Electronic payment systems are becoming increasingly prevalent in many industries for one simple reason . . . they save time and money! Noncash payments are on the rise as the cost-saving potential of switching from manual paper-based systems to automated electronic systems are realized.
According to the U.S. Federal Reserve, in 2000 only 43% of noncash, payments were made with some sort of electronic payment, and 57% were made by check. By 2010 the percentage of electronic payments had grown dramatically to nearly 78% of all non-cash payments being made with some sort of electronic payment, and checks only accounting for 22% of non-cash payments.
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