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.
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, $1.25 check mailing, and more are all available with Zil Money.
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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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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.
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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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