Cheques Rank Last For Satisfaction Among All Payment Methods, New Survey Shows


Cheques need to “cheque-out,” according to a new survey on payment methods.

The PYMNTS Disbursement Satisfaction Index measures consumer satisfaction across payment methods. The report surveyed 2,528 consumers in Q2 2017 and examined disbursements in the form of cash, cheque, direct deposit, instant credit pushed to a card, and non-instant credit pushed to a card. Finishing dead last in the report, and by a wide margin, was payment via cheque, which ranked only 4.4 out of 100.

In comparison, the average Disbursement Index Score across all use cases and payment methods was 52.8, a whopping 12x higher than cheques. Consumer satisfaction was highest for direct deposit, followed by instant credit pushed to a card (71.9), cash (67.1) and non-instant credit pushed to a card (48.3). The Index covers disbursements from insurance companies and the payment of claims, employers and payroll, lenders and loan proceeds, merchants and store refunds, law firms and legal settlements, and employees and corporate reimbursements, among others.

Cheques Are An Expensive Burden On Your Business

“Consumers still accept [cheques], of course, because they obviously want their money, but they’d rather be paid any other way,” said Karen Webster, CEO of “What’s clear, across use cases and consumer profiles, is that it’s time for corporate disbursers to move away from their analog payments model and into digital ways to push funds to consumers.”

According to a Federal Reserve study, the number of businesses that used cheques for business-to-business payments has steadily declined year after year. In 2004, it was 81 percent. By 2007, it was down to 74 percent. In 2016, only half of businesses still used cheques.

16 Cheque Infographic Stats That Show Why Cheques Are On Their Way Out

Cheques take time to create, process, deliver, and clear, and in today’s world, that just isn’t going to cut it. Consumers want their money, and they want it fast. 75 percent of respondents earning less than $60k are satisfied with receiving disbursements via instant payment pushed to a card. That number covers over half of all families in the US, and makes up 80 percent of all working individuals.

“The progression of speed and experience for consumers from paper [cheque] to direct deposit and now push payments is undeniable,” Ingo Money chief executive officer Drew Edwards said in a statement. “Consumers expect every aspect of their lives to be instant, including how they get paid and how quickly they can access funds. Creating a benchmark for measuring how and why consumers get paid, as well as their preferences for each [payment method], is critical for continuing to evolve ever faster disbursement methods.”

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