Although it may seem obscure, there is still a segment of our population – and therefore, customers – who do write, use, and prefer hard copies of checks for their banking needs as opposed to digital transactions.
Without a doubt, we see banks, credit unions and other businesses transitioning from deposited checks to digital transfers. Yet, traditional checks are still widely used and serve an important purpose.
For small businesses and many individual consumers, checks offer more control and ease of use for some payments.
“The simplicity of checks contributes to their resilience. Checks are established, they’re understood, and they require very little data to issue. While they may not be ideal, they work.”
—BAI: Pulp Friction: Addressing paper checks’ challenges
No matter how aggressively financial institutions (FIs) and others push for electronic alternatives, physical checks remain entrenched in business-to-consumer and business-to-business transactions (B2C and B2B). Industry experts estimate 40% of all B2B payments are still made using a paper check.
Along with those findings, “Over 60% of businesses would be more likely to bank with a local or regional FI if it offered services and experiences comparable to those offered by larger banks.”
—Aite-Novarica: Delivering the Experience Small Businesses Expect
This may mean a review of customer experience journey maps to determine which solutions make most sense of each type of customer. Do you need help navigating the options and challenges of your constituents’ check-writing needs? We’re here to brainstorm, advise, produce, and deliver solutions.
In addition, visit our website at www.ASBFinancialSolutions.com to get an idea of all the ways we can help you and your team. If you’re ready to find cost savings and have expert collaboration on perfectly suited products and services, let’s start the conversation. Our solutions are fully customizable, and our team is excited to help you. Attack your expenses. Simplify your processes. Build your brand. firstname.lastname@example.org 800.721.7135
To learn more about American Solutions for Business, visit http://www.americanbus.com.
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