Accounts Payable | Checks
Paying by check has been the preferred payment method in the USA for 100 years. Although declining in consumer (personal) check volume, businesses still rely on this vehicle for the majority of payments. The check remains a steadfast holdout due to a number of reasons, including relatively low expense, allows for some, albeit declining float, and provides a documented paper trail for the Payables records.
As with any form of payment, checks have their opportunities for fraud too.
A check comprises of the basic components as governed by the American Bankers Association: Payer Name, Payee, Legal & Courtesy Amounts, Fractional Number, Authorizing Signature and the Magnetic Ink Character Recognition (aka MICR) line. The MICR line includes a special FONT that is also human readable characters and printed with special ink or toner. The MICR includes the originating bank's routing/transit number (always nine digits for a US bank), the account number the funds are to be drawn on, commonly the check number, as well as special codes for special handling — for example returns for non-sufficient funds.
Nearly since the inception of the US draft instrument known as the check, F&E PaymentPros has been providing fast and efficient, practical and secure methods to print and distribute payments via the paper check.
“We would highly recommend you and F&E PaymentPros as a great company to work with for anyone looking to streamline their check printing process.”
— Accounting Manager, Zircoa
F&E PaymentPros provides a number of solutions to make check generation…
Significantly speeding up the process of check generation from release from the accounting system to out-the-door.
Reducing the person-hours to get checks out-the-door.
Cost effective systems with a short payback cycle.
A number of methods of securing your funds, minimizing fraud and embezzlement while maximizing assurance of only the payee receiving the exact funds authorized for payment.