M-5000 PAYMENT PROCESSING SERIES
MODULAR DESIGN - PAYMENT PROCESSING TRANSPORT
Maverick designed the MICR V series of products to meet your check encoding and payment processing needs. The desktop modular design allows you to tailor hardware and software configurations to meet your information capture and encoding technology requirements. The product features include MICR or OCR read, dual image capture, power encode, and multiple sort pocket configurations.
Our design allows you to configure the image camera modules for upstream image capture or downstream image capture. Hardware modules include Autofeed, MICR / OCR Read, Image (Front only with Magnetic Read, Front & Back), MICR Encoder with programmable ink jet Endorsement, and a 3 pocket sorter module that allows additional 3 pocket modules as needed.
Combined with Maverick’s PPS software (Payment Processing Suite), the M-5000 series supports all standard payment processing functions: Check Processing Applications including One Pass, POD & Two Pass Image Keying with Power Encode, Image Archive and Retrieval, Remittance Processing and Lockbox Applications.
Maverick’s M-5000 series offers you an affordable check processing platform to implement ECP (electronic check presentment) in a distributive environment. By implementing ECP, the check clearing process is accelerated by at least one day, while reducing risk associated with REG CC’s impact on the allowed hold period for check deposits. Implementation of ECP is a minimal impact to current operations. While processing payment transactions through the M-5000 transport, the check’s MICR code line is captured as checks are amount encoded and payment transactions are balanced. The presenting bank transmits an ECP file (data captured from the MICR code line) along with an Electronic Cash Letter to the paying bank, while continuing the presentment of paper checks via ground and air transportation. The paying bank receives the checks and reconciles them with the electronic items to determine missing items and initiate the return process.
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