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Payable through draft

• A method of making payment that is used to maintain control over payments made on behalf of the firm by personnel in non central locations. The payer's bank delivers the payable through draft to the payer, which must approve it and return it to the bank before payment can be received.

• A draft drawn on the payer's checking account, payable to a given payee but not payable on demand; approval of the draft by the payer is required before the bank pays the draft.

 
 Embedded terms in definition
 Control
Demand
Draft
Firm
Payer
Return
 
 Related Terms
 

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