Preauthorized payment is an arrangement that allows a corporation to charge a customer's bank account up to some limit.

Name: Preauthorized payment is an arrangement that allows a corporation to charge a customer's bank account up to some limit.
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Quizplus · Accepted Answer

Preauthorized payment, also known as automatic payment or recurring billing, is a payment arrangement that allows a merchant or service provider to charge a customer's bank account regularly for goods or services rendered up to a set limit.

Preauthorized Payment Is an Arrangement That Allows a Corporation to Charge