Concept in Definition ABC

In general terms, collection refers to the perception or picking up something, usually money, in concept of the purchase or the pay for the use of any service.

The practice collection can be carried out by a person on behalf of the company that provides the service in question, or failing which a product has been purchased, or be exercised by a entity bank, which is popularly known as bank collection.

In the first case, the person in charge of carrying out the collection is called the collector and once identified with the clothing of the company or with an official credential issued by the company it represents, performs what is called a tour of those places previously assigned in which the payment will be made, either in cash, through a check or in the form of payment that was established when the agreement was made.

For its part, bank collection is that service that a Bank Loans to its clients and correspondents, to process according to instructions, the collection or the acceptance of documents, financial or commercial.

The main benefit that the bank collection reports is that on the one hand it will allow the exporter not to lose control of those goods that have already been shipped and are ready to meet their new owners and on the other hand, it allows the importer to know in a timely manner when the arrival of the goods. Then, the bank will act as custodian of the goods until payment is made and they can be delivered to whom it may concern.

In addition to this type of collection, banks also charge their customers and users payments for services, checks, among other issues.