Accounts Payable is a critical function of every business, and it is important that invoices are paid quickly and efficiently. While personal check payments have been declining over the past decade, the majority of businesses still use check payments to pay their bills, according to the Federal Reserve’s 2016 Payment Study. MICR printers can offer these businesses the ability to minimize the risk of fraud and human error, while also saving money.
Before MICR Check Printers: Issuing A/P check payments manually
The majority of Acounts Payable (A/P) departments paying invoices through check payments are still using pre-printed check stock and a laser or dot matrix printer instead of a MICR printer. Those pre-printed checks alone pose some significant risks:
- Cost – Pre-printed check stock is expensive to purchase, store, distribute and re-order if company information changes.
- Fraud – A pre-printed check is the easiest instrument to alter or forge.
- Human Error – Manual processes are vulnerable to mistakes.
After: Automating the Accounts Payable (A/P) check issuance process with MICR Printers
An integrated software and hardware solution created specifically for check printing creates a secure, cost-effective method for printing A/P 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 the data transfer capabilities of the internet and the latest check printing technology to allow businesses to securely print checks with complete control of the process. Our secure MICR printers print static data, variable data and required signatures on blank check stock on-demand in a single printer pass. This combination of software and hardware offers control and visibility for printing A/P check payments on demand, offering 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 stock – it save 82% in paper costs alone by switching to blank check stock and check printing technology
- Virtually eliminate the risk of check fraud – no pre-printed checks to be pilfered
- Automate a manual check payment process – automation eliminates the risk of human error
Is your company still using checks to pay employees? Save money and reduce the risk of fraud by implementing a secure MICR solution to print the checks. After all, who does not want to save some money and not lose sleep at night over the way they are distributing their employees earnings?