Magnetic Ink Character Recognition
MICR is an acronym for magnetic ink character recognition, a special toner used to print font at the bottom of checks and other negotiable documents.
It’s important because the Federal Reserve requires that checks be printed with MICR toner for ease of processing. If printed with regular toner or remanufactured cartridges the risk of check rejection increases, ultimately costing the institution time and money.
Not to mention, check printing takes the lead as the preferred payment of choice in B2B and is still widely used in B2C. That’s not all! According to the 2012 AFP Payments Fraud and Control Survey, while 2011 yielded a small decline in check fraud, it in fact remains to be a persistent challenge with check printing, dominating as the number one choice for fraudsters to attack.
Other benefits of a MICR printing solution
- Eliminate pre-printed check stock
- Offer a secure and reliable method of on-demand check printing
- Reduce rejections
- Better customer service