Benefits from Collecting Checks Electronically
David B. Humphrey
The American Economist, 2014, vol. 59, issue 2, 128-133
The Uniform Commercial Code has long required the physical check to be presented to banks for payment. This was before electronic methods were invented. This process was disrupted during September 11, 2001 and legislation was passed permitting the presentment of a digital image of a check in lieu of the original item. The efficiency gains were largeâ€“totaling over $3 billion in 2010.
Keywords: electronic payments; checks; payment costs (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:sae:amerec:v:59:y:2014:i:2:p:128-133
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