PR Newswire
ATLANTA, Sept. 7, 2016
ATLANTA, Sept. 7, 2016 /PRNewswire/ -- Even in the internet age, companies still make more than 57 percent of all payments through paper-driven processes and checks, according to a survey by SunTrust Banks, Inc. (NYSE: STI) of middle market and small business executives. Not only can these non-electronic processes have a negative impact on a company's cash flow and balance sheet, but also they can significantly increase exposure to fraud.
In fact, 73 percent of organizations have experienced actual or attempted fraud, with non-electronic processes the number one source of fraud according to the 2016 AFP Payments Fraud and Control Survey.
"Ignoring your payments strategy could have a big impact on your bottom line," said Michael Maza, head of Treasury & Payment Solutions at SunTrust. "Paper transactions open businesses up to the possibility of fraud, and they can also result in missed collections and payments, as well as increased staff time. Embracing automation today will not only save money in the short-term, but can help position companies for the future. As interest rates begin to climb, the speed of collections will play an even more important role in a company's financial strategy."
SunTrust suggests businesses consider the following when developing strategies to leverage electronic payments:
"At SunTrust, we help companies link business plans, capital requirements and payments programs to generate smart growth," said Maza. "We leverage our payments expertise and knowledge of market trends to advise clients on the right strategic mix for their specific needs, ranging from traditional to electronic methods to help them achieve their business objectives."
Visit the SunTrust Resource Center to read more about developing strategies for the electronification of payments.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, the Company has three business segments: Consumer Banking and Private Wealth Management, Wholesale Banking, and Mortgage Banking. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2016, SunTrust had total assets of $199 billion and total deposits of $153 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
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SOURCE SunTrust Banks, Inc.
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