Businesses still rely heavily on paper processes when paying their vendors. Given the technology available, this may come as a surprise. Using paper checks to pay vendors is costly, time-consuming and error-prone. And they often require headcount specifically for creating, processing and tracking them.

Earlier this year, the U.S. Postal Service posted a warning about mailing paper checks, citing an alarming rise in mail fraud. While mail theft has doubled, so have reports of check fraud, with 680,000 reports in 2022, up from 300,000 in 2021.

Vendors and suppliers are the lifeblood of any business, playing a pivotal role in its success. They provide the goods and services necessary for companies to operate efficiently and meet customer demands. 

What's ACH?

ACH, or Automated Clearing House, is the technology that processes electronic financial transactions between all banking and financial institutions throughout the U.S. and is governed by Nacha. Within the network, ACH payments are composed of two electronic payment types: ACH debit (e.g., bill payments) and ACH credit (e.g., direct deposits such as refunds, government benefits and more). 

Customer expectations and demands constantly change. We live in a digital age where customers value seamless, convenient and flexible experiences that allow them to pay wherever they are and however they want. According to McKinsey, over three-quarters of Americans use digital payments, including contactless in-store purchases, browser or in-app online payments and person-to-person payments. 

Most people dread tax season, a typically chaotic time when we scramble to get our documents organized in a timely and accurate manner. Some of us get them done quickly, while others wait until the last minute.