Many are predicting the demise of paper checks due to the introduction of Electronic Bill Paying and Presentment (EBPP) technology (debit cards, RFID payment devices, etc.).
It is true that electronic high tech payment methods have impacted check usage. Even so, paper checks will not be going away any time soon. Paper checks remain the preferred non-cash payment method by a wide margin, far out stripping all other non-cash payment methods combined. There are good reasons.
1. Some customers just prefer personalized checks, hand signatures for transacting business, and the hard copy paper trail for record keeping and audits.
2. Replacing paper checks will require a Sea Change. Until a worldwide standardized accounting platform is adopted (very unlikely) the “paperless society” will remain a persistent myth.
3. Many folks refuse to adopt the electronic age. They distrust the technology, particularly if they perceive that big brother could gain access to their business activity. This is especially true for upscale high balance clients and commercial accounts.
4. The biggest user complaint of electronic banking services is the time it takes to get personalized paper checks.
5. Paper checks provide a degree of privacy and portability. For people on the move it is a convenience they like, unrestricted by electronics.
6. Improved service quality is a primary focus for most community banks. Immediately fulfilling customer demand for personalized checks is a strategic high-tech high-touch fix to the slow delivery methods used by traditional check service providers.
7. In house check production fosters face-to-face communication with that market segment most likely to use paper checks. These time-is-money folk appreciate the value of immediate service.
What will the impact of the Durbin Amendment be on the use of Checks?
As a last-minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Durbin Amendment has sparked fierce debate. It went into effect on October 1st 2011, and already it's having an impact on the market. Banks have priced Durbin into their checking offerings – that means we’re seeing less and less free or rewards checking. On the other hand, retailers have yet to lower their prices as promised, perhaps because Visa and MasterCard jacked up their rates on small merchants. So if incentives for consumers and small businesses to use credit cards or debit cards for purchases becomes more costly, and as merchants will be asked to raise prices on their products and services to cover the costs of the additional fees, checks continue to be an important payment solution.
MICR Document Production Software (DPS2+)
MICR Prime Services stocks replacement MICR toner cartridges. You may order them directly as needed and we can ship overnight if needed. We recommend that you keep a spare MICR cartridge on hand to prevent the interruption of services to your customers.
No staff training is necessary. You will be operational within one hour, creating checks, loan coupons, official checks and all other MICR documents. It really is that simple. Check out our CLIENT TESTIMONIALS to see what others have to say about the DPS 2+ system.
The software has double password protection throughout. System Administrator and individual user profiles define permissions for system access, the items that can be produced, system editing, and report generation. The Official Checks module carries upper dollar limits and an auto-sign option. DPS2+ is the ideal package for producing sensitive MICR documents.
Yes. We can send the complete package to you on a trial basis for 30 days. CONTACT US to receive your trial package.
Yes. MPSI will send qualifying financial institutions a free no-obligation demonstration kit of the MICR DPS 2+ system with a working version of the software, paper stock, and samples of personalized finished documents. Demonstration documents will print the word "VOID" on the face. CONTACT US for a free demonstration kit.
Checks In-house Production System (ChIPS®)
ChIPS® can produce a number of colors and styles of checks. For more details go to SOLUTIONS & SERVICES / ChIPS®
IN-HOUSE CHECKS / SUPPLIES
ChIPS® produces both single & duplicate personal checks, business sized checks, and the appropriate deposit slips.
- Retail personal sized checks are bound on the left, commonly referred to as “side-tear”. This format is demonstrably superior to top bound checks. It greatly reduces the risk of damaging and wasting a check. Clients quickly discover that every check, first to last, comes out clean.
- Accounting software compatible commercial checks are in the familiar 3-up format - check, voucher and file copy. ChIPS® Check Creation Software automatically positions the check (top, middle or bottom) to accommodate the most popular accounting systems.
NOTE: :With ChIPS® you can generate separate deposit slip orders to accomodate customer requirements.
A check reorder form is automatically included in the last book of the check order. Another option is an on-line order page for your website. Our technicians can help you with that.
We have five branch banking centers and want to operate ChIPS® in our central processing center. Can you do that instead of us having to purchase multiple systems?
Of course you may use ChIPS® in a centralized location. Many banks prefer to operate this way and use daily courier service for branch delivey. And, there is always the option of next-day delivery using USPS mail services.
ChIPS® is unquestionably the most compact system on the market. Our product engineering team has put it together on a 4' X 4" mobile cart, so that it is fully relocatable within any environment. Just unplug the master power cord and reconnect it in at the new worksite.
The ChIPS® System is very unique and compact and much more affordable than competitive systems. It is also the simplest to operate. You can see under power in the OERATIONS VIDEO.
The ChIPS® System is only available on a lease. We do not offer it for purchase. The lease includes free updates of our software during the lease period.
Security is administered through a separate program that allows only authorized users to add, remove or edit user accounts from a local, non-shared and encrypted user list. Extra built-in preventatives inhibit fraudulent use of the system.
You can get a close approximation of profitability for your organization with the PROFIT CALCULATOR. Watch the short video to see how it works.
- Look at the PRO FORMA EXAMPLE. for a small bank profit anaysis
- The PRELIMINARY PRO FORMA SAMPLE LETTER is for a multi-branch operation.
Yes. MPSI will send qualifying financial institutions a free ChIPS® literature pack with a finished pad of checks (single and duplicate) and accounting software compatible business vouicher checks. CONTACT US for your free packet.
Data entry is straightforward. The MPM6000 Check Binder comes with a step by step "Users guide". You will be operational within one hour. It really is that simple. Watch the OERATIONS VIDEO.
Supplies & Accessories
ChIPS® supplies are purchased from MICR Prime. Our long-standing same day shipping policy insures immediate and uninterrupted service for you and your customers.
Yes. Paper Stock is long-grained 24# MICR bond for a professional feel and appearance. All check stock carries the all-important "Padlock" and "MP" icons signifying a minimum of 3 security features and Micro Printing. Our "CheckMateTM" backer cards are a unique wrap-around patented design that eliminates the tedious application of tape to the spine of the checkbook. Finishded checkbooks fit any check wallet. MICR Toner Cartridges meet ANSI standards and ship with both a document of certification and a print out of test results.