New Study Explores Barriers to B2B Electronic Payments
The New York Clearing House has published a market research study that investigates the barriers to electronic payments across large, medium and small companies. The study included quantitative interviews and qualitative focus groups. Findings show that there are five key barriers and that ‘straight-through processing’ is essential to migrating businesses from paper checks to electronic payments. The research was conducted to determine the specific factors preventing businesses from sending and receiving electronic payments and is part of an initiative aimed at finding ways to make executing electronic payments as easy as paying by check. The survey of one hundred fifty-five companies targeted treasurers and other financial professionals in charge of the payments area within their companies. It was followed by nine focus groups of executives and senior managers responsible for company finances and accounts payable/receivable.