Direct deposit, online and mobile payments, everyone, has heard about and, you would think, would be growing quickly as the typical form of payment. It’s easy, right?
Well, evidently not. A large software payments firm has reported that only 20% of small merchants are set up to accept this type of payment. With online banking, it’s an even larger disparity. 97% of small companies reported still cutting paper checks to their vendors and receiving checks from their customers. Here at SAMCO, approximately 50% of our bank clients conduct paperless business with us. We have tried direct deposit for our appraisers but have found that our software has an issue with that high of a volume transaction. Paper checks are still what we do for appraisers, but hope in the next year or two to upgrade to 100% direct deposit.