February 10th, 2010 | Author: Tina Brandon
According to a recent study by research advisory firm Aberdeen Group , companies that rely on paper checks spend more than $11 on average per payment. Companies that rely on electronic payments such as echecks spend 38% less per payment. Clearly, electronic checks (echecks) save companies money.
But in these days of environmental awareness, going green with echecks can be beneficial to companies as well. From a public relations point of few, very few issues have the positive impact as an announcement of reduction of carbon footprints and corporate green initiatives.
According to NACHA’s PayItGreen Alliance , a corporation initiating 120,000 paper payments per year could save the following annual resources by converting just 50% of those payments to electronic:
- More than 2,208 pounds of paper.
- More than 27,000 gallons of gasoline.
- Approximately 264 tons of emitted greenhouse gases.
Other benefits of electronic payments and invoices include:
- Improved cash management.
- Lower transaction costs.
- Greater visibility and control.
- More efficient processes.
- Enhanced service to suppliers and employees.
- Reduced exposure to risk.
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