Versapay's CFO Ed Neumann Featured in Bizjournals
- 2 min read
Versapay's CFO, Ed Neumann, recently spoke was recently featured in Bizjournals. Hear what he has to say about the evolving use of checks among businesses of different sizes.
From the article:
"'It’s premature for most business owners to fully phase out paper checks,' said Ed Neumann, chief financial officer of business-to-business financial-technology company Versapay. 'Massive organizations like Target may have the buying power to stop accepting checks, but that’s simply not the reality for the vast majority of businesses.'
The numbers bear out how checks still account for a large amount of payments despite their massive drop in use. According to Federal Reserve research, the number of check payments fell from 18.1 billion in 2015 to 11.2 billion in 2021, a drop of 38 percent. The value attached to those payments, however, declined just 6.7 percent, from $29.2 trillion to $27.2 trillion.
That translates to the average value of check payments increasing over that time period, rising from $1,609 in 2015 to $2,430 in 2021.
A Versapay study found that 87% of financial leaders believe their customers are ready to make payments digitally and move away from paper checks, while 40% of CFOs surveyed said they are seeing paper checks used less often."
Read the full article on Bizjournals.
About Versapay
For growing businesses that need to accomplish more with less, Versapay’s Accounts Receivable Efficiency Suite simplifies the invoice-to-cash process by automating invoicing, facilitating B2B payments, and streamlining cash application with AI. Versapay integrates natively with top ERPs, while allowing businesses to collect with a self-serve payment portal and collaborate with customers and teammates to resolve what automation alone can’t. Owned by Great Hill Partners, Versapay’s employee base spans the U.S. and Canada with offices in Atlanta and Miami. With 10,000 customers and 5M+ companies transacting, Versapay facilitates 110M+ transactions and processes $170B+ in payments volume annually.
Join the conversation at linkedin.com/company/versapay and x.com/Versapay. To learn more about how Versapay unlocks accounts receivable efficiency, visit: versapay.com.
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