Checks on Their Way Out With Businesses, Survey Finds

SAN FRANCISCO – There are indications that checks are not going to regain any lost ground any time soon. Just over half (51%) of financial executives plan to reduce their businesses’ use of checks to pay their bills, according to Visa’s Cash Management Survey. The executives plan to move their businesses to an increased used of commercial payment cards. The online firm Survey.com administered the questionnaire between October 13-20 and involved more than 405 executives from 20 industries. “This annual survey helps us to track trends in the attitudes of corporate financial executives regarding their cash management processes and to aid our Member financial institutions in meeting the needs of the commercial payments marketplace,” said Mike Dreyer, senior vice president, commercial solutions, Visa USA. “It’s encouraging to see that low satisfaction with paper-based payments like checks is leading companies to pursue alternatives like commercial payments cards.”