ACH Volumes Grow, but Check Writing still Prevalent

Results from a survey by Credit Research Foundation in partnership with NACHA released in June show the use of checks is declining while electronic payments are on the rise.

“Credit and account receivables professionals anticipate that ACH transactions will surpass checks as the leading form of payment received from business customers by 2020,” according to a news release on the survey. “Currently, checks account for almost 50 percent of payments (down from 63 percent in 2014); ACH 32 percent (up from 22 percent in 2014), cards 11 percent (up from 8 percent in 2014), and cash and wire 8 percent (up from 7 percent in 2014). By 2020, respondents anticipate that ACH will account for 45 percent of payments, checks 34 percent, cards 12.5 percent, and cash and wire 8.5 percent.”

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