Money Orders Max $1000? Use Bank Draft to Send Large Amounts

A bank draft can be easily and instantly made from your home, office, or on the go via the all-in-one platform.

Many small businesses still rely on money orders to transfer money or pay bills. Have you ever had a situation where you couldn’t send an extra $50 along with $1000? It’s because most of the money orders have a limit of $1000. To send large amounts of money, small businesses and individuals can rely on bank drafts. Every entrepreneur should know about bank drafts to have an enhanced payment process.

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How Money Orders Can Slow Down Business Growth?

1. Businesses can only send up to $1000 per money order. Large transactions cannot be done.
2. Managing multiple money orders can be difficult to track and record
3. Money orders cannot be integrated with automated financial systems, which can slow the business process.
4. There are limits to send money orders per day and also, you cannot cancel them easily.

What are Check Drafts?

Businesses and individuals can create instant check drafts for payers from anywhere via Zil Money. A check draft, also known as a demand draft, is a payment tool initiated by the payee to request payment from the payer. Once authorized by the payer, funds are transferred from the payer’s account to the receiver’s account. Check drafts do not require the payer’s signature, as they are generated by the receiver. The software provides a recurring check draft service where users can collect payments regularly without dues.

What’s the Difference Between a Bank Draft and a Certified Check?

Although the two payment tools are relatively similar in view, there are some differences. Money is guaranteed in both cases.

• Bank draft: They are created by a financial institution that guarantees the funds after withdrawing the amount from one of the accounts. Bank drafts can be issued in foreign currencies.

• Certified check: This is quite similar to a bank draft, but the money isn’t withdrawn from the account. It will be “on hold” or “reserved” until the check is deposited.

Uses of Bank Draft for Small Businesses

The platform allows you to issue bank drafts without lengthy processes. They are very useful for small businesses, solo entrepreneurs, individuals, etc, to make business transactions simpler. Bank draft can be used to:

• Settle supplier payments

• Purchase high-value items

• Make international transactions

• Settle contracts, legal agreements or property leases

• Refund customers

• Repay loans

• Cover the expense of employee reimbursement.

How to Create Check Drafts?

1. Click on ‘Receivables‘ on the side panel of the software and select ‘Check Draft.‘
2. Click on ‘+New‘ to create a new check draft.
3. Add important information into the fields, such as client name, amount, date, check draft number, etc.
4. Once you add the details, click on ‘Save.’
5. If you want to print the check draft, you can click on ‘Print.’

Why Businesses Should Use Zil Money’s Check Draft?

Easily Creatable

The platform offers check drafts that can be easily created from your laptops, mobile phones, or tablets. With the pre-designed check draft template, you can instantly issue a check draft by adding details of the payment. Users can add attachments, remittances, comments or import check drafts from an Excel/CSV file.

To make a check draft, you’ll need:

• Payee details like name, address, Email ID, payee ID

• Your details like account number, routing number, account type, bank name and address

After entering this informations, users can easily save or print the check draft via a regular printer on a blank check or regular paper. Zil Money allows you to make unlimited check drafts without restrictions or limits on amounts.

Highly Secured

Check drafts are safe on the platform because of encryption and multifactor authentication. Zil Money offers positive pay feature on demand for advanced check security. It is a fraud prevention service that helps verify the authenticity of check drafts.

How Does Positive Pay Work?

Each time a check draft is issued, the platform uploads a file of the check details to the financial institution. When a check is presented for payment, the financial institution compares it to the uploaded file. If the details match, the payment is approved, or if there’s a discrepancy, the bank alerts the company, allowing them to scrutinize potential fraud. Businesses can guarantee that payments are made only for fair and legitimate transactions.

Automated Record Keeping

Zil Money tracks and records every check draft without the need for manual handling. The platform offers detailed transaction history of checks, ACH, wire transfers, virtual cards, credit cards and many more. Users can access the digital checkbook anytime from anywhere via a smart gadget. The platform provides a complete financial service package needed for a business or an individual via a single user-friendly interface.

Conclusion

Zil Money’s check drafts offer secure, efficient, and flexible solutions for small businesses and individuals to manage high-value transactions. Check drafts reduce the limitations posed by traditional methods like money orders. With the platform’s advanced payment features, businesses can maintain accurate records of check drafts and ensure safe, reliable payments for all their needs.