collect

collect definition - business

collect

  1. To receive payment for a debt.
  2. To obtain payment on a check. For example, banks often form associations in order to speed the process of collecting checks drawn on other members.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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