Moving Middle-Market Companies Further Along the Digital Payments Spectrum

Digital payments have become ubiquitous as consumers use credit, debit, and mobile payments to buy groceries and clothing and even repay friends.

Yet many companies, especially middle-market companies with revenue between $10 million and $1 billion, still use checks as  their primary means of payment. For these companies, checks are often seen as a convenient mode of payment, widely accepted by suppliers, customers, and employees. Meanwhile, finance departments at many middle-market companies often lack the bandwidth to rethink payments, processes, or workflow changes that would result from adopting digital payments. But avoiding automation could be a big mistake for mid-market companies. Manual payments have hidden financial costs. They slow down operations, make real-time monitoring nearly impossible, and make it difficult to conduct business remotely.