A Collection System That Is Characterized by Many Collection Points

question 63

Multiple Choice

A collection system that is characterized by many collection points with each having a depository account at a local bank is called

• A) field banking system
• B) mail based collection system
• C) electronic invoice presentment and payment system
• D) electronic bill presentment and payment system

---

Definitions:

Security Interest

An official right or charge on property pledged as security, often for the purpose of loan repayment assurance.

Retail Installment

A payment plan that allows consumers to pay for goods or services over time, typically with interest, in retail transactions.

Financing Statement

A document filed to give public notice of a secured party’s interest in the debtor’s personal property, usually in connection with a secured transaction.

Bankruptcy

The legal status of a person or entity that cannot repay the debts they owe to creditors, leading to a legal process for resolution.