Even with the advent of modern technology, cheques are one of the most convenient methods of payment.
In fact, Canada still processes more than half a billion cheques every year. When you consider how many are running through the system at one given time, it’s no wonder cheque fraud continues to be one of the most common forms of financial crime.
There are 3 common types of cheque fraud to look out for: Counterfeit – cheques not written or authorized by legitimate account holder; Forged – Stolen cheque not signed by account holder and Altered – an item that has been properly issued by the account holder but has been intercepted and the payee and/or the amount of the item have been altered.
Even though Canada has one of the most efficient cheque clearing systems in the world, cheque fraud continues to make headlines across the country. In Sudbury, Ont. three people faced fraud-related charges from allegedly printing fake cheques back in January of 2014. According to Greater Sudbury Police Service, police executed a search warrant at a Sudbury residence on Jan. 14, 2015 and found several fraudulent cheques, a laptop, a printer and Canadian currency.
This is not the first reported occurrence of illegal cheque printing and it certainly won’t be the last. However, there are lessons to be learned from these criminals that can help protect you and your business from fraud.
Here are just 4 lessons to learn from illegal cheque printers. (more…)
Starting a business can be an exciting, yet risky endeavour — one that involves making many decisions.
Near the top of that list is the use of cheques in your day-to-day operation. Today’s businesses have a full range of financial options at their fingertips. And while electronic transfers and debit and credit payments have become more prevalent, cheques are how many companies manage their finances. Aside from providing a record of expenditures, they’re one of the best ways to ensure there is a paper trail.
Cheques have come a long way in the 21st century, but some of the features have remained the same. For example, all cheques still require a signature and are made of good old fashioned paper. However, today’s cheques able offer much more. Here are 6 things to look for when purchasing cheques for your business.
Purchasing cheques has never been easier, given the numerous options available to consumers. From small businesses issuing large quantities of cheques on a daily basis to personal cheque writers who only pull out their cheque books for birthdays, there is something for everyone.
Customers can choose to personalize their transactions with custom cheques that offer a selection of colours, layouts and designs. Those who prefer to keep things simple can opt for the standard variety, and decide between one or two cheques printed per page. And people looking to use technology to their advantage can turn to laser-cheque printing to increase productivity and utilize modern software features.
Whatever one’s needs are, there is a cheque that does the job. Still not convinced? Check out these seven options for proof:
With the popularity and convenience of debit and credit cards, very few of us carry cold-hard cash in our wallets anymore.
However, with bank fees that can cost you a pretty penny and interest that has been known to cause crippling debt to even the savviest saver, there’s another payment option that is highly underrated – the cheque book.
Let’s face it – technology isn’t always superior. (more…)
As much as it’s probably hard to admit, most of us are hooked on our digital devices. Whether it’s relentlessly checking our Smart Phone, playing online games, being social on social media or texting, there’s no doubt about it that we’re part of a ‘plugged in’ society.
Words like apps, poke and tweet may not have existed a decade ago – today, they are common terms used in everyday conversation.
While it’s great to be connected and have a access to an unlimited wealth of information at our finger tips, it can also keep us tuned out from experiencing real life. By tuning into technology 24/7, we’re inadvertently tuning out our ability to live in the present. In fact, a recent study by the Public Library of Science found that the more time an individual spends on Facebook, the more dissatisfied they are with their own life. Also, Harvard Medical School scientists have discovered that using a cell phone or laptop before bed can negative affect our ability to have a good night’s sleep.
It’s never been a better time to be out with the old and in with the new. When it comes to issuing cheque– whether you manage day-to-day finances at home or have a business that issues numerous cheques a day – there is no longer a need put pen to paper. Simplify the cheque production process with laser cheque printing, a tool that allows users to customize a cheque’s information and appearance, while cutting down on the costs and hindrances of pre-printed cheque stock. Not only is this option secure and reliable, it’s replacing yesterday’s practises with the direction of tomorrow.
Here are 8 benefits of Laser Cheque Printing worth ‘checking’ out:
Over the centuries, paper cheques have been a mainstay method of payment. In fact, they date all the way back to the 9th century –back then, merchants relied on cheques to exchange funds, according to the Economic Review. And for much of the 20th century, they were the most widely used method of payment.
From paying for groceries at the supermarket and compensating the babysitter after her shift, to gifting funds for one’s birthday, there’s no doubt about it that cheques are handy and convenient.
MICR TONER – How can cheque printers, software providers and organizations that produce their own cheques confirm that their new versions meet all of the new specifications?
Cheque printers, software providers and companies that print their own cheques are strongly encouraged to provide pre-production samples to their financial institution to ensure that they meet the requirements of the new standard. These organizations should contact their financial institutions for more information about the testing process and timelines.
Does magnetic ink still need to be used in the MICR line on cheques?
Yes, magnetic ink must be used in the MICR line, as automated processing equipment still relies on magnetic ink to read data from the MICR line.
The Canadian Payments Association (CPA) has announced new specifications that all financial institution members and consumers must conform to.
The CPA has changed the deadline to use cheques with the new layout standards. It has now been extended beyond the end of June 2007.
Ever since the economy took a dive business owners have been seeking new ways to reduce business costs. They spend countless hours negotiating with their suppliers and discussing options with their accountants to reduce their costs wherever they can.
Every dollar saved is an extra dollar going right to the bottom line of the company.
An often over looked business expense is a companies cheques. For years and years businesses have been purchasing cheques directly from the banks assuming the banks actually manufactured them and that they had no choice in suppliers.