As Security Becomes a Priority, Will Checks be Written Off?
In the realm of business-to-business payments, checks remain king—but their reign may soon be overthrown.
For growth-minded finance executives, the need to optimize their payments processes is becoming a priority, and not simply because they want to reduce transactional costs or gain better control over the timing of their payments. The momentum to switch to electronic payment systems is partly fueled by the security issues surrounding paper checks. “Checks are vulnerable,” says Robert Alessandrini, CFO of The Judge Group, a staffing firm. “I would get rid of them entirely, if it were up to me. But we’re a few years from that.”