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, $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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FEATURE AP/AR

Check Printing

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

Pay By Credit Card

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

Cloud Bank

Open an online bank account with no hidden charges.

Check Mailing

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

ACH / RTP

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

Wire Transfer

Transfer money electronically from one financial institution to other.

Email Check

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

Digital Checks

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

Integration

Integrate with the top third-party applications.

Deposit Slips

Instantly create & print deposit slip of any Bank. Keep track & auto reconcile it

Payment Link

Get paid by Button/HTML form on your site or Link to text or email.

Bank Data

Connect & reconcile, Categorize from Any Fina-Institution automatically

Bill Pay / Vendor

Pay Bills Online, Schedule it, Manage suppliers Smart, and reduce risk.

Invoicing

Professional invoicing, email with payment link, track & manage.

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.

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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.

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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.

Frank Czar

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.

Bimal Daftari

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.

Travis Copeland

I was confused of managing multiple companies as an accountant. I found Zil money then and now everything is just easy.

William Andrews

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