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What is MICR Toner and why is it used for Check Printing?

What is MICR Toner and why is it used for Check Printing?

MICR is an acronym for “Magnetic Ink Character Recognition,” which refers to machine-readable text that allows computers to read and process the printed information. MICR technology system was developed by the American Bankers Association in the 1950s and has allowed financial institutions to facilitate automatic check-clearing and streamline their check processing.

Positive Pay: A Powerful Tool to Protect Your Company

Positive Pay: A Powerful Tool to Protect Your Company

Positive Pay is a fraud prevention system offered by most major banks designed to protect against forged, altered and counterfeit checks thus this system acts as a form of insurance for a company against fraud, losses, and other liabilities to the bank.