Bank Draft
Remotely Created Checks, Bank Draft, Check Draft, & Demand Draft
Most of the business is unaware of the bank draft or check draft. It is also known as demand draft. It is a remotely created check, created by the merchant with the permission of the payee- bank account holder. A bank draft is not required any signature from the payee by the law. You must have the proper authorization from the payee over the phone, fax or online, and keep a record of it.
Once you created a Bank draft, it can be deposited just like a regular check to your bank account. Bank draft does not have any transaction fee or Gateway fees like credit card or ACH. It is the cheapest way to get paid over the phone, fax, online, or link.
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What is Remotely Created Checks -Bank Draft?
Bank Drafts often called check draft that is remotely created checks by the merchant, and it is an order of payment authorized by the customer. Bank draft will not have a signature of the customer like regular checks. You must keep a record of proper authorization from your customers or clients.
How Customer Authorize it Remotely?
Customer authorizes it using a telephone, fax, or the Internet by providing the required information, including the routing number and bank account number from a valid bank account owned by the customer. Bank draft does not carry the signatures of the customer like regular checks. It has a statement “Authorized by Drawer.”
Who Uses Remotely Created Checks or Bank Draft?
Benefits of Bank Draft
Remotely created checks by the merchant; this type of payment instrument used by credit card companies, utility companies, insurance companies, landlords and apartments complexes or telemarketers. Some government entities also use to collect property taxes. This method gives a quicker and remote payment with no cost to both parties.
Many Industries still don’t know about the remotely created checks and get paid the full face value of the checks without having to pay any transaction fees or gateway fees like credit cards or ACH. Check draft is for a one-time payment, open or recurring. Check draft is an excellent way to get paid for anyone like attorneys, accountants, association, service providers, and even 501c charitable companies.
How Can I Qualify To Do A Bank Draft Or Create Remote Checks of My Customers or Clients?
There is a specific guideline to approve you for creating remote checks of your customers.
Remotely created checks / Check draft / Bank Draft / Demand Draft is vulnerable to fraud. It is frequently used to purchase items over the phone, and customers can also pay monthly bills by having them debited automatically out of their accounts. Drafts entail a significant potential for fraud.
Check drafting is a valid legal copy of the customer’s check on their behalf and often created remotely without requiring a signature on it. Check Draft is usually for deposit only. Online check writer will do everything possible to prevent fraud activities. You must fill up the application form and do all the procedures before we approve for check draft. It usually takes one to two business days to approve.
How Can I Set Up for Recurring Payments?
Your customers/clients/donors can pay monthly bills by having them debited automatically out from their accounts. You also get a 100% face value of the amount of the checks without having to pay any transaction fee or gateway fee — all your cost under $0.05 for the blank check paper.
Once you sign up and approved for creating checks remotely, there is an option to set up for recurring payments for each draft or clients. This check draft will be ready to print on the specified date giving you an alert of it.
Over easy, smart tools, and reporting will manage everything automatically for you.
Additional Feature: Bank Draft
No more waiting for checks in the mail
Get paid instantly on demand from your payee
No signature required from the payee
Set up for one time open or recurring
You get 100% face value of the check
No transaction fee or Gateway fee
No more running out of deposit slips
The best cost-effective way to get paid from your payee or clients
Did You Know…
Most of the business still don’t know about Bank draft. They are still unaware that they can print checks on behalf of their payee without having a signature on it.
No Credit card. Cancel any time you need.
Many businesses are still unaware of the remote printing of your payee or clients’ checks with proper authorization. This is the best and quickest way to get paid with a 100% face value of the checks. Print checks online instantly, print your client’s checks online instantly with their proper authorization, pay and get paid faster than before. Print Payroll check and have a professional look at your company. Need more! Invest with us.
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Frequently Asked Questions
It is a check but created by Merchant on behalf of the payee with the no signature required. But you must keep it a proper record of authorization from the payee.
You don’t need any special paper to print deposit slips online. You can use regular white paper. It is good to you use a thicker paper if available like 24 lb or so most of the regular white paper or 20-pound thickness.
Yes, you can. You can print a deposit slip of any Bank in the country.
Yes, you can. You can print a deposit slip of any Bank in the country. Including Wells Fargo deposit slip, Bank of America deposit slip.
You really do not have to do any additional setup to add a deposit slip template. Bank deposit slip template also added to OnlineCheckWriter.Com when you add a Bank Account to create Checks. Print any Bank including Bank of America deposit slip and Wells Fargo deposit slip. All Bank deposit slip templates are ready to go.
Main Advantages are below
Forget filling bank Deposit slip by hand using OnlineCheckWriter.Com
Print Deposit slips directly from OnlineCheckWriter.Com
Print Deposit Slips Business on demand on any standard letter size white paper from OnlineCheckWriter.Com
OnlineCheckWriter.Com is cloud-based deposit slip software
Bank deposit slip template also added to OnlineCheckWriter.Com when you create Bank account for check printing
Print Bank of America deposit slip from OnlineCheckWriter.Com
Print Wells Fargo deposit slip from OnlineCheckWriter.Com
Bank deposit slip templates are ready in OnlineCheckWriter.Com
