Bank Draft

Bank Draft is often called check draft or remote check. You can create a bank draft by phone or online on Zil Money and get paid by entering the payer’s bank details and after his authorization. Print the bank draft and deposit it like a regular check to collect the amount. Also, you can set up automatic recurring payments for your business by bank draft on our platform to receive payments regularly from your clients without any dues. No gateway fee applies to your transactions on our platform.

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Printing checks on blank paper at your office desk might save you up to 80% on check printing costs. Pay and Get Paid via ACH, Direct Deposit, RTP, eChecks, printable checks, check mailing, and more are all available with Zil Money.

Zil Money is a financial technology company, not a bank or an FDIC member. Zil Money offers banking services through partnership with FDIC member banks Silicon Valley Bank and Texas National Bank.

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Bank Draft Meaning

Bank Draft Definition

Bank Draft, also called Demand Draft or Check Draft, is made by the vendor, and approved by the payer or account holder. In short, a regular check is made by the bank account holder with the signature included on it. The merchant can make the check draft with approval from the account holder without a signature. Moreover, it can use as a payment method, just like a check. Unlike checks, the issuing bank is guaranteed for check draft. Bank Drafts provide the payee with a secure form of payment.

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FEATURE AP/AR

Check Printing

Check Printing

Instantly create and print yourself on any printer. Drag & Drop Design

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Pay By Credit Card

Now pay by credit card even if they don’t accept them.

Email Check

Cloud Bank

Open an online bank account with no hidden charges.

Check Mailing

Check Mailing

One-Click Check mailing for $1.25 by USPS/FedEx without leaving your desk.

ACH

ACH / RTP

Send ACH/RTP in one click. Get paid by ACH. Make it one time/recurring

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Wire Transfer

Transfer money electronically from one financial institution to other.

Email Check

Email Check

No Printer/Paper? Email a One-time printable & trackable PDF Check.

Digital Check

Digital Checks

Convert paper checks to paperless Digital Checks & send to email/Text.

Check Mailing

Integration

Integrate with the top third-party applications.

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Deposit Slips

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User / Approver

Role-Based user and approval process. Accountant/Client access.

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Bank Draft by Phone

Bank Draft is acceptable over the phone; no need to wait for checks to arrive in the mail from your client. Enter your client’s information into the software, including bank routing numbers and account numbers. Then you print the check by any printer on their behalf with their authorization. This check comes without a signature, and it states, ‘No signature required and approved by the depositor.’ Deposit this check draft to the bank like you deposit a regular check. You can do it for a one-time payment or recurring payments. Also, you are open to various payments according to the agreement you have with your clients.

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Bank Draft by Phone
How Do Bank Drafts Work?

How Do Bank Drafts Work?

The bank draft process is easy. An individual visits a bank and gives instructions for a bank draft. The bank then transfers the appropriate amount from the individual’s account to its own. The bank draft follows the customer’s amount and payee instructions. The paper lists the payee and amount. 

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CROSS PLATFORM SUPPORT

Use the application on your desired platforms. Install the application on your mobile devices and enjoy the features from anywhere at anytime. A user-friendly platform to manage all your financial aspects under one roof from your smart devices.

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All In One Platform

Zil Money is a one-stop shop for personal and business finance. Zil Money’s platform offers several services and tools in one place. Zil Money streamlines money management by organizing transactions, payments, costs, and reports. ACH transactions, wire transfers, eChecks, and bank drafts are available on the platform for flexibility and convenience. Zil Money’s configurable invoicing, budgeting tools, and accounting software integration improve productivity and organization.

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FREQUENTLY ASKED QUESTIONS

Frequently Asked Questions(FAQ)

What's bank draft?

A bank draft, also called demand draft or check draft, is made by vendor and approved by the payer or account holder. The vendor or merchant can make the check draft with approval from the account holder without a signature. Check drafts provide the payee with a secure form of payment. You can create bank drafts in your phone instead of waiting for checks to arrive by mail. Simply send a link to your client’s phone or email and let them fill in the bank information and sign it.

Are bank drafts safe?

A bank draft is a safe form of payment because it is an official check that is printed and guaranteed by the bank. Additionally, they are more convenient method for transferring large sums of money. Zil Money offers bank draft processing with no gateway fees.

Bank Draft vs Check

Bank draft is made by vendor or payee and approved by the payer or account holder. It is also called check draft and makes it possible to receive payments with no signature required. Whereas, a check is a financial instrument issued along with payer signature, a certified check includes payer signature and the money is withdrawn from the account holder’s account when the check is deposited. Zil Money allows creating bank drafts and getting payments by authorization of your payee.

Bank Draft vs Certified Check

Bank draft is made by vendor or payee and approved by the payer or account holder. It is also called check draft and makes it possible to receive payments with no signature required. A certified check includes payer signature and the money is withdrawn from the account holder’s account when the check is deposited. You can create bank drafts online on Zil Money software application by entering client’s bank details, which you can print and deposit like a regular check after client approval.
Zil Money - Cloud Based Platform
Fintech Software
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Price: $49.99/Year

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Vendor Management: Easily handle bill payments, instant check printing and mailing, invoicing, positive pay, and access User/API features across various platforms.

User-Friendly Interface: Zil Money's interface is intuitive and easy to navigate, making it accessible for users of varying technical proficiency.

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Ease of deployment and use. Normally, a switch like this is both time-consuming and confusing, but in this case, it was super easy.

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The dashboard and the customer support are amazing! Never has a company been there like Zil Money and answered all my questions before letting me go. Thank you.

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I love that I am able to process payments and do ACH transfers very easily.

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Total Money Moved

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201,304 +