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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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Existing Relationship
There is an existing relationship between an originator and a receiver when there is either a written agreement in place or when the receiver has purchased goods or services from the receiver within the past two year.
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Merchant Account
An account opened through a payment processor or financial institution that allows payees to accept credit card payments from a payer.
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