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 […]
Category: Check Printing
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 […]
The implications for increased revenues, profits, and convenience-oriented services with digital are dramatic. A primary example for retail banking stakeholders is the opportunities delivered by transforming the manual processes for issuing checks in the branch. This is a small project within the whole branch transformation movement that delivers big returns in all areas retail bankers […]
It’s a bit of a mystery why checks, especially B2B payments, are still a prominent payment method today even with the plethora of digital payment methods that have emerged. Believe it or not, checks account for 51% of all B2B payments! With that said, checks are here to stay for certain payments, including in bank […]
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.
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.
Watch as our Integration team preps Source Technologies’ secure MICR check printers for shipment. Our MICR check printers eliminate the need to purchase, maintain, store and distribute pre-printed check stock because we print the static and variable data on blank check stock in a single printer pass. We add 15 distinct security features to our printers to help our customers reduce their exposure to check fraud, and we offer a MICR Guarantee to back our 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 a customer opens a new bank account, they are given a pack of pre-printed temporary starter checks to use while their personalized checks are ordered and shipped.
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.
Accounts Payable is a critical function of every business, and it’s important that invoices are paid quickly and efficiently. While personal check payments have been declining over the past decade, the majority of businesses still use check payments to pay their bills, according to the Federal Reserve’s 2016 Payment Study.
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?
Of all the teller tasks in a bank branch, the most painful and time consuming is manual check issuance. Cashier’s checks or money orders can be particularly cumbersome, but issuing any negotiable document in a branch is fraught with expense and risk if you aren’t using an automated check-issuance solution including secure MICR printers and check-printing software.
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.
Magnetic Ink Character Recognition (MICR) refers to the formulation of toner used to print the special font at the bottom of checks. At Source Technologies, we have built our technology around the importance of the MICR line for secure and efficient check and document printing and processing. How the MICR Line Works Different from regular laser toner, MICR toner contains […]
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.
While overall check use has declined over the past 10 years, business-to-business check payments are still going strong, and even increasing in value.