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Contact-Free Payment
Contact-free payments are transactions processed in a manner that removes the physical interaction between the purchaser and the merchant. A contract-free payment can be accomplished through a...
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Auxiliary On-Us Field
A field on the magnetic ink character recognition (MICR) line of a check or share draft. This is an optional field that can be found to the left of the routing number. The presence of this field makes the check in-eligible to be used as a source document for accounts receivable conversion (ARC), back office conversion (BOC), and point-of-purchase (POP) entries.
Related Terms
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EFTA (Electronic Fund Transfer Act)
The Electronic Fund Transfer Act establishes the rights and liabilities of consumers in addition to the responsibilities of anyone who participates in electronic funds transfers.
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