There is a need to use MICR Toner to print checks because it helps process checks faster, increases checks security from fraud, and it follows the code of “Due Diligence”.
The banking industry has developed MICR (Magnetic Ink Character Recognition) technology so that processing checks can be done much easier and faster. This innovation utilizes special equipments like MICR fonts, a check printing software, laser printers, specialty safety papers, and the MICR toner. The MICR toner is a very important aspect of check printing. This special ink is unlike your regular inks at home and can only be used with laser printers. They contain a magnetic property or iron oxide that makes the check’s characters readable when processed by machines or any system. The reasons why it is a need to use for check printing is further stated below:
Helps process checks faster
Nowadays, banks and any other financial institutions process checks magnetically. As compared to processing checks optically or manually, magnetic reading is way faster when it comes to clearing or processing check payments. This is done by inserting the check through a special scanner or computer that will read and verify the printed information on the check. With an MICR toner, checks are printed in which vital account information can be read through any banks’ processing system thus they will be cleared and processed immediately.
Increases checks security from frauds
Long before MICR technology was developed, cases of fraud involving fake or photocopied checks were circulating. Now that it is adapted, many account holders are now protected from hacks or unauthorized account information usage. This is because checks that are printed with regular toners are rejected and only those printed with MICR toner are accepted and processed in banks. MICR toners are also being regulated by the American National Standard Institute thus they are not easily obtainable. Only certified and reliable banks or institutions are authorized to use and sell them.
Follows the code of “Due Diligence”
When checks are printed with MICR toner, you or financial institutions are following the code of “Due Diligence”. This means that the both of you have done your share in trying to stop fraud. Failure to do so will greatly expose you or any other businesses to fraud and banks will most likely make you responsible for any funds lost and will not cover for any of them since you didn’t make any actions to prevent it in the first place. If you practice the code, then you are not vulnerable at all for fraud and banks may also compensate you for any loss in case fraud happens.
If you want to print your own checks, it is best that you have all the needed materials most especially the MICR toner. This way you and your business will always be assured that processing checks are safe and no hassle at all.