noun: the postponement of an event, to put it off for a later date
Originally, a rain check was a ticket given to people who went to a sporting event that was cancelled because of the rain. The ticket would get you in to another event in the future. The picture attached is for a ticket issued for a US baseball game. The term was first coined in the 19th Century.
Nowadays, it had more to do with rescheduling. It's kinder than giving someone a flat 'no'. It's saying 'yes', however just not today. It can be also used as a verb, meaning "To take a rain check on".
Some shops have even taken it a further step, issuing "rain checks" promising a price guarantee for a item where they have temporarily sold out.
Source: Wiktionary, see link
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