James Watts
speaker
202 appearances
1 recordings
1 series
first heard May 2025
last heard May 2025
James Watts’s voice in public audio — every appearance, attributed to the second.
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Appearances
No, no, no.
That's definitely, don't do that.
Don't do that.
Correct.
And that's one of the things that makes it so sticky as a payment vehicle.
And I'm going to focus my answer on why it's so sticky on the business side, because that is where still the most volumes of check overall, when you look at what is processed in the U.S., it's mostly business checks.
It's not so much the retail as we see the decline.
So for businesses, I feel like it boils down to three key items of why they're so sticky.
And those are the systems they have in place, the costs and cash flow.
So to expand on each of those, if you look at accounting systems, right?
And, you know, one of the last stats that I saw is that over 98% of businesses in the US are small businesses.
So if you go and you look at the majority of accounting softwares that are designed for small businesses or businesses in general, what is the main payment vehicle that comes ready to go out of the box integrated into that system?
It's check.
The system will even print the check for you.
So when it comes to adopting a new payment vehicle, there's additional either integration work or additional work that the business has to do to augment their already established process.
And that's a hard change to overcome.
Also, like you mentioned before, I only needed a limited amount of information to issue you a check.
And you talked about, yeah, I'm much more comfortable or people are much more comfortable providing their name and address than an account routing number for a bank account.
It feels a little bit more intrusive and that's the perception that people have.
The other side is that with my process as a business, with a check, there's a clear paper trail.
Showing 41–60 of 202 · page 3 of 11
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