How to Convince Your Vendors to Switch to Electronic Payments—Before They Get Left in the Dust

Look, change is hard. Nobody likes to mess with a system they think is working just fine. But here’s the thing—if your vendors are still clinging to paper checks and outdated payment methods, they’re not just stuck in the past; they’re costing you time, money, and efficiency.

The world is moving fast, and electronic payments aren’t just some new trend. They’re the new standard. And if your vendors don’t get with the program soon, they’ll be the ones scrambling to keep up. So, let’s talk numbers—the kind that’ll make them rethink their stance real quick.

The Payment Landscape Has Changed—Big Time

According to NACHA’s “Same Day ACH Passes Major Milestone as 2024 ACH Network Shows Higher Growth“:

• The ACH Network processed 33.6 billion payments in 2024, worth a staggering $86.2 trillion. That’s a 6.7% increase from the year before.
• B2B transactions via ACH? Up 11.6% year-over-year, with 7.3 billion payments in 2024 alone.
• Same Day ACH is exploding—1.2 billion payments last year, totaling $3.2 trillion in value. That’s a 45.3% jump in volume from 2023.

Meanwhile, McKinsey’s “Global Payments 2024: Simpler Interfaces, Complex Reality” paints an even bigger picture:

• Global transaction volume hit $1.8 quadrillion in 2024, with the industry raking in $2.4 trillion in revenue. By 2028, that number is expected to climb to $3.1 trillion.
• There are 384 payment unicorns—companies valued at over $1 trillion collectively—all riding the wave of digital payments.

If your vendors think electronic payments are “optional,” they’re missing the entire point.

Cash Is on Life Support—And Checks Aren’t Far Behind

If they still need convincing, the Federal Reserve Payments Study (FRPS) has some hard truths about where cash is headed:

• In the U.S., cash now accounts for just 5% of consumer payments.
• In India, cash use is expected to drop from 23% to under 10% by 2028.
• In Europe, instant payments are skyrocketing—going from 3 billion to 30 billion transactions in just a few years.

And here’s a fun fact: fraudsters love old-school payments. We’re looking at $400 billion in projected global payment card fraud losses over the next decade. Meanwhile, AML fines in 2023 alone hit a record $6 billion.

The good news? Digital payments come with built-in security layers that checks and cash just don’t have.

How to Get Vendors to Make the Switch

So, how do you get the holdouts to finally ditch their slow, outdated ways? Here’s how:

1. Hit Them With the Facts – Show them the reports. NACHA, McKinsey, and the Fed all agree—electronic payments aren’t just better—they’re becoming the only way to keep up.
2. Make It Too Easy to Say No – Help them transition with onboarding support, multiple payment options, and Same Day ACH for urgent transactions.
3. Cover Their Bases – Reassure them about fraud prevention, compliance, and security. The truth is, digital payments are safer than mailing checks or handling cash.

Bottom Line

Electronic payments aren’t coming—they’re already here. The businesses making the switch now are setting themselves up for faster payments, better security, and lower costs. The ones who don’t? They’ll be playing catch-up while everyone else moves ahead.

Time to Make the Move

No more waiting. No more excuses. If your vendors haven’t switched to electronic payments yet, now’s the time to get them on board. Share the numbers, show them the benefits, and make the transition easy.

Need help making it happen? Let’s talk. Because in this game, the ones who adapt win—and the ones who don’t? Well, they get left behind.