Accurate, consistent, and secure payroll services are important for a business of any size, from a startup to large multinational corporations. Check processing errors or delays can have effects that include everything from damaging employee morale to risking problems with the IRS.
Business owners have the option of printing checks in-house or finding a third-party check printing service. Both have drawbacks and benefits that must be considered before a careful business owner makes a decision. With improvements in small-scale MICR printing, in-house check printing has become increasingly feasible in recent years and a partnership with a trusted MICR manufacturer can provide all the equipment, materials, and technical support you need to print your own checks. Third-party printing services can help reduce stress and streamline the payroll process by taking care of the process for you.
Advantages of printing your own checks
Printing your own checks can have several benefits. First of all, you, as the business owner, have full control over the payroll system, without relying on an outside service that may not be as invested in your business as you are.
Second, printing your own checks can be more secure. Hiring an outside company to print your payroll checks requires you to share confidential employee and financial information with a third party.
Lastly, after some initial start-up costs, printing your own checks can be a less expensive option. Buying MICR printer cartridges and paper materials directly from a manufacturer can be less expensive than paying through a middleman.
Advantages of using a third party service
The main advantage of using a third-party company to print your payroll checks is that it takes one more thing off a business owner’s already full plate. Simply send the necessary information to the external company and they will take care of the rest.
Additionally, a trusted third-party payroll company may have more experience printing checks, increasing accuracy and timeliness. While it’s true that a third-party service requires you to share more information with an outside company, well-established and reputable companies can be found with a little research and questions.
Choosing between self-printing and third-party services
While each choice has its pros and cons, a business owner will ultimately have to make the decision based on his or her current circumstances. While third-party services were the obvious choice in the past, MICR printing has made in-house check printing easier and more cost-effective in many small business applications.
The MICR toner, except for magnetic ink character recognition, prints the MICR lines on checks, the easily recognizable character string including the account and routing number which are the banking industry standard.
Many standard home and office printers can be equipped to print MICR toner. A reliable MICR toner manufacturer will provide a list of printers that can be equipped with MICR toner cartridges. Once a printer and cartridge are chosen, the small business owner must obtain blank checks, which are also offered by many MICR manufacturers. Check to make sure your blank check paper includes all the latest security features, including watermarks, microprinting, and more.
Some business owners will find the ease of a third-party service more advantageous, but a quality MICR manufacturer can streamline and simplify the internal check printing process.
