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Check-by-Phone
Check by Phone or "checks by phone" is the patented process of recreating and printing a check without having the original paper check. Check by Phone payments...
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TEL (Telephone Initiated Entries)
A standard entry class code that enables the originator to initiate a single entry debit to a consumer’s account pursuant to a consumer’s oral authorization obtained over the telephone. This type of transaction may be used only in those instances where (1) there is an existing relationship between originator and consumer, or (2) in the absence of such relationship the consumer has been the party to initiate the call.
Related Terms
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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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