Financial technology, or fintech, is an emerging industry. And like all other aspects of the digital transformation, its adoption has accelerated since the COVID-19 pandemic has forced most organizations to send their employees home to work. Mission Critical magazine recently spoke with Karla Friede, CEO of Nvoicepay, to find out more about automated payment solutions and how businesses can transition from paper checks to ACH to save costs, enable remote work environments, and keep employees safe. Read on to find out what Friede has to say about the benefits available for businesses who partner with the right vendor.
According to the 2019 AFP JP Morgan Electronic Payments Survey Report, organizations on average make 42% of their vendor payments by check. That’s down from 50% in the prior year, but it’s still stubbornly high compared with consumer life, where check use has fallen dramatically.