PYMNTS

AUGUST 13, 2020

consumers don’t exactly love the paper check — roughly 38 percent report that they’ve stopped using them entirely, and that shoots up to almost 50 percent when talking about millennials. Consumers [want] electronic access to their funds that is easily accessible and frictionless.”. Direct Deposit Isn’t Enough .

Checks 81

Checks Direct Deposit Payroll Push-to-Card 81

PYMNTS

MARCH 13, 2020

While paper checks are increasingly passing into the realm of consumers’ memory, there are certain niches where they have managed to hold on, even as the rest of the world tries rather adamantly to move on. We’ve known for more than 10 years that there are issues with mailing checks, which is why we’ve seen over 4.5

Checks 75

Checks Push-to-Card Visa Payments 75

PYMNTS

APRIL 9, 2020

The global spread of the new coronavirus has had a wide and varied impact on the way that both consumers and businesses think about transacting with each other as well as government or financial entities. Fraudsters are moving in to take advantage of tax confusion and consumer stress, however.

Checks 71

Checks Online and Mobile Banking Direct Deposit Scams 71

PYMNTS

FEBRUARY 14, 2020

Customer service is the lifeblood of financial services, just as much as credit cards, debit cards and checking accounts. As he noted, digital-first brands such as Uber and Amazon have helped shape, and are still shaping, consumers’ expectations for interacting with FIs. The Corporate Connection. The SMB Focus.

Consumer 91

Consumer Online and Mobile Banking Small Business Debit Card 91

EBizCharge

JULY 23, 2024

Unexpected expenses and insufficient funds can result in returned checks, leading to hefty fees and significant financial challenges. Therefore, businesses should understand the costs associated with returned checks to optimize their financial planning. What is a returned check fee?

Returns 52

Returns Checks Electronic Funds Transfer (EFT) Direct Deposit 52

PYMNTS

MARCH 13, 2019

Whether its receiving loans from their financial institutions (FIs), getting rebates from merchants or receiving on-demand payments, consumers want more options in how they receive their disbursements. Meanwhile, fewer want to be paid via paper checks, as they grow used to speedier methods of financial transactions. In 2018, 42.7

Direct Deposit 54

Direct Deposit Consumer Instant Payments On-Demand 54

PYMNTS

JUNE 21, 2018

What is the key to meeting consumers’ payment preferences? When it comes to getting paid, consumers want quick and easy access to their funds – without the common frictions involved with a paper check. As for the method of disbursement, direct deposit maintains its crown as the most popular.

Electronic Funds Transfer (EFT) 55

Electronic Funds Transfer (EFT) Direct Deposit Consumer Instant Payments 55

CB Insights

AUGUST 2, 2018

One of the biggest trends in fintech today is the rise of digital banking products like mobile checking accounts and new debit cards. From Square to Paypal, a host of fintechs are creating products that let consumers spend money directly out of digital accounts using a physical card. get the 86-page fintech report.

Debit Card 71

Debit Card Checks Accounts FinTech 71

PYMNTS

APRIL 28, 2020

The coronavirus pandemic has left consumers staying home when possible to stop the virus’s spread. Consumers are also avoiding cash out of concern that the virus could linger on physical object and are thus favoring virtual and contactless payment cards instead. Debit cards are also helping consumers receive funds.

Online and Mobile Banking 95

Online and Mobile Banking Debit Card Direct Deposit Contactless Payments 95

Payment Savvy

MAY 16, 2023

These rapid transfers not only benefit consumers by providing quick access to funds but also streamline business operations and enhance financial institutions’ services. Types of ACH Transfers Direct Deposit Direct deposits are electronic transfers of funds from governments or businesses directly into a recipient’s bank account.

ACH 94

ACH Same Day ACH Direct Deposit Consumer Financial Protection Bureau (CFPB) 94

PYMNTS

JULY 30, 2019

Having a simple bank checking account costs an average a monthly maintenance fee of $13.58 Consumers making less than $30,000 a year are twice as likely to incur an overdraft penalty fee than those who make more. What consumers actually need isn’t just to pay less, but to actually get more and get more that is relevant.

Consumer 76

Consumer Financial Literacy ATM FDIC 76

PYMNTS

OCTOBER 3, 2017

Paper checks are clunky, unpopular and outdated. So, why do they still dominate the American economy, with more than $22 trillion in checks written each year? Ask the ones writing the checks. That’s bad news for consumers, though, who have made it clear they feel it’s time to #KillTheCheck. and direct deposit (100.0)

Checks 40

Checks Consumer Direct Deposit Instant Payments 40

PYMNTS

JANUARY 23, 2018

The Bank of America has reportedly done away with a free checking account that was popular among low-balance customers, forcing them to save more money with the national bank or face a monthly fee. As a result, the report noted, the bank’s consumer business is now more profitable.

