Category: Check Fraud

How Big a Problem is Check Fraud?

How Big a Problem is Check Fraud?

We look to the 2018 AFP Payments and Fraud Survey report for the most recent facts on check fraud. Take a look at a few relevant data points about check fraud from this report: Checks and wire transfers are primary fraud targets Managing check fraud is a top issue for businesses combating payment fraud 74 […]

Originally Manufactured MICR Toner v. Remanufactured MICR Toner

Originally Manufactured MICR Toner v. Remanufactured MICR Toner

Over the thirty-plus years we have been providing quality MICR check printing solutions, we get this question often … Can we print on a Source Technologies MICR printer with remanufactured MICR toner cartridges? Over that period of time, our answer has not changed – for reasons beneficial to our customers, we advise against this. Read […]

Modern MICR Basics: How MICR Check Printers Work

Modern MICR Basics: How MICR Check Printers Work

Even with all the sophisticated payment methods available today, paper checks are still a popular method for making payments, especially in business-to-business (B2B) transactions. If you are printing checks, it is still a Federal Reserve (ANSI) standard that the MICR line on checks is printed in MICR toner and is present at the bottom.

The Branch Business Case for a Secure MICR Solution

When we speak to financial institutions about issuing official checks in the branch, we often find that their current process is a manual one, involving pre-printed checks and a laser printer, dot matrix printer, or even a typewriter, believe it or not!. Sometimes the financial institution struggles to see the ROI in changing their process to an automated, secure MICR solution, since it involves an investment of capital to purchase the MICR hardware and software. However, a secure MICR solution actually saves money, and most of our customers see a solid ROI in less than two years.

The Future of Check Payments: Secure Check Printing Solutions

According to the Federal Reserve’s 2013 Payment Study, overall check payments have declined over the past 10 years. While check payment decline isn’t breaking news or surprising for most people, it’s compelling to look at check payment usage among the growing number of payment options available today. So, the question remains, what does the futurehold for the humble paper check?

Best Check Printing Software Solutions

Many businesses and bank branches incorporate automation to help their businesses run more efficiently and to provide their customers with optimal service. For businesses that require the ability to print checks safely and efficiently for their day-to-day operations, secure MICR check printing software is a key consideration.

Top 5 Risks of Check Fraud

Top 5 Risks of Check Fraud check fraud

With 75% of all B2B payments made by check,1 the risks of check fraud should be a concern for all B2B organizations accepting and sending payments. By engineering distinct security features for printers, Source Technologies has designed secure print solutions for B2Bs to minimize their risk of check fraud.

Government Secure Print Solutions

As the nation’s biggest “company,” the government faces ongoing budget challenges, fraud risk, and the never-ending task of protecting data. Various government agencies still rely heavily on issuing checks for payroll, accounts payable, welfare and social security payments. When these government agencies utilize a secure check printing solution, their costs and security risks are significantly reduced.

The Quality of MICR Toner Cartridges

What’s in a check? A lot more than you might think. The quality of any Magnetic Ink Character Recognition (MICR) document depends on several components. It’s critical to have a secure MICR printer and blank check stock working together to eliminate the expense and risk associated with pre-printed checks, but without a quality MICR toner cartridge in place, even the best hardware in the world won’t ensure your check meets Federal Reserve’s MICR standards.

Reducing Bank Audit Fees

The Most Expensive Audits An Audit Analytics report confirms that financial institutions incur the most expensive audit fees compared to other industries. Because of the complex transactions, products, and accounting rules in the finance industry, an audit is likely to take a lot more time than other industries, which increases the audit fees and associated […]

Eliminate Check Reject Fees and Reduce the Risk of Check Fraud

Who Still Issues Check Payments? Companies. The most common primary payment method between companies is by check. According to the 2016 AFP Electronic Payments Survey, 94% of organizations report that they still use checks to pay their major suppliers, and 93% of companies receive checks from major business partners. Checks can be easier and less expensive than a conversion […]

The ROI of a Secure MICR Printer Solution versus Using Pre-Printed Checks

How much money will a MICR printer solution save my branch? The Typical Financial Institution & MICR Printer Savings Let’s take a hypothetical look at what the savings/return on investment would be for a financial institution with 25 branches, where the average branch prints 100 official checks per month. For this example, we will assume […]

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