Business and Personal Finance Dictionary

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 

• POINT OF PURCHASE (POP) CONVERSION
  
  This occurs when consumer check payments are converted to ACH transactions at the point of sale. For example, a cashier receives a check, then scans it through a MICR machine, creating an ACH or electronic transaction to directly debit the customer's checking account. The cashier voids the check, asks the customer to sign an authorization, and hands the check back to the customer. This process creates a gap in the check sequence, and such transactions have appeared in the "Other Withdrawals" section of the statement. Customers now see a clearer description of POP transactions on their statements.
  
  Back