At this year’s Fintech South conference, Priority CEO Tom Priore joined Business RadioX Atlanta to talk about the state of payments and the future of connected commerce. One theme kept resurfacing: the stubborn reliance on paper checks in business-to-business payments.
As Priore put it during the interview, when people ask who Priority’s biggest competitor is, his answer is often checks. Paper still dominates far too many B2B transactions, carrying hidden costs and fraud risks that slow down business, he said.
In consumer payments, the digital shift is largely complete: about 80 percent of all transactions are digital. But in business, half of the nearly $20 trillion B2B market in the U.S. still moves by check. “We are at an inflection point,” Priore said.
Key Takeaways
- Half of B2B payments still use checks, despite high costs and fraud risks.
- Government is phasing out paper checks, making digital payments urgent.
- Priority’s Payables solutions (CPX + Plastiq) help enterprises and SMBs move away from checks.
- Digital payables = faster, safer, cheaper business transactions.
Why there’s urgency to move away from checks
Checks have always been inefficient, but external pressures are raising the stakes. The U.S. government has already committed to phasing out most federal paper checks.
Treasury officials point out that paper checks are significantly more prone to fraud and delays than electronic transfers, and the cost of issuing them is several times higher. This mandate is meant to accelerate the broader transition to digital payments and to set an example for the private sector.
For businesses, the implications are clear: relying on checks exposes you to unnecessary costs, risks, and slower access to working capital. The shift to digital payments isn’t just regulatory compliance—it’s an operational necessity.
How Priority is solving the B2B check problem
Priority has long built solutions to help businesses move away from paper. The Priority Commerce Engine integrates payments, banking, and payables into one connected platform, making it easier to collect, store, and move money digitally.
Two of our leading payables products show how companies of all sizes can replace checks with modern digital alternatives:
CPX is the enterprise-scale solution
It automates accounts payable for larger organizations, integrating multiple digital payment methods—including ACH, virtual cards, and wires—into one streamlined process. CPX reduces reliance on checks, creates rebate opportunities, and gives companies more visibility and control over their payables.
See how Pierce Pacific transformed its Accounts Payable with CPX
Plastiq is the bridge for small and mid-sized businesses
It enables companies to fund vendor payments digitally—by card, ACH, or other electronic methods—even when their vendors aren’t set up to accept them. This helps businesses stop writing checks themselves, optimize cash flow, and gradually shift their supplier base toward digital acceptance.
Discover how Tatari streamlined payment processing and reduced costs with Plastiq
Together, these tools help businesses replace paper checks with digital alternatives that are faster, safer, and more cost-effective. They also support long-term working capital strategies by accelerating fund availability and creating efficiencies across the entire payables process.
The path forward
The decline of checks won’t happen overnight, but it is happening. Generational turnover in the workforce, lessons learned during the pandemic, and now U.S. government mandates are all acting as catalysts. For businesses still leaning on checks, the time to act is now.
Priority is helping companies make that transition smoothly, with solutions built to move money faster, reduce costs, and create more connected commerce. The end of paper checks is coming. Are you ready to put them in the past?
Explore how Priority helps businesses modernize B2B payables and move beyond checks:
