No more payer signatures for check payments! Issue a check draft and make quick transactions with the payment platform.
As the financial burden of slow payments continues to grow in the construction industry, the need for solutions is gaining urgency. One of the reasons for the slow payments can be delayed payments from clients and other contractors. According to studies, 30% of construction companies are aiming to use digital technologies to speed up payments. With the best online check printing software, construction companies can issue check drafts and payments easily.
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What Is Check Draft?
A check draft is a written order instructing a financial institution to pay a specified amount. This payment is made from the person’s account, and the check is issued to the designated recipient. With OnlineCheckWriter.com – Powered by Zil Money, users can easily create and print check drafts using the payer’s account. This payment method offers convenience, as you can easily obtain authorization from your payer through phone or online channels.
The platform facilitates check drafts, and you can print them without requiring the payer’s signature. The software provides a recurring check draft service, enabling you to collect payments from your payers regularly without any dues. Users can boost their payment process and enhance cash flow management.
Crafting Check Drafts with Ease
Creating a check draft is easy via the platform:
- Click on ‘Receivables’ on the side panel of the software and select ‘Check Draft.’
- Click on ‘+New’ to create a new check draft.
- Add relevant information into the fields, such as client name, amount, date, check draft number, etc.
- Once you add the details, click on ‘ Save.’
- You will be redirected to the check draft list page, and you can view the created check draft in the list.
- If you want to print the check draft, you can click on ‘Print.’
Utilizing Positive Pay
OnlineCheckWriter.com – Powered by Zil Money, offers robust security services to protect your transactions. Positive Pay is a fraud prevention service that helps verify the authenticity of check drafts.
Setup: Construction companies can enroll in the positive pay service through the platform.
Upload File: Each time a check draft is issued, the software uploads a file of the check details (check number, amount, payee) to the financial institution.
Verification: When a check is presented for payment, the bank compares it to the uploaded file. If the details match, the payment is approved. If there’s a discrepancy, the bank alerts the company, allowing them to investigate potential fraud.
Using Positive Pay can strengthen the security of check drafts, protecting construction companies from fraudulent activities. Users can guarantee that payments are made only for legitimate transactions.
Check Drafts from the Construction Site
With advanced technologies, construction companies can now generate check drafts from their comfort via OnlineCheckWriter.com – Powered by Zil Money. Users can conveniently accept check drafts over the phone without waiting for clients’ checks to arrive in the mail. The platform offers pre-designed check templates that can be used instantly without wasting time on designing. Users can add attachments, remittances, comments, or import check drafts from an Excel/CSV file.
With the payer’s authorization, you can print the check using regular printers and blank check paper on their behalf. This check will state, “No signature required and approved by the depositor.” Users can deposit these checks at any financial institution, just like other regular checks. Whether for a one-time payment or recurring payments, you can easily make payments and save time and money.
Why Construction Companies Should Use Check Drafts
Enhanced Payment for Construction Projects
Check drafts simplify the payment collection process for construction companies. When a project milestone is reached or a job is completed, users can easily issue a check draft to settle invoices. OnlineCheckWriter.com – Powered by Zil Money, makes it easier for construction firms to keep track of overdue payments.
The check creation software is an effective solution for the maritime industry to eliminate the hassles of traditional check payments. With the efficient check printing feature offered by OnlineCheckWriter.com – Powered by Zil Money, the industry can make all their payments quickly and affordably. The ability to customize and send checks your way is another benefit of using the platform.
Building Stronger Cash Flow Management
Timely payments are a must to maintain a healthy cash flow. By generating check drafts, construction companies can anticipate cash inflow more accurately. For instance, if a contractor completes a project phase and invoices the client, the user can issue a check draft immediately. They can make sure that funds are available for subsequent materials and labor costs.
Constructing Effective Record Keeping
Check drafts provide a clear paper trail that enhances record-keeping practices. Each draft can be linked to specific invoices, facilitating easier tracking of accounts receivable. An organized approach is really valuable during audits or financial reviews, ensuring that construction companies maintain accurate financial records.
Strengthening Client Relationships in the Field
Offering check drafts as a payment option can enhance trust between construction companies and their vendors. A straightforward and secure payment method promotes professionalism, making vendors more likely to provide goods. For instance, steel fabricators that provide supplies can reliably give you products because they know you make timely payments via check drafts.
Conclusion
The platform offers reliable solutions to ensure prompt transactions where timely payments are necessary. OnlineCheckWriter.com – Powered by Zil Money, enables construction companies to easily create, print, and send check payments and drafts. Added security services make payments safer for businesses and individuals. They can focus on their core operations while confidently managing their financial transactions.
