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.
Category: Check Fraud
A MICR printing solution that uses secure blank check stock can save your company both time and money. Using blank check stock can save you up to 82% on the cost of paper and internal processes.
At Source Technologies, we developed CheckPartner Enterprise software and combined it with our secure MICR check printers to make up our secure accounts payable and payroll check software solution.
Walk through a day in the life of a teller issuing cashier’s checks using pre-printed check stock, rewind and then walk through the teller’s day using Source Technologies’ in-house secure printing 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.
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?
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.
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.
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.
Believe it or not, there are thousands of financial institutions in North America that still issue official checks using pre-printed checks, a dot matrix printer and sometimes even a typewriter. This manual process is expensive, risky and time consuming.
MICR toner quality depends on several factors working together to create secure printing solutions, so how do you decide which toner and toner cartridges are ideal for your solution? When choosing a quality MICR toner for your MICR printer consider 3 things:
As the bank branch changes and evolves to embrace the “Branch of the Future,” efficiency and automation will be important to enhancing the customer experience.
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.
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 […]
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 […]
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 […]
Magnetic Ink Character Recognition, also known as MICR, is required by the Federal Reserve to be on all checks. It is the type of toner used to print the font at the bottom of checks and other documents.