As we continue to move further into the digital age, one aspect of business that has been slow to change is the use of checks. While some businesses have transitioned to electronic payments, checks are still a commonly used method for transactions, especially with B2B dealings. However, the evolution of business checks has changed significantly over the years, and it’s important for companies to understand what these changes mean for their operations.
From traditional checks to laser printing
The traditional paper check has been around for decades, but with advancements in technology, printing methods have changed. Laser printing has replaced the messy and time-consuming task of hand-writing checks. Laser-printed checks result in streamlined operations, better organization, and quicker payments. Additionally, with contemporary software and digital printing techniques, companies can now create custom checks with logos, designs, and even additional security features to ward off fraudulent activities.
From magnetic ink to MICR technology
The Magnetic Ink Character Recognition (MICR) technology is another innovation that has significantly impacted the use of checks. The ink used is magnetic and readable by machines that can quickly scan and process the check for payment. This means that once the check is scanned, the original paper …