debt collection

An action consisting of receiving an amount of money, properties or other items from a job, a sale or an issued debt.

“Debt collection” can also be found in other similar contexts, for example;
1. In a business dealing with a bank (banking):

  • Receiving a check or bill of payment and, subsequently, the amount in cash or credit.
  • Transfer of past-due accounts to a collection agency for full or partial recovery of the amount.
2. In foreign trade: it’s a process through which the global banking system acts on behalf of an exporter to collect cash payments or a time draft from the importer in return for documents required for making delivery of the ordered goods.