POP – Point-of-Purchase Entry
ACH Transaction Code POP
Point-of-Purchase Entry
For the in person purchase of goods or services by Receivers. Single-Entry debit initiated by Originator at point of purchase or manned bill payment location. The source document (check) is voided by the merchant and returned to the Receiver at the point-of-purchase. Receiver’s routing number, account number, and check serial number are collected and is used to initiate the debit entry to Receiver’s account.
Authorization Requirements for POP Transactions
There must be visible signage at the point of sale where customers can read that ALL PAPER CHECKS ARE CONVERTED INTO ELECTRONIC TRANSACTION WHICH MAY CLEAR FASTER THAN TRADITIONAL BANK DEPOSITS
