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Stop Payment Order. Revocation of a check; a notice made by a depositor to his or her bank directing the bank to refuse payment on a specific check drawn by the depositor. An individual who writes a check can revoke it unless it has been certified, accepted, or paid. If a bank pays a check after a timely stop payment order by the depositor, the bank is usually liable to the depositor for the amount paid.
Payment order is an international banking term that refers to a directive to a bank or other financial institution from a bank account holder instructing the bank to make a payment or series of payments to a third party.It can be defined as, Instructions to transfer funds sent via paper and/or electronic means.ayment order is an international banking term that refers to a directive to a bank or other financial institution from a bank account holder instructing the bank to make a payment or series of payments to a third party. It can be defined as, Instructions to transfer funds sent via paper and/or electronic means.