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.
User / Approver
Role-Based user and approval process. Accountant/Client access.
API / White Label
Interactive developer friendly API. Complete white label solution.
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.
Exercise the latest options to get paid on top of the check draft. Send a link to your client’s phone or email and let them fill up the bank information and sign on it.
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.
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.
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.
FREQUENTLY ASKED QUESTIONS
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Bank Draft vs Check
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Vendor Management: Bill Pay, One Click Check Mailing, Invoicing, Positive Pay, User/Ap Use the application on your desired platforms. Positive Pay, User/Ap, Use the application on your desired platforms.
I had to be very cautious in a disputing situation when the check hasn’t arrived and goes to the bank, digging through all my paperwork.
Zil Money has made my life easy. Now I can print all the checks on Blank Check Paper and export from my QuickBooks as well.
I always have to give checks ahead in many situations. Now it’s so easy to keep up. Same way making deposit slips on demand also very easy.
I was confused of managing multiple companies as an accountant. I found Zil money then and now everything is just easy.
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