The payment system compares the checks written to the record of checks cleared by the bank and automatically provides account reconciliation. These payment management solutions provide a secure, central repository for all check processing information. The most obvious cost is preprinted check stock. Not only do preprinted business checks typically cost twice as much as blank security stock, but one must factor in the inevitable cost of changes. Every time one must destroy preprinted checks due to a change in address, account number, or bank merger, the cost goes up.
Business is dynamic and fluid.
Change is constant. With a MICR payment management system, organizations won't be penalized when the inevitable changes occur. In addition, labor time is saved in loading-since there is only one blank security stock for all accounts, no one needs to stop and load the printer with a different stock. Also, substantial time can be saved by incorporating password-controlled signatures into the laser check writing system, thereby eliminating the check signing step. Other benefits include shorter lead time on blank stock reordering, storage space is minimized and your corporate logo can be included on your checks and changed when necessary with minimal disruption.