Though rapidly going extinct in consumer transactions, the check is alive and quite well in the B2B space. Not because anyone is especially thrilled about it, but because they get the job done. But the world is a rapidly changing place, and even B2B payments seem to be evolving. Digital payments in the B2B sector are on the upswing, as recent earnings results have demonstrated, and businesses are becoming ever more enthusiastic about adopting faster, and even real-time, payment methods – particularly for paying their workers. It won’t kill the check overnight, but it sure seems some pressure is coming the check’s way.
Data:
$3-$20: Estimated price businesses pay per check used to make a B2B payment.
85 percent: Share of gig workers who say they would work more if they could be paid faster.
78 percent: Share of firms that believe real-time payments would improve their payroll operations.
32 percent: Share of firms that use checks more than any other method of being paid.
11 percent: Share of Mastercard transactions’ volume in Q3 that came from B2B transactions.
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