Cheques remain the main form of payment for almost a quarter of companies, costing time and money in late payments and poor efficiency.
In addition, according to research from Albany Software (an electronic payment and collections provider), 28% of payroll professionals regularly using cheques to process between 1 and 20 payments a month.
‘This is archaic,’ commented Albany MD Adrian Stafford-Jones. By comparison with Bacs and Faster Payments, cheques are an unreliable, costly, inefficient and time-consuming payment method that impedes effective cash flow management.
Electronic alternatives can offer a more effective, reliable and economical solution. By automating payment processes, companies can streamline their back-office procedures, create tangible time savings and reduce manual processes.