In offices around the world, millions of dollars are waiting. Checks are piling up in the mailrooms of corporate office parks. What could be vital, working capital fueling growth is spilling across the empty desks of accounting offices.
Why are some businesses still clinging to paper? According to a report by the Association for Financial Professionals, 42% of B2B payments are still made by paper checks in the United States. It's rare to find an organization that has digitized completely; 97% pay at least some major business suppliers by check. Especially at a midsized company, it's not uncommon to hear a CEO or CFO say, "I like to sign every check because it's one last point of control.
Business relationships can be much more complicated than consumer relationships. It often takes months, even years, for two businesses to agree to work together. When they do, they are often working under contracts that attempt to predict every potential business scenario. This process reflects the fact that business relationships have greater risk and need to be managed more closely than B2C relationships.
It cuts operational risk arising from cash-flow shortfalls by finding win-win working capital scenarios by giving both parties the right data and the right incentives.
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