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How does collection work?
- Initiation of payment. The buyer makes a payment for the goods or services through his or her bank, providing the seller's details and payment details.
- Transfer of payment. The buyer's bank transfers funds to the seller's bank through the collection system.
- Collection of payment. The seller's bank receives the funds and payment notification from the buyer's bank.
- Notification of payment collection. The seller's bank notifies the seller about the collection of the payment and pays the seller in accordance with the terms of the agreement.
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