System, method, and computer program product for processing payments with a virtual preauthorized draft

A system for processing a preauthorized draft, comprising:

• a processor;
• and
• a memory in communication with the processor, the memory storing a plurality of processing instructions for directing the processor to:
• receive customer information including a routing number, transit number, account number, and amount of payment;
• create a virtual preauthorized draft based on the customer information, wherein the format of the virtual preauthorized draft resembles standard check format;
• and
• present the virtual preauthorized draft to an exchange network for payment on the draft.

A computer program product comprising a computer usable medium having control logic stored therein for causing a computer to process a preauthorized draft, said control logic comprising:

• first computer readable program code means for causing the computer to receive customer information including a routing number, transit number, account number, and amount of payment;
• second computer readable program code means for causing the computer to create a virtual preauthorized draft based on the customer information, wherein the format of the virtual preauthorized draft resembles standard check format;
• and
• third computer readable program code means for causing the computer to present the virtual preauthorized draft to an exchange network for payment on the draft.