Consumers are expected to pay for more purchases with credit cards and delay mailing checks in response to new electronic check processing system being implemented in the financial services industry, according to a survey findings released by ESP Consulting, a division of Phoenix Marketing International, based in Salisbury, MD.
The faster check processing technology is expected to change consumers’ check writing habits in order to avoid bouncing checks.
Roughly 23% of consumers presently write checks before sufficient funds are deposited to take advantage of the float between the time the check is mailed and processed, which currently takes a few days.
Network
