By Kevin Forrester | May 06, 2015
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 institution is currently using pre-printed checks and a laser printer as its official check issuance solution.
Pre-printed Checks via Laser Printer
|Secure MICR Check-Printing Solution|
|Number of Branches||25||25|
|Number of Printers (1 per branch)||25||25|
|Official Items printed per year||30,000||30,000|
|Minutes it takes to issue one check||8||Less than 2|
|Hardware Investment||Laser Printer + Paymaster - $1,000 More than Secure MICR||$1,000 less than Laser and Encoder|
|Consumables (Toner/Ribbon) cost per page||$0.03||$0.05|
|Paper Cost – total per check||$2.13||$0.21|
|Teller Labor Cost to issue one check||$2.00||$0.50|
Common Sources of Fraud
Check Stock Pilfering
General Ledger MismatchingPiggybacking
|Estimated 3-Year Savings||N/A||$307,540|
|Estimated 5-Year Savings||N/A||$511,900|
Quite the opposite, actually: using a laser printer and pre-printed check stock is what’s really costing you money. And risk of check fraud. Aside from the fraud risk, pre-printed checks are expensive to buy, require secure storage areas, and cost the financial institution even more money when they’re not used and must be destroyed, All in all, pre-printed checks and laser printers incur several hidden costs not directly tied to check production.
Our example above is generic, as every financial institution is unique. However, the investment in secure MICR printers eliminates the need for additional storage, minimizes the risk of check fraud and reduces paper costs by up to 80%, offering an ROI over the long-term. The best way to find out exactly how much money your financial institution could save by implementing secure MICR printers is to contact a secure MICR printer solution provider.
Contact the Source Technologies sales team today to learn more about the benefits our MICR printers offer the financial industry compared to non-secure laser check printers and pre-printed checks.
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