Accounts payable is a critical function of all businesses and it is important that invoices are paid quickly and efficiently. While personal check payments have declined over the past decade, most businesses still use check payments to pay their bills, according to the 2016 Federal Reserve Payment Study. MICR printers can offer these businesses the ability to minimize the risk of fraud and human error, while saving money.

Before MICR Check Printers: Issuing Creditor’s Check Payments Manually

Most accounts payable (A / P) departments that pay bills by check payments still use pre-printed checks and a dot matrix or laser printer instead of a MICR printer. Those pre-printed checks alone pose some significant risks:

• cost – Stock of pre-printed checks is expensive to purchase, store, distribute, and reorder if company information changes.
• Fraud – A pre-printed check is the easiest instrument to alter or forge.
• Human error – Manual processes are vulnerable to errors.

After: Automating the Accounts Payable (A / P) Check Issuance Process with MICR Printers

An integrated software and hardware solution built specifically for check printing creates a secure and cost-effective method of printing vendor invoices on demand while providing control over the entire process. The Accounts Payable printing solution includes CheckPartner Enterprise software and secure MICR printers.

CheckPartner Enterprise combines Internet data transfer capabilities and the latest check printing technology to enable businesses to print checks securely with full process control. Our secure MICR printers print static data, variable data, and required signatures on blank checks on demand in a single printer pass. This software and hardware combination provides control and visibility for printing creditor check payments on demand, providing greater efficiency for this business-critical function.

Listed below are the benefits of using a secure MICR solution for check printing.

• Eliminate the need for pre-printed check stocks – save 82% on paper costs alone by switching to blank check stocks and check printing technology

• Virtually eliminates the risk of check fraud – no pre-printed checks to steal

• Automate a manual check payment process – automation eliminates the risk of human error

Does your company still use checks to pay employees? Save money and reduce the risk of fraud by implementing a secure MICR solution to print checks. After all, who doesn’t want to save some money and not lose sleep at night over the way they distribute their employees’ earnings?