Can you imagine if someone you were expecting immediate payment from for a service you just provided said "I can't write you a check, but give me your email address or bank routing number and account number, and I will be sure to have that transferred to you, which may take two to five days." No way. Maybe someday.
I wouldn't say "infeasible", I think-- it's basically an information problem, right?
If you think about it, it's very strange that we treat checks as "immediate payment" when they amount to a classy IOU: "I can't wire you the money, but here's a piece of paper with my account number on it, and if you take it to your bank they'll call my bank and they might give you the money in a day or two." Initiating an EFT from your smartphone should be at least that credible, right?
But of course, it will be some time before small business owners at large internalize that.
Right. Infeasible in the sense that both parties have to understand and agree to the terms. A paper check is an immediate and clear documentation of the transaction.
I guess one other option Simple and other banks offer is to mail a physical paper check to a person or business. Again, it is unlikely this would be acceptable when the terms are "due upon receipt" and credit/debit is not an option. I think we are moving away from these scenarios, but we still live in a world where paper checks may be a necessity in some situations and certainly very convenient.
I wouldn't say "infeasible", I think-- it's basically an information problem, right?
If you think about it, it's very strange that we treat checks as "immediate payment" when they amount to a classy IOU: "I can't wire you the money, but here's a piece of paper with my account number on it, and if you take it to your bank they'll call my bank and they might give you the money in a day or two." Initiating an EFT from your smartphone should be at least that credible, right?
But of course, it will be some time before small business owners at large internalize that.