Catch-all allows you to set up a default mailbox that "catches" all mail that is sent to your domain, but not to a specific account you have created. So, if I send an e-mail to joe@yourdomain.com, but joe doesn't have a POP3 mailbox or forwarder, that e-mail will go to the catch-all account. The catch-all account can be set up as either a physical POP3 mailbox, or forward mail to another mailbox.
Catch-all accounts are well known spam traps so at this time we have disabled the use of catch-alls.