Expect Checks to Stick Around
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Staricha cited the Federal Reserve Payment Study of 2004, reporting that of all payment transactions in the U.S., checks comprise 45 percent of them, while credit cards came in at 23 percent, and offline, online debit transactions at 20 percent. "Checks remain the payment of choice," he said.
Gray agreed, noting that the preference for check transactions exists among businesses more than the individual banker. As for the markets Xtension Technologies sells into, they include entertainment, insurance, medical, manufacturing, trade associations and financial. "We really don't have one market that dominates over another," said Gray. "Distributors can find success anywhere people are printing and writing out checks."
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