SIOUX FALLS, S.D.—Twenty-four percent of consumers would prefer P2P payments for business refunds, as opposed to traditional methods of reimbursements, a new study from MetaBank shows.
Shifting to digital refunds could save businesses money in the long run, the report indicates.
Of the $2 billion business-to-consumer payments made each year, approximately half are distributed through paper checks, which can cost as much as $3.15 each, noted LowCards.com.
Nearly one-third of consumers (31%) said they would be less likely do business with a company that made payments by check, noted LowCards.com in its analysis.