Checks 56

Checks Accounts Direct Deposit Online and Mobile Banking 56

PYMNTS

JANUARY 23, 2020

State agencies handle disbursements for property refunds, public programs, taxes and more, and many are still clinging to paper checks as part of their processes, even as they adopt ACH or direct debit payments. Erroneous assumptions cause checks to linger . We’ve already adopted direct deposit.

Checks 52

Checks Government Governance Tax Refunds 52

PYMNTS

AUGUST 10, 2020

Consumer demand for real-time payments is the most popular, with 77 percent of institutions citing this as a primary factor. One main factor driving banks to develop faster and more convenient payments infrastructure is that greater numbers of consumers are demanding it. Credit and debit card payments accounted for 75.3

Direct Deposit 89

Direct Deposit Venmo Non-Bank Payments 89

PYMNTS

JANUARY 22, 2020

Fifty-one percent of United States consumers stated in the most recent PYMNTS Disbursements Satisfaction Report that they would prefer to receive tax refunds, child support payments and other government payments through instant payout methods. billion in check disbursements in 2018, significantly costing these departments.

Government 52

Government Governance Checks Tax Refunds 52

PYMNTS

JUNE 29, 2020

“There’s been a 20 percent-plus increase in customers signing into digital banking capabilities and significant month-over-month increases in mobile check deposits. In March, the number of [mobile] checks deposited was up 40 percent over February, for example. How Data Aids Seamless Onboarding .

Online and Mobile Banking 126

Online and Mobile Banking IRS Adjustments Checks 126

Fintech Finance

SEPTEMBER 13, 2024

With ClaimsPay, Slide policyholders will now have the flexibility of choice for their inbound claim payment, including traditional direct deposits and popular consumer payment platforms such as PayPal, Venmo, and Zelle.

Digital Payments 93

Digital Payments Payment Solutions Direct Deposit Zelle 93

Fintech Finance

SEPTEMBER 20, 2024

DailyPay Visa Card is a general purpose reloadable card that allows DailyPay users instant earned wage access for no fee* if they update their direct deposit to the card. We are committed to continually innovating our products to meet the needs of our users,” said Jack Rubin, SVP of Consumer Financial Solutions at DailyPay.

Direct Deposit 97

Direct Deposit Security Federal Reserve FDIC 97

PYMNTS

OCTOBER 1, 2020

Middle-class consumers are feeling that they’re getting the short end of the stick when it comes to their relationships with traditional banks, Brian Hamilton , co-founder and CEO at One , told Karen Webster in a recent conversation. But as frustrated as many consumers may be, they aren’t leaving their current banks.

Consumer 113

Consumer Direct Deposit Checks Product 113

PYMNTS

FEBRUARY 13, 2020

Checks may be cumbersome and flawed, but they persist as one of the top methods by which businesses, legal firms and universities pass refunds to consumers, clients and students. academic institutions are legally required to offer check refunds to students, despite the option’s well-documented security weaknesses.

Direct Deposit 52

Direct Deposit ACH Checks P2P 52

PYMNTS

DECEMBER 16, 2020

Government agencies fall among the cohort of institutions that need to disburse funds with more speed than usual, but they’re tasked with sending stimulus checks and business loans to the financially vulnerable, making the stakes higher for those who fail to quickly respond to these pandemic-driven changes.

Government 93

Government Governance IRS Push-to-Card 93

PYMNTS

JULY 7, 2020

direct deposit accounts. As relayed by Zacks.com , Jeffrey said the “pandemic stimulus highlights Cash App ’s unique functionality,” and that Square’s app might replace traditional checking accounts. Separately, direct deposit (stored) volumes through Cash App were $1.3 Value is what you get.”.

Direct Deposit 100

Direct Deposit Volume Deposit Account Caps 100

PYMNTS

JUNE 23, 2020

Sesame Cash offers a variety of features, including no-cost daily credit score checks, rewards for improving credit, credit and identity protection services, early payday, real-time transaction notifications, simple access to funds, direct deposit, the ability to freeze or un-freeze a card in the app, and integration with most digital wallets. .

Direct Deposit 98

Direct Deposit Payment Programs Checks Product 98

Fintech Finance

SEPTEMBER 5, 2024

Now, with consumers looking for more ways to save money on every purchase, PayPal is expanding its reward program and its availability to deliver an omnichannel solution to give consumers a smart choice for every purchase, every time. PayPal has been the go-to solution for online purchases, with the majority of U.S.

PayPal 96

PayPal Debit Card Direct Deposit Checks 96

PYMNTS

OCTOBER 14, 2020

Businesses of all sizes are doing their best to stay on top of changing payment trends and consumer expectations as the pandemic continues to impact how money is moved. percent of payors surveyed are offering paper checks, direct deposit and credit cards as options for disbursements. Around the Disbursements World.

Instant Payments 103

Instant Payments Treasury Treasury Management Payment APIs and Integration 103

PYMNTS

AUGUST 4, 2017

Savings app Qapital is now offering a new checking account and debit card to its customers, in addition to its already existing savings account. in 2014 and shifted focus to helping consumers manage their day-to-day spending through an automated savings tool central to its service.

Debit Card 43

Debit Card Checks Accounts Direct Deposit 43

PYMNTS

MAY 6, 2020

The pandemic has shut down brick-and-mortar casinos in markets like the United States to help minimize risk, for example, leading consumers to turn to online casinos and sportsbooks. There is one sticking point online casinos need to fix, however, and that is the speed at which consumers receive their winnings.

IRS 88

IRS Checks Blocks Government 88

PYMNTS

NOVEMBER 18, 2020

Delivering funds smoothly to employees in different nations is therefore essential, and it may require firms to migrate from paper checks to digital tools, especially those that suit the needs of employees who do not have bank accounts. Check out the Tracker ® to read more. How Mobile Apps Are Easing Retail Payments In India.

Mobile Payments 88

Mobile Payments Distributed Ledger Technology (DLT) Payroll Online and Mobile Banking 88

PYMNTS

JANUARY 23, 2018

In the path of FinTech innovation, many expect the inevitable demise of the paper check. But the data doesn’t lie: Paper checks are alive and well, despite efforts to kill it. The latest in PYMNTS’ Kill the Check series , a collaboration with Ingo Money, highlighted the persistence of paper checks.

Remote Deposit Capture 43

Remote Deposit Capture Checks Same Day ACH ACH 43

PYMNTS

JULY 30, 2020

The coronavirus outbreak and ensuing economic downturn further compounded that strain, as consumers faced widespread job losses, work-hour reductions and wage cuts. consumers were living paycheck to paycheck, and that 45.4 The amount of labor that goes into physically preparing and printing checks can be a speed bump.

Treasury 57

Treasury Debit Card Direct Deposit Checks 57

PYMNTS

SEPTEMBER 18, 2020

The health crisis has also caused many small businesses to shift their focuses, with some turning from selling wholesale — that is, sales to other businesses or universities — to offering their products directly to consumers. The company will accept or send out disbursements using paper checks during certain rare instances, however.

Checks 96

Checks Small Business Near Real-Time Direct Deposit 96

PYMNTS

JULY 7, 2020

A large portion of SMBs still rely on checks to make and receive payments, however, which can lead to financial frictions, such as long waits for funds to settle and invoicing-related issues — even after these entities have received their loan funding. Financial Frustrations And Checks’ Potential Decline.

Checks 55

Checks ACH SWIFT Direct Deposit 55

PYMNTS

NOVEMBER 20, 2020

Employers have commonly relied on paper checks to compensate unbanked employees, but many businesses are finding this method more difficult to use during the COVID-19 pandemic. Issuing physical checks every two weeks can also challenge employers that cannot safely allow AP staff on site to use check printers. .

Payroll 78

Payroll Direct Deposit Push-to-Card Debit Card 78

PYMNTS

OCTOBER 3, 2017

Though paper checks are clunky, unpopular and outdated, they still dominate the American economy in terms of payment methods, with more than $22 trillion in checks written each year. That’s bad news for consumers, though, who have made it clear they feel it’s time to #KilltheCheck. and direct deposit (100.0)

Direct Deposit 46

Direct Deposit Checks Instant Payments Economy 46

Payment Savvy

NOVEMBER 8, 2022

EFT payments incorporate any kind of digital payment, including but not limited to ATM withdrawals, direct debit payments, electronic checks, or person-to-person transfers through online banking or smartphone apps. EFT payments are a far quicker alternative to the two quite old-fashioned options of things like cash or checks.

ACH 98

ACH Payments Debit Card Online and Mobile Banking 98

PYMNTS

DECEMBER 5, 2017

The digital economy is here and, for many consumers, it has become a way of life. Direct deposits, push payments, eWallets, same-day ACH transfers, PayPal, Zelle and myriad other platforms and tools are now second nature. The ability to keep up with consumer demand is the crux of any capitalist enterprise.

Consumer 56

Consumer Same Day ACH C2B B2C 56