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 volume of transactions. Paper checks are still what we do for appraisers, but hope in the next year or two to upgrade to 100% direct deposit.