We’ve all likely experienced challenges with the mail at one time or another. Whether it was a lost package, a delayed delivery, or a stolen piece of mail, it can be frustrating and time-consuming to handle the fallout.
Many businesses are starting to realize that trusting critical documents like check payments to arrive securely by mail may not be worth the risk. In fact, the United States Postal Service (USPS) issued a warning in 2023 urging Americans to stop mailing checks unless they’re dropped off inside the post office because of rising check fraud.
Businesses can get paid faster with ePayments. Additionally, ePayments can be more reliable and secure, making them appealing to businesses. Adopting digital payment methods not only helps improve cash flow with more timely payments but it can be more efficient than processing paper checks.
Recent News About the USPS
In 2020, the USPS unveiled a 10-year-plan to overhaul the organization after losing $87 billion between 2007 and 2020. However, the USPS hasn’t met many of its goals, losing $6.5 billion in 2023 despite plans to reach break-even by then, according to The New York Times.
Delivery Slowdowns
Since beginning its overhaul, the USPS has encountered some challenges, and first-class mail delivery times have suffered. For example, The New York Times reported that from April through June 2024, the USPS delivered 80.5% of single-piece first-class letters and postcards on time, down from 86.8% during the same period last year and below its target of 92.3%.
Delivery slowdowns can be exacerbated during the USPS’s peak season, which extends from Thanksgiving through New Year’s Day. Government Executive reported that the USPS delivered 83% of first-class mail on time during its peak season in 2023, which is 5.4% less than its on-time rate for all of 2023.
Stamp Prices
Stamp prices continue to rise during a time when businesses and individuals are feeling the pinch of inflation. Stamp prices have gone up seven times so far just four years into the 2020s (from $0.55 to $0.73) compared to three rate hikes in the 1990s ($0.29 to $0.33).
Though the cost of a stamp may seem trivial to a business, given the large number of payments companies make each month (from rent to utilities to materials to professional service providers and more), when paying by check, these frequent price increases can add up.
ePayment Adoption Increases
Considering the current state of first-class mail delivery, it’s no surprise that businesses and consumers are seeking alternative methods for sending and receiving payments.
Increasingly, Americans are adopting digital payment methods because of their comparative speed and convenience. A 2023 McKinsey survey established growth in online, in-app, in-store, and peer-to-peer digital transaction volume. A 2024 PYMNTS report found that 91% of Gen Z consumers have adopted digital-first payments, with Millennials and Gen X quickly transitioning to digital as well.
People are beginning to demand the same transaction speed and convenience at work. AvidXchange’s 2025 Trends Survey found that the percentage of businesses using mobile payment platforms (like Venmo or Apple Pay) most often to pay suppliers nearly doubled to 15% in 2024 (compared to 8% in 2023). The same survey found that most businesses (61%) either exclusively or mostly use ePayment methods like virtual credit cards or bank transfers for financial transactions. Only 6% of businesses don’t use ePayment technologies at all, preferring traditional methods like paper checks.
Security
One of the major drivers impacting the shift away from paper checks is security. Since the pandemic, the U.S. Treasury Department reported a 385% increase in check fraud. Our 2025 Trends Survey found that more than 60% of finance departments were victimized by check fraud, phishing, and deep fake attacks or attempts in 2024. Our B2B Payment Security study with the Institute of Finance & Management (IOFM), found that checks account for the largest share of financial loss due to fraud, ranging from less than $50,000 to more than $1 million.
Cost-Savings
According to Mastercard, ePayments via virtual cards can drive cost savings of $0.50 to $14 per transaction. Checks often require manual deposit, which means work hours spent visiting a bank. ePayments also help reduce the costs associated with handling, storing, and reconciling paper checks. Plus, ePayments don’t require postage.
Speed
In most cases, ePayments are processed faster than traditional payment methods. The Consumer Financial Protection Bureau notes that it often takes up to two business days for banks to settle check payments, and that’s not including the 1-5 business days it takes for the check to travel by mail. Alternatively, ePayments like ACH deposits are settled four times daily and FedNow payments are settled in “a matter of seconds.”
Tips to Get Paid Faster
Timely payments are essential for businesses to maintain steady cash flow, which is critical for covering operating costs, paying employees, and investing in growth. When payments are delayed, businesses may struggle to meet these obligations.
Consistent on-time payments also reduce administrative burdens, freeing up accounting team resources dedicated to administrative work and collections.
Following are some tips to help your business get paid faster by customers.
Pivot to ePayments: ePayments can be processed faster than check payments and they bypass the USPS, which can be unreliable, especially during the busy holiday season.
Offer Options: Accept different ePayment methods, including virtual card and bank transfers, to help ensure there’s an option that works for most customers.
Present Payment Incentives: Provide discounts for early payments to encourage prompt action from customers.
Deliver Clear Invoices: Ensure your invoices include clear, detailed descriptions, due dates, and any applicable terms to avoid payment delays due to misunderstandings.
Implement Penalties: Add late fees to encourage customers to pay on time.
Build Strong Customer Relationships: Regular communication and good relationships can make it easier to follow up on unpaid invoices.
Improve Payment Speed with ePayments
As the USPS struggles to meet delivery timelines and increases stamp prices, organizations may consider pivoting to ePayments. ePayments can be processed faster than checks, and they bypass the uncertainty that can come with sending things via first-class mail.
To learn more about the future of ePayment technology, download our free guide, “B2B Payment Trends.”
To learn more about ePayments and our additional supplier offerings, visit https://www.avidxchange.com/suppliers/.