Without a doubt, and for the sake of shareholder value, check acceptance must end. It's not just about cutting costs. And it's not just about avoiding fraud at the register. Whatever direct economic benefit there is from stopping check writing probably wouldn't even come close to the benefit that would be derived from the reduction of friction at the point of sale.

The checkout process must be streamlined wherever possible. For many consumers, standing in long lines is not an option. As the article pointed out, composing, and then validating, a check is a slow, torturous exercise. I'm not a big fan of it either. I'm a pretty patient individual, and probably tolerate it better than most, but as I stand in long lines purchasing Christmas gifts this holiday season, and as I hear all the coughing and sneezing going on all around me in this era of H1N1, I'm going to be rather annoyed if the delays up at the front are being facilitated by check scribes.

I'm constantly amazed by the inability of CEOs at retailers to recognize that check writing should be dropped. Then again, they probably are aware of the concept's intrinsic worth. So, then, what's the problem? Guts. Or lack of them, to be clear. Let's face it: the managements of Wal-Mart (NYSE: WMT) and Target (NYSE: TGT) are simply afraid of alienating customers. They instead should be obsessed with the velocity of the point of sale. And they should realize that telling people they can't write checks won't necessarily equal lost sales. Most likely, it will mean customers will adjust and use different forms of payment. Furthermore, if the success of a chain like Wal-Mart is based in large part on value offerings, does anyone truly believe that a value-oriented consumer who shops at Wal-Mart now will forgo a weekly trip to the store because she refuses to switch to a debit card? I don't buy it.

The trend is in. Checks are on the way out. When places like Target decide to become serious about this issue, they should forget testing the waters and simply eliminate check acceptance immediately. Humorous marketing campaigns highlighting such a policy would probably be popular.

Someday, retail CEOs will wake up to the brave new reality. Until then, do your best to avoid lines as long as a DNA molecule due to a check scribe's slow penmanship.

Disclosure: I don't own any company mentioned; positions can change without notice.