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BOC (Back Office Conversion)
A BOC entry is a one time debit entry to the account of a receiver whom has, at the point of purchase, been notified that their check...
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Interchange
Interchange is a small fee paid by a merchant’s bank (acquirer) to a cardholder’s bank (issuer) to compensate the issuer for the value and benefits that merchants receive when they accept electronic payments.
Related Terms
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NACHA (National Automated Clearing House Association – The Electronic Payments Association)
The national trade association responsible for developing and enforcing ACH rules and guidelines.
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