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.
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