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Lockbox
Lockbox refers to banking in which the funds are placed in a physical storage unit (such as a post office box). A bank would then visit the...
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Merchant
A merchant is business that exchanges goods for monetary funds.
Related Terms
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POP (Point-of-Purchase)
A one time debit entry to the account of a receiver whom is notified, at the point of purchase, that their check (source document) will be converted...
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