A Suntrust Banks, Inc. survey recently showed that 57 percent of all company payments are still made using paper-driven processes and checks, despite the increased risk of fraud and the availability of viable electronic solutions.
According to the 2016 AFP Payments Fraud and Control Survey, 73 percent of organizations have encountered fraud or attempted fraud, with paper-driven processes ranking as the number one source of fraud.
“Ignoring your payments strategy could have a big impact on your bottom line,” Michael Maza, head of treasury & payment solutions at SunTrust said. “Paper transactions open businesses up to the possibility of fraud, and they can also result in missed collections and payments, as well as increased staff time. Embracing automation today will not only save money in the short-term, but can help position companies for the future. As interest rates begin to climb, the speed of collections will play an even more important role in a company’s financial strategy.”
SunTrust representatives are encouraging businesses to consider technological improvements to their payments, collections, and cash management strategies in order to avoid fraud and improve cash flow.
“At SunTrust, we help companies link business plans, capital requirements and payments programs to generate smart growth,” Maza said. “We leverage our payments expertise and knowledge of market trends to advise clients on the right strategic mix for their specific needs, ranging from traditional to electronic methods to help them achieve their business objectives.”