POP Entry definition

POP Entry means a “POP Entry” as defined in the Rules.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

POP Entry means a "Point Of Purchase Entry" as defined in the Rules.

POP Entry means the conversion of a Check received at a point of purchase or manned b▇▇▇ payment location to effect a transfer of funds from an account of the Receiver of an ACH Entry, as more specifically defined in the ACH Rules. POP Entries are similar to BOC Entries except that with POP Entries, the Check is generally converted to an ACH Entry at the point of payment and not during subsequent processing. This type of Entry is used for non-recurring, in-person (i.e., at point of purchase) entries for which there is no standing ACH Entry authorization.

Examples of POP Entry in a sentence

A POP Entry does not capture the customer’s name for inclusion in the Entry.
Company will initiate a POP Entry only if the source document meets the definition of an Eligible Source Document in accordance with the Rules.
You must only initiate a POP Entry in the amount of the customer’s purchase of goods or services.
Once the POP Entry has been submitted to us, you must not submit the original Check to collect the amount of the transaction.
With respect to all POP Entries, Customer hereby makes each of the representations, warranties and covenants of an Originator of POP Entries as set forth in the Rules regarding POP Entries as of the date of this Agreement and each time it initiates a POP Entry, including, without limitation, that Customer has posted the required notices, has obtained Receiver's authorization and provided a copy of same to Receiver in accordance with the Rules.
Company will retain the Authorization or a copy of the Authorization for a period of two (2) years from the Settlement Date of the POP Entry.
Company will ensure that the Receiver is provided with a receipt that contains information relating to the POP Entry, as required by the Rules.
With respect to any POP Entry that you originate on behalf of yourself or any third party: You must only use as a “source document” to originate a POP Entry a Check or shareholder draft that (i) contains a pre-printed serial number; (ii) does not contain an “auxiliary on-us” field; and (iii) is in an amount that does not exceed Twenty-Five Thousand Dollars ($25,000.00); and (iv) has not been previously voided and used by the Receiver for a prior POP Entry.
Prior to receipt of each source document that you use as the basis for the origination of a POP Entry, you must post a notice in a prominent, conspicuous location near the point of sale, and also provide a copy of the notice to the customer at the time of the transaction.
You must be prepared to handle returned POP Entries and have procedures that permit you to identify and contact the customer in connection with any unpaid POP Entry.

More Definitions of POP Entry

POP Entry means the conversion of a Check received at a point of purchase or manned bill payment location to effect a transfer of funds from an account of the Receiver of an ACH Entry, as more specifically defined in the ACH Rules. POP Entries are similar to BOC Entries except that with POP Entries, the Check is generally converted to an ACH Entry at the point of payment and not during subsequent processing. This type of Entry is used for non-recurring, in-person (i.e., at point of purchase) entries for which there is no standing ACH Entry authorization.