top Benefits Enjoyed by Organizations Using Electronic Payments

• Cost Savings

• Speed of Settlement

• Improved Cash Forecasting

40%

of organizations rely on checks for over 60% of their B2B paymensts

Looking to the future, the payments field is changing.

Are you preparing to tackle new developments like faster payments, ISO 20022 and same-day ACH?

YESNO

You’re part of a select group. Only 15% of respondents are staying current with new developments and looking to be early adopters in the hope of reaping benefits.

← Back to the question

You’re not alone. Surprisingly, only 15% of respondents are staying current with new developments and looking to be early adopters in the hope of reaping benefits.

← Back to the question

Whether you're an early adopter, or practicing the wait-and-see approach, your organization will most likely be affected by the changes in the payments landscape. Find insights on what you can expect.