Examples of POP Entry in a sentence
For this reason, the NACHA Operating Rules do not require Originators to include the Receiver’s name in the ARC, BOC, or POP Entry Detail Record.
The amendment made corresponding changes to the definition of an Incomplete Transaction in Article Eight, Section 8.50 and clarified that a Written Statement of Unauthorized Debit must be accepted for any Incomplete Transaction involving any ARC, BOC, or POP Entry.
The environment, which provides the resources integration, is conducive to performance.
Because information contained within the returned ARC, BOC, or POP Entry is typically used to create a related Return Fee Entry, the Receiver’s name is likely not readily available to the Originator for use in the Return Fee Entry, especially when the Receiver’s authorization for the Return Fee Entry was obtained by notice.
The amendment also adds language to this subsection to state that an ARC, BOC, or POP Entry may also be considered an Incomplete Transaction regardless of whether the account that is debited is a Consumer Account or a Non-Consumer Account.
On a forward POP Entry, positions 40–54 represent three separate fields to convey (1) the check serial number (positions 40–48); (2) the truncated name or abbreviation of the city or town in which the electronic terminal is located (positions 49–52); and (3) the state in which the electronic terminal is located (positions 53–54).
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.
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.
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.
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.