Uncovering the savings and benefits of MICR Check Printing in comparison to Pre-printed Checks
The business situation for getting a MICR Check Printing solution for your bank’s branches should start with understanding the savings and efficiency gains after a while. A MICR Check Printing Solution compared to pre-printed checks via laser printer yields:
- Financial savings – like the price of paper, toner, etc.
- Efficiency gains – such as the who’s requires to print
- Improved service experience – such as the time the client waits for the item to obtain printed
- Enhanced security – such as the safety measures that reduce chance of fraud along with other losses
While every bank branch scenario is different, let us make use of the following branch, printer, amount of products and price assumptions using this Return on investment exercise.
Here’s the assumptions in the Return on investment analysis:
- 25 branches with 1 MICR Printer per branch
- Official products printed each year: 30,000
- Time for you to issue one check: over 4x’s faster with MICR Check Printing Solution
- Cost per consumable (toner) $.02 more per page with MICR Printer
- Paper Cost per item: $1.92 more without MICR Printer
- Teller labor cost to issue one check: $1.50 more without MICR Printer
While using the above assumptions, here’s the believed savings more than a lengthy time which yield an Return on investment:
- Savings over three years: $307,540
- Savings over five years: $511,900
Are You Aware?
In addition for that financial savings, MICR Check Printing Solutions provide the extra advantage of offering magnetic ink security that mitigates the next risks:
- Check Stock Pilfering – including pilfering check stock to make use of fraudulently
- Check Alteration – including altering a checks amount and/or payee
- Check Duplication – including duplicating exactly the same check amount
- Counterfeit Checks – including counterfeiting a check mark that appears like a real check
- General Ledger Mismatching – along with a ensure which is often used to a new general ledger
- Piggybacking – including finding products during image capture
Today, MICR toner remains federally mandated using the U.S. government to get any ensure that’s disseminated for an individual or business. However, standard ink and MICR toner look exactly the same for that eye. So, if merchandise is printed with standard ink accidentally, no many uncover before the merchandise is given utilizing a MICR readers. And check reject charges can come in the pricey for almost any bank, loan provider or any other loan company.
Self-Service Banking Automates On-Demand Check Printing
Banks are beginning to focus on a little more about the client in manners that answer the choice for further personalized and even more efficient banking abilities. Purchasing self-service banking is connected with branch transformation and automates transactions at on another level. Instead of coping with wait to speak to a teller about everyday transactions, consumers can take part in self-service banking, that can help better in-branch flow and reduced line pressure on tellers and repair reps.
A MICR & Self-Service Marriage
Bank Customers Can Print Their Unique Checks
While using the surfacing of self-service kiosk platforms that support high-traffic use, bank branches are understanding the amount they might automate everyday transactions. By utilizing personal teller machines interconnected with MICR printers within the branch, bank customers can print their unique official and counter checks. Getting this kind of solution accomplishes two primary things:
The financial institution provides customers with elevated transaction freedom they might control, and
Banks is effective in reducing time that it is deserving of the state sign in the normal 9 minutes (when using the teller) near to 40 seconds (when using the personal teller machine)
The intricacies:
This self-service official check printing solution simplifies and makes this bank transaction more straightforward. Here’s the intricacies:
The non-public teller machine resides within the branch, in a readily available location
The non-public teller machine relates to a great MICR check printer (located behind the teller line or even in another secure area)
The client selects “Official Check” inside the workflow across the personal teller machine (including any type of speak with a MICR line the financial institution desire to offer – cashier’s checks, counter checks, money orders, etc.)
The client enters pay-to, amount, optional note and selects the account in which the funds must be attracted
A picture within the check seems on-screen wonderful information gift for customer to make sure before printing
When the customer confirms, the facts are distributed for that MICR printer (pre-filled with blank check stock) along with the check is printed filled with static data, variable data, and signatures
The non-public teller machine instructs the client to approach the teller line with ID to gather the problem check (alternatively, the teller provides the look for the client inside the kiosk).
Same Revenue Stream, Less Use the financial institution
This self-service banking solution enables individuals to accomplish their unique official check transactions, along with the bank could charge the check printing fee. This quality revenue stream remains unaffected, keepin