The way things have always been done could be harming firms in the long run.
That’s because in an era where technological advancements are transforming industries at an unprecedented pace, businesses that continue to rely on paper checks and other manually driven processes are inadvertently burdening themselves with hidden costs, in addition to sunk time and postage stamps.
And it is often the industries that could sorely use an update themselves that are digging in their heels, hamstringing their future growth.
Insiders have told PYMNTS that despite an ongoing shift toward electronic and digital transactions, more than six in ten firms (62%) use legacy methods to pay for commercial goods and services.
While paper checks may seem like a familiar and straightforward payment method, particularly for bigger commercial transactions, the true cost of this antiquated process goes far beyond the price of paper and postage.
Call it death by a thousand paper cuts.