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

  • Auxiliary On-Us Field

    A field on the magnetic ink character recognition (MICR) line of a check or share draft. This is an optional field that can be found to the...

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  • POP (Point-of-Purchase)

    A one time debit entry to the account of a receiver whom is notified, at the point of purchase, that their check (source document) will be converted...

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