Roughly one-quarter of B2B payments within the real estate industry are handled by cash or check, a larger percentage than any other industry.
According to the study “The State of Real-Time Payments” published by PYMNTS Intelligence, nearly 21% of all B2B real estate transactions are paid with checks, while 4% are closed in cash payments. Real estate is the only industry in the study where more than 15% of its B2B payments were done by check and where checks and cash were used collectively for more than 22% of B2B payments.
“Other than checks, ACH and same-day ACH remain the most used payment methods in the industry, and many real estate firms are actively searching for newer and faster alternatives that favor streamlined AP/AR processes,” said the study. “Another PYMNTS Intelligence report of the series found that 17% of firms in this sector are on the cusp of adopting virtual cards, for example, likely to try to retain the acceptance advantages they currently have more efficiently and securely.”
