Earlier this year, The Federal Reserve released its newest data from 2015 concerning customer and business payment habits. Read more, below, to find out why there were significant changes in corporate payments activity between 2000 and 2015!
The report, published Friday (June 30), found businesses wrote an average of 24.1 checks a month in 2015, down from an average of 66 per month in 2000. Meanwhile, ACH payments increased, with businesses sending an average of 29.8 online payments a month using this rail, up from 13.4 in 2000.
The value of corporate payments has also significantly risen since 2000, the Fed found. According to the report, the value of ACH transfers and checks combined reached $148.5 trillion in 2015 – more than double the value in 2000.
For both consumers and businesses, the volume of non-cash payments jumped over the 15 year period. Online ACH payments became most common for businesses, followed by checks, general-purpose credit cards, and non-prepaid debit cards (for consumers, non-prepaid debit cards were the most common non-cash payment vehicle).