The manufacturing industry is rapidly embracing the power of real-time payments as a critical component of operations. Recent studies reveal that 61% of manufacturers now recognize this technology as a vital element for making and receiving payments. Particularly interesting is the fact that smaller players in this space are leading the charge, with 54% more likely to view this payment method as essential to their success.
These remarkable findings are at the heart of PYMNTS and The Clearing House’s collaboration, an exploration of how rapidly real-time payments are redefining the sector. The survey agenda comprised interviews with 125 executives exhibiting highly developed payment proficiency, ranging from May 3rd to June 1st. In light of these observations, it’s no surprise that the manufacturing industry is racing to leverage the potential of real-time payments for the benefit of their businesses.
A whopping 71% of firms doing business in this sector report convenience as the top factor behind the increased adoption of timely payments, and smaller manufacturers are especially bullish on them, with 85% considering them as highly important. Furthermore, more than two-thirds point to convenience and ease of use as reasons for favoring real-time payments above other innovations. Meanwhile, counterparty acceptance has been a major driving force in the transition to these faster payment solutions, with 85% of companies intending to increase their usage citing it as a key driver.
Real-time payments have become so vital to the manufacturing sector that they are now a priority for many companies. Indeed, four out of ten manufacturers cite such payments as one of their top innovation priorities, while nearly all anticipate that real-time payments will eventually take over legacy payment methods such as paper checks and standard automated clearing house payments for both making and receiving payments.
It’s no surprise that real-time payments have firmly established themselves as a cornerstone of the manufacturing company’s payments landscape. Discover the full impact of real-time payments on the industry by downloading this comprehensive report by PYMNTS.
Contact Volt Merchant Solutions today to find out how we can help you stay ahead of the game when it comes to efficiently and effectively handling your payment processing needs.
