The Entrusted Collection of Payment is a settlement mode where the payee entrusts ABC, on its behalf, to collect payments from the payer.
Settlement amounts from entrusted collection are transferred back by post or telegraph services, at the option of the payee. As we have completed the internal payment and settlement system and joined the China National Advanced Payment System (CNAPS), postal and telegraphic transfer of collected money are processed through the electronic funds transfer system.
Benefits
Organizations and individuals may entrust ABC to collect payments, on their behalf, on accepted commercial drafts, bonds, certificates of deposit and other debt certