ALL YOU NEED TO KNOW ABOUT MICR RIBBONS
MICR ribbons are used to print security documents such as cheques, drafts and lottery tickets. The ribbons have a magnetisable code lines, so that they may subsequently be read and processed automatically through a clearing system. MICR encoded documents have the advantage that they can be overwritten with conventional non-magnetic inks or otherwise defaced, and still read and sort correctly.
MICR check printer is required by banks to counter check payment fraud. This drive becomes almost mandatory, since most payment fraud roughly 43% are made through fraudulent checks. In fact, check fraud surpasses that of credit card fraud. At least 71% of companies have experienced check fraud or attempted check fraud.
Companies that issue a lot of checks are left with no option but to print their own checks, the reason is tied to savings not something else. But before printing checks, the company must abide with the guidelines set by the bank.