Bank Draft

Remotely Created Checks,

Bank Draft, Check Draft, &

Demand Draft

Most of the business still unaware of the bank draft or check draft. It sometimes called 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 are Remotely created checks by the Merchant, and it is an order of payment authorized by the customer remotely. Bank draft will not have a signature of the customer like regular checks. You must keep a record of proper authorization from your costomers or clints.

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 is usually 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. This can be used for a one-time payment, open or recurring. This will be 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 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 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.

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