What is MICR?
MICR is an acronym for Magnetic Ink Character Recognition; it refers to the specialized toner used to print the font at the bottom of checks and other negotiable documents.
Why is it important to print with MICR toner?
The Federal Reserve and all banks require that checks be printed with MICR toner for ease of processing. As a check travels through the check clearing system, it passes through reader-sorters which send a magnetic charge to the check, allowing the machine to read the information contained within the MICR line. If a check or other negotiable document is printed with regular non-MICR toner, the reader/sorter will reject the check, resulting in a bank fee for the company that printed the document.
How do secure MICR printers and OEM MICR toner save my company money?
A complete MICR printing solution utilizing secure MICRprinters and MICR toner can virtually eliminate the expenses associated with purchasing, storing, distributing and tracking pre-printed check stock. A laser MICR printer solution utilizes blank check stock, offering immediate, significant savings on paper costs alone.
For every $100 spent on pre-printed check stock, an organization wastes approximately $15 and spends an additional $18 to distribute documents once printed. So that $100 worth of check stock really costs $133.
The same amount of BLANK check stock will cost just $22 with no waste and approximately $2 in distribution, for a savings of 82% on check stock.
In addition, secure MICR printer solutions virtually eradicate the risk of official check fraud - and its associated $17,100 loss per successful attempt - as well as alleviate costs associated with maintenance on outdated equipment such as dot matrix printers. Secure MICR printing solutions significantly reduce voids, missing checks and paid-unadvised charges.
How big a problem is check fraud?
From the 2013 AFP Payments Fraud and Control Survey:
Payments fraud, both actual and attempted, were experienced by 61% of surveyed organizations
Of those organizations, 87% reported that checks were targeted
Payments fraud represents a $20 billion per year problem
Where can I learn more about MICR?
You trust technology to help you run your business every day. Your check-printing solution should really be this good. TechCrave provides the most comprehensive secure print technology delivered in a broad family of printers and accessories, plus custom-engineered consumables for specialized applications.
More information on MICR can be found:
- American Bankers Association: www.aba.com conferences, banking industry issues
- Bank Administrative Institute: www.bai.org, conferences, publications
- American National Standards Institute www.ansi.org
- X9: www.x9.org Accredited by the American National Standards Institute (ANSI), X9 develops and publishes voluntary, consensus technical standards for the financial services industry.
- NSSN: www.nssn.org A National Resource for Global Standards, recent ANSI documents can be purchased from the NSSN web site.