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Payment Processing Industry Statistics
Most people don’t realize how big checks are, and they think credit cards and debit are bigger. According to the Federal Reserve’s 2007 study of noncash payments:
Electronic Payments:
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Check Payments
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Number of electronic payments: 62.7 billion
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Debit Card Payments
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Value: $1.0 trillion
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Credit Card Payments
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Value: $2.1 trillion
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"Checks continue to be the leading method of payment by an enormous margin over both credit and debit cards pointing to large financial opportunities in the new check industry."
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And the following, remembering that ACH is being replaced by Check 21 solutions:
Electronic Payments:
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Number of electronic payments: 62.7 billion
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Value: $34.1 trillion
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Annual growth rate of transactions 2003 to 2006: +12.4 %
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ACH Transactions:
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Number of ACH payments: 14.6 billion
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Value: $31.0 trillion
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Annual growth rate of transactions 2003 to 2006: +18.6 %
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Another thing to consider is that although ACH represents a large portion of electronic payments, most ACH payments start out as checks and are converted to ACH. With MyECheck, those items no longer need to be converted, can be processed as images and will clear faster, have higher clearing rates and fewer returns. MyECheck processed payments are also not subject to NACHA regulation, rules, fees and fines, giving MYEC a competitive advantage.
And Finally:
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The average value of checks paid increased from $1,104 in 2003 to $1,366 in 2006.
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The average value of a debit card payment was only $39, the average value of a credit card payment was $98, while the average value of a check payment was $1,366.
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Checks accounted for 55% of all non-cash payments in value, while credit cards were only 3% and debit cards 1%
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