What is the difference between receiving payments with Bank Drafts, and receiving payments with automatic withdrawals (electronic funds transfer – EFT) like my insurance company receives?
With a Bank Draft there is a separate paper documentation of the transaction, and it goes with the rest of your customers checks. Receiving Bank Drafts is arranged by us, without the need to qualify. Bank Drafts are routinely accepted by all Banks. An automatic withdrawal is an electronic transfer of funds. There is no separate paper documentation of the transaction. Receiving payments with automatic withdrawal is arranged through a bank, if you qualify. Automatic withdrawals are not routinely accepted by all banks.
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