Newer payment systems like social tokens and virtual cards are becoming increasingly popular with midsize businesses for financial transactions, but traditional payment methods like checks and physical credit cards continue to dominate, according to a new survey by the Citizen Bank. The survey of treasury departments at mid-market companies found that most companies use five payment methods on average. Physical credit cards and bank transfers were the most used, with half of those surveyed reporting that they use paper checks. Still, most companies expressed interest in expanding their payment mix.
Among the newer payment methods, 58% of respondents said they use business-to-consumer options, such as peer-to-peer payment for treasury functions. Thirty-nine percent of respondents say they have used virtual cards, with human capital management and business services reporting the highest adoption of the technology. Many of those surveyed also had a favorable view of social tokens, a form of cryptocurrency, finding the technology easy and secure, with the advantage of not having to keep bank account information on company servers.