Contributor: Mike Kresse

People often ask me, “Hey Mike, when do you think checks will disappear as a form of payment?” This is a good question; not just because companies like mine are focused on helping other companies Leave the Check Behind, but because checks are costly; they consume natural resources; they are subject to fraud; and they are the most inefficient form of payment available. And it’s not just companies that print a lot of checks. A large number of consumer to consumer and consumer to business payments are still transacted by check. Many times, this question comes with a qualifier; generally something like: “Will it take government intervention?”“Do the banks need to band together to end checks?” I think we can look to the UK for some clues.... read more