Jul 10, 2017
What to streamline your Check Writing and Check Printing process to save your company time and money; consider an outsourcing solution.
Over the past several years we have seen a large decline in manual check writing and check printing services, which is likely fully attributed to the wide-spread adoption of business process outsourcing (BPO) services. However, some businesses do still process checks the old fashioned way via manual processing of paper checks.
According to the Institute of Finance and Management, “even in the United States, the majority of businesses receive most of their payments from other businesses in the form of paper checks.” Because of this, banks and other financial institutions require ways to seamlessly transition from paper-based check processing (manual check writing and check printing services) to an electronic and image-based processing method. This allows for more accurate, efficient and a less costly and sustainable check processing system. In the end, an electronic process offers faster check processing and allows funds to be available sooner, a win-win.
The following are three strategies for implementing a successful BPO check writing and check printing process:
Check Writing Verification & Electronic Processing
During the check writing and check printing process, financial institutions are required to confirm the validity and authenticity of checks being processed. These requirements are regulatory and cannot be avoided. By processing checks manually, designated employees must inspect the checks being processed. This system incurs cost for human employees processing checks, the time it takes the employee to inspect each check being processed, and also allows for human error to occur. Each of these points adds cost to the check writing and check printing process.
Adding check writing and check printing BPO services to your business allows your organization to automate check processing virtually instantly. As a result, your check writing and check printing services are processed faster with a higher accuracy for a decreased cost, compared to the manual check processing system.
When you choose to partner with a check writing and check printing BPO expert, your business benefits from their technological investments, without making the initial and large investment upfront yourself. Using a check writing and check printing BPO system offers many check points to verify processing is successful, such as verifying image quality, the presence of specific information, and whether the authorization is approved, based on common practices across countries. The technology also can be integrated with a financial institution’s electronic pay solution for additional validation. Automating technical verification reduces the burden on employees, processing errors produced and allows employees to focus on check processing issues.
Validate Check Data
Financial institutions must preserve the integrity of check data. Employees expected to write checks and print checks manually must expect errors, increased time for processing and the stress placed on employees during high-volume check processing times. Utilizing BPO check processing, your business can take advantage of an automated check validating system that secures check data while reducing labor costs and mitigating potential fraud.
BPO check writing and check printing services are able to validate check image quality and the presence of specific data, look for altered data fields, ensure matching of the courtesy amount and legal amount on a check, utilize ultra violet (UV) technology to authenticate checks, verify MICR information, balance checks with deposit slips, generate reconciliation reports, and more. For all the benefits and costs savings associated with BPO check writing and check printing services, processing checks manually is a mistake.
Automate Check Writing
The benefits are exponential when your organization chooses to automate check writing and check printing process. Electronically processing checks virtually eliminates the errors associated with verifying check data, extracting data from checks, and validating/authorizing checks. This technology validates check signatures, dates and debit account numbers. It further verifies checksums, matches check and clearing data, ensures the courtesy amount and legal amount on checks match, flags high-dollar checks, performs sanction account monitoring, and more. Many of these options are simple not realistic for employees to do successfully on a daily basis.
Learn More about BPO Check Writing & Check Printing Services
As a primary business process automation outsourcing provider, Integration, Inc.’s goal is to empower all its clients to focus on their core areas of expertise, while leaving the business process automation services to our team of experts. This is accomplished by supplying excellent business process automation services that enhance your company’s ability to provide increased reliability and cost savings to your customers.
Integration enables your company’s success by providing a complete IT outsourcing solutions for business process automation. As a result, this allows your organization to increase efficiency, by being able to respond rapidly to changing business environments, while meeting your customer’s needs consistently and in a more cost effective manner.
To learn more about business process outsourcing, contact Integration, Inc. today. Integration, Inc. is an industry-leading business process automation provider specializing in business process automation services, such as Electronic Data Interchange (EDI), check writing, check printing, check processing, rebate processing, barcode labels and third party billing to thousands of companies across the globe.
Our team can’t wait to talk to you about your business's unique needs so we can provide a solution quickly and cost effectively.Let’s talk today