Most banks have upgraded their check processing applications and no longer require the magnetic ink. The checks are scanned digitally. Therefore, most will not have any problem. If they do, they'll process them manually, and may ask you to get magnetic ink if they are processing a very large quantity of checks for you daily. We suggest that you simply deposit the checks without it.
Electronic drafts are nothing new.
Insurance companies have been using them for years. Unfortunately, this was so tightly regulated and expensive to implement, it was cost prohibitive for small and medium sized businesses. This all changed in 1996 when new banking laws clarified the way for anyone to accept electronic drafts. With the changes in these laws a signature is no longer required. All that is required is a verbal or written authorization which can be received via phone, fax, email or internet orders.