The results from the Payments Fraud and Control Survey performed by the Association for Financial Professionals (AFP) are in, and they make a strong argument for moving to electronic payments.

The survey revealed that check fraud accounted for 94% of incidents of payments fraud. The survey concluded that organizations were much less exposed to fraud if they used electronic payments.

Couple these findings with the results of a United States Treasury study below and the case for transitioning AP to electronic payments has become indisputable.

 

U.S. Treasury study comparing electronic payments to
paper payments showed:

• The average cost per transaction was 22.5 times less for e-payments than
  for paper checks.
• The payment inquiry rate was 32 times less for e-payments than for paper checks.

 

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Next Steps

• Read the Special Report: "ACH for Accounts Payable: What's the hold-up?"