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: MICR Toner
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.
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.
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.
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 […]
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:
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.
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 […]
Not All Check Printers Offer the Same Benefits Laser check printers are used in many brank branches today for check printing. However, there are several factors these printers do not offer when compared to secure MICR printers. Security at the Check Printer Level Laser check printers provide no security, while secure check printers with guaranteed MICR […]
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 […]
The term “MICR” is an acronym. It stands for Magnetic Ink Character Recognition and refers to the special numbers at the bottom of checks that include the account number, a bank’s routing number, check number, etc. Both MICR ink and MICR toner is used to print the special numbers, also known as the MICR line, on checks.
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.