This LinkedIn article was forwarded to me and I got to thinking about how this information related specifically to the meeting and events industry.
Goodyear Tire & Rubber says the cost of writing a check is as much as five times that of an electronic payment, but the company still pays more than half its invoices with checks because it’s the only form of payment easily accessible to all of its business partners.
One of the things we struggle with at Eved when working with new clients is changing behavior. When Talia Mashiach formed Eved, her mission was to make processes more efficient for event planners, procurement, and the suppliers that they work with. And now, even with the availability of online payments through Eved, clearly providing efficiencies throughout the supply chain, many are resistant to implementing these new processes. Not because it won’t save them money, but because it requires a change in mindset and behavior.
Each check costs U.S. business between $4 and $20 based on the price of the check and shipping, plus the time employees spend writing, mailing, collecting and reconciling the check.
How many checks do you write for your business? How many checks do you receive? Multiply that by even $4 per check, let alone $20 per check, and the cost of paper checks to your organization is clear.
Are you still relying on paper checks? If so, why?
image credit: Why Can’t We Get Rid of Checks?
(Posted by JOY MCCAFFREY on Mar 14, 2014)