With all the talk of a revolution in payments and the development of services like Apple Pay, you might be under the impression that 90% of business-to-business transactions are now electronic. But that’s far from true; many accounting departments are still awash in paper. How much do you know about how companies are actually using electronic payments? Take our quiz to find out.
What percentage of the typical U.S. organization’s business-to-business payments are received by check?
What percentage of the typical U.S. organization’s business-to-business payments are made by check?
After checks, what is the most popular method of paying major suppliers, used for 34% of payments?
A. ACH credits
B. Wire transfers
C. Purchasing cards
D. Single-use accounts
What is the top factor influencing companies’ choice of method for cross-border payments?
A. Contract requirements
B. Currency risk
C. Size and purpose of transaction
D. Transaction cost
Which of the following benefits that companies gain from sending or receiving electronic payments (ACH, cards, wires) is NOT one of the top three cited by finance executives?
A. Speed of settlement
B. Working capital improvement
C. Cost savings
D. Improved cash forecasting
What is the most common barrier companies face when trying to convert to electronic payments?
A. Lack of integration between electronic payments and accounting systems
B. Shortage of IT resources for implementation
C. Absence of standard formats for remittance information
D. Difficulty convincing customers to accept electronic payments
Source: AFP’s 2016 Electronic Payments Survey
Answers: 1–D; 2–C; 3–A; 4–A; 5–B; 6–D