Rentec Direct’s latest feature update will save you time at the bank. You can now print deposit slips directly from your Rentec Direct account that your bank can automatically scan.
How Printed Deposit Slips Work at Banks
When a bank scans a deposit slip or check, their scanning devices rely on special font and special magnetic ink for recognizing routing and account numbers. Banks use a technology called, MICR (magnetic ink character recognition), to read the special ink, which is sensitive to magnetic fields, to verify the legitimacy of the documents. Additionally, the routing and account numbers must be printed in a precise place on the document in order for the scanner to read it correctly.
Banks implement this system to reduce time spent manually keying in these numbers while the customer waits. Rentec Direct now provides MICR standard deposit slip printing, after following the setup procedure detailed below.
Be aware, aside from entering a correct deposit slip routing number, the rest of the steps are optional. You can continue printing your deposits on plain paper with a standard ink and the bank will process them manually. The additional steps, using specialized paper and ink, only apply if you want the bank to automatically scan your deposit slips.
Provide a correct deposit slip routing number
Find a deposit slip that came with your business checkbook. The routing number will be the leftmost of the two number sets. It may be different from the routing number on your checks.
Get the deposit routing number from a deposit slip, not a check.
To enter the deposit slip routing number in the system, visit the Accounts Tab, right click on the account that will receive the deposits, select the Edit Account option and complete the field labeled “Deposit Routing #”.
Order Pre-Perforated Paper
The bank’s scanners are looking for the MICR numbers in a precise location. Rentec Direct prints the numbers correctly for a sheet of paper that is cut at exactly 3.5 inches down from the top edge.
For ease and accuracy, we have partnered with Nelco Solutions to offer a White Blank Statement Paper that is guaranteed to be compatible with your software. You can order Nelco (70016) pre-perforated paper to print your deposit slips, so the bank teller can tear off the deposit slip and scan it.
Nelco is currently offering Rentec Direct clients 20% off deposit slips (Item #70016) with discount code CB5-click here to order online.
Print with MICR Ink
This specialized ink contains iron oxide so that it can be magnetized by the character reader at the bank. It is available for ink jet and laser printers and can be purchased online for many printer models.
Additional printing instructions will always be available on the website. On the Make Deposit page, click the “Printing Instructions” button at the top right for more details and for new information.
Rentec Direct has provided this additional functionality in response to requests by clients just like you who submit and vote on feature requests. Want to help the Rentec Direct development team know what to work on next? Let us know in the comments or visit our article on How to Vote on Feature Requests.