The costs of processing incoming checks is almost 5.5 times greater than that of electronic payments, however, most companies still have a hard time increasing electronic payment adoption. The reason for this? People believe that processing decoupled electronic remittances is arduous and expensive, and electronic payments are more subject to fraud. However, these reasons are far from the truth.
In truth, among all form of payments, checks are subject to the most incidents of fraud. As a result, managing payment risk and operational expenses is one of the biggest on-going challenges faced by corporations today. How you check your facts and learn the truth around processing electronic payments will change your approach to solving the e-payment processing challenges. A simple move such as implementing the right technology to optimize electronic payment processing will save organizations thousands of dollars a year.