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 into a single entry ACH transaction. The source document must be voided and returned to the receiver at the point of purchase.

Related Terms

  • OCR (Optical Character Recognition)

    A technology that enables you to convert different types of documents into editable and searchable data.

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  • POS (Point-of-Sale)

    A one time debit entry to the account of a receiver where the entry is initiated at an electronic terminal. POS transactions are generally initiated with a...

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