G7 Productivity Systems’ suite of VersaCheck and VersaInk products.
A key component of the VersaCheck system is VersaInk,G7’s magnetic ink (MICR) for inkjet printers and all-in-ones.
“The development of magnetic ink and its exacting process took more than three years to perfect,” Mr. Givens said. “Once accomplished, check printing with inkjet, the most popular and economical printer platform, turned into a mainstream printing application via the desktop equal in relevance to photo and document printing.”
Mr. Givens noted that G7 dedicates no less than 15 percent of its manpower, time and revenue into R&D.The company has identified R&D as the most effective way to ensure growth and consistent availability of features, products and services that meet customer demand as it emerges.
G7’s efforts mesh ideally with the Check Clearing Act for the 21st Century (Federal Law Check 21 or Check 21), which became effective in 2004. Check 21 defined new legal rules for how banks process checks.
“Check 21 processing is based on a two-step scanning process,” Mr. Givens said. “The first step is optically: to acquire the check front and back, text content, date, payee/payor and graphic elements, including signature, logo and security icons, etc. The second is magnetically, to acquire the bank code line information, which must be printed in magnetic ink on the bottom of the checks per ANSI X9 specifications – which Check 21 has adopted as the existing standard for processing bank code lines. VersaInk’s unique magnetic properties comply with ANSI X9 specifications and allow virtually any inkjet user to print checks meeting Check 21 Law guidelines. MICR requirements are not optional.
“G7 competitors, unable to provide their users with the appropriate magnetic ink printing solution, might downplay the MICR requirement, almost making it appear as an option or preference of a few banks,” Mr. Givens said. “In reality, banks – per the American Bankers Association – must comply with ANSI X9 regulations, meaning an MICR ink applied bank code line is never optional. It is incorporated into the standard as a requirement. At first, banks might be lenient about manual processing of a small number of non-MICR checks from an individual printing their own, but will eventually require use of MICR ink or might otherwise penalize them with stiff fees, processing delays, returned checks or even refusal of service.”
G7’s VersaCheck and VersaInksolutions have gained wide acceptance in the marketplace. As a plus, VersaCheck offers its users a way to acquire an MICR check printer free with purchase of the software, which will continue to help the company succeed in the coming years.
“This directly supports the customer in overcoming the primary and singular obstacle to printing bank compliant checks after purchasing the software and blank security check paper – namely, the required MICR ink,” Mr. Givens said.