2.Banking: (1) presentment of a check or draft for payment and, subsequently, receipt of its amount in cash or as a credit entry. (2) Transfer of delinquent or past-due accounts to a collection agency (or a special department set up for the purpose) for full or partial recovery of the amount.
Use collection in a sentence
- How to Find an Accountant
- Which Leadership Strategies Align with Which Personalities?
- How to Become a Real Estate Agent
- Surety Bonds â a Crucial, Often Forgotten Tool for Entrepreneurs
- 5 Tips for Negotiating with Your Creditors
- Want to Increase Your Credit Score Quickly? Here are Five Suggestions.