Accounts payable can be a contradiction showcasing the frustratingly slow pace of B2B payments digitization.
In PYMNTS’ Payables Friction Playbook, “Why Firms Are Ready For An AP Upgrade,” a collaboration with Corcentric, paper checks came out on top as the most widely used payment tool by accounts payable (AP) departments.
And yet, they’re also among the least liked by AP professionals, PYMNTS’ survey of 2,570 accounts payable professionals revealed. Only 63.5 percent of professionals said they are satisfied with using paper checks to pay invoices, a score that only beat out cryptocurrency (with less than half of survey respondents happy to pay invoices with crypto).