Writing Checks
Checks have lost their long-held dominance of the payments market, shrinking from a 46 percent share of total US payment volume in 2003 to 31 percent in 2006. Check volume has declined by 26% in the last decade. In 1995 more than 50 billion paper checks were processed, however, check volume has steadily declined and as of 2006, less than 36 billion checks were processed. The decline is attributed to the use of alternative e-payments such as ACH, credit, debit, prepaid cards, P2P payments and the reduction in the number of check processing sites. The Federal Reserve has significantly cut back its check-processing department and shut over half of its 45 check processing centers since 2003, with just 18 expected to remain by the end of 2008.
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Paper checks are in decline, but they remain an important part of the US payments landscape, primarily because of the continued challenges in making and receiving electronic business-to-business (B2B) payments. While the rapid adoption of electronic payments is driven by the desire of payers (both businesses and consumers) for faster, easier, and more efficient ways to make purchases and pay bills, B2B payments remain the last bastion of checks. US check volumes are expected to decline to 17.9 billion transactions by 2009 but will remain a major payment type primarily due to business use.
Does this spell the end of Check Advantage? Nah, we will be just fine. The declining volume will actually be a boon to us as more and more of the mega-check companies give up on the market. Given their overhead bloat, they will need to generate much more revenue to make it worth their time and effort than we will. As the pie continues to shrink in size, there will still be plenty of food on the table for us to feast on but some of the giants in the industy will find that the market can no longer feed their armies. We will swoop in and continue to service those businesses which still need checks.
CheckAdvantage.com offers an assortment of manual business checks, laser checks, deposit tickets, and check supplies. To browse our catalog, click here: CheckAdvantage.com. You have absolutely nothing to worry about as we have removed all of your greatest fears with Our Iron-Clad, 100% "No Fine Print, You Can't Lose" Guarantee.
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