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How did the movement toward electronic payments and check conversion begin?

April 26, 2017conversion electronic movement PAYMENTS

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How did the movement toward electronic payments and check conversion begin?

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Due to the costs and risks of processing paper checks and the fact that electronic payments offer many additional benefits, including better consumer protection, safety, and fraud reduction, financial and business organizations have been encouraging a move from paper-based payments to secure electronic payments for many years.

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Electronic payments, such as Direct Deposit, have close to a 40-year history of safety, security and privacy. Due to the costs and risks involved in processing checks, many industries have been encouraging a move from paper-based payments to electronic payments for many years.