Payment Glossary

MICR (Magnetic Ink Character Recognition)

Magnetic Ink Character Recognition refers to the recognition of the numbers that are typically found at the bottom of checks. Once recognized, the numbers can automatically be processed by a payment processor.

Related Terms

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    Check by Phone or "checks by phone" is the patented process of recreating and printing a check without having the original paper check. Check by Phone payments...

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    The National Credit Union Administration is an independent federal agency that regulates federal credit unions. It also operates the National Credit Union Share Insurance Fund.

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