Receives payment definition
Receives payment means, in the case of a restrictive endorsement, a payee has endorsed a check and the check is presented to and paid by the depository institution on which it is drawn.
Examples of Receives payment in a sentence
An office of a financial agency is involved in the payment transaction if it: • Holds an Account that is credited or debited as part of the payment transactions; • Receives payment directly from a person or makes payment directly to a person as part of the payment transaction; or • Serves as an intermediary in the settlement of any part of the payment transaction.