CPA006 Options

There are two ways to print cheques through the CIM-Data system.

The first is to have the MICR toner. I find this one to be the best because of the following reasons.

a) The cheque numbers will always match, even if you need to reprint a cheque for whatever reason.

b) If your bank account is compromised and you need to change bank account numbers you do not need to order new cheques. You simply change the info in VCIM.

c) On top of the built in security features of the new cheques is the added security that the cheque paper has no bank information on it until it is printed. So if someone were to get a hold of your cheques, it would be extremely difficult for them to forge your account.

d) The cost of the toner is offset by the reduce cost of the cheques. The cheques are $97.45 per 1000. (these are less expensive than the pre-printed ones because we were able to order a large quantity.)

The second way to print cheques is to pre-print them.

a) The cost for pre-printed cheques is $306.00 per 1000.

b) We would need to estimate what number to start printing at. We usually take the number that you are at and add approximately a months worth of cheques to get the start number for the new ones.

c) This way can lead to problems with bank reconciliation if a cheque is missing or out of order.

d) We estimate that over time this way is more expensive.

The following is taken from the Canadian Payments Association's web site.

Business Cheques

The new specifications in Standard 006 require all businesses to modify their cheques, and many have done so since the publication of the Standard in January 2005. Businesses that have not yet updated their cheques are strongly encouraged to do so by June 30, 2007 in preparation for the new image-based clearing process. In particular, any new cheque orders printed after that date should reflect the new specifications.

Notwithstanding the above target date, to help their business customers make a smooth transition, financial institutions will continue to process “old format” business cheques until implementation of the new clearing process begins in the latter part of 2008. This extended transition or “grace period” will allow businesses that are still working on the changes to use up their existing supply of cheques and to make any required changes to software.

So I wouldn't throw out your old cheques just yet. If you still have some, check with your bank because they may allow you to finish those off first.

If you have any other questions please feel free to contact me.

Thanks

Matthew

Product Info -> Printing and Supplies -> CPA006 Laser Cheques

CPA006 Laser Cheques

Options for New Cheques