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Payment software solutions from ACOM help businesses easily transition their corporate payments from checks to electronic payments (ePayments)
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  Home> Windows > Articles > 2008 Payments Fraud Survey Results

2008 Payments Fraud Survey Results

 

     Paper Payment vs Electronic Payments

The results from the 2008 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 2008 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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