Liberty Processing News and Views
Are checks finally going away?
by Chris Nehrbauer on 09/11/10
Not in my lifetime! While the volume of paper checks written may decrease over time, market dynamics do not support this for the forseeable future. Checks will go away when future generations no longer write checks, but only use electronic means for paying bills, buying groceries, or sending money to Uncle Bob. In the interium, how checks are processed is clearly changing. While latest estimates of total check volume approximates 30 billion per year, inroads in ACH conversion and image exchange have reduced the number of paper checks presented for payment to the 2 billion neighborhood. While this reflects great success in the paper to electronic transision, it is still a huge number. Try writing your name even 100 times and you'll realize how many 2 billion paper checks can be.
Where am I off?
