The purchaser of a money order is considered the remitter. For example, a person who is sending a payment through the mail but does not have checks can purchase a money order. This individual becomes the sender of the money order.
A remitter line is also featured on cashier’s checks, teller checks, and some traveler’s checks, in addition to money orders. A merchant or seller who wants a remitter payment, which is a payment method other than cash or a personal check, typically does so to reduce his or her risk. Guaranteed funds are used for remitter payments, which practically never bounce.
A merchant or seller may require remitter payment for a variety of reasons. As previously stated, merchants feel more secure when accepting remitter payments because the money are guaranteed. This is typically preferred when conducting business with unknown parties. Because the two parties have never conducted business together, a person selling a car may require the buyer to provide proof of sufficient finances. When sending money to convicts, money orders and cashier’s checks are other typical methods of payment. In addition, there are fewer forgeries of remitter payments than cash and personal checks, and these forms of payment do not incur additional expenses for the merchant or seller.
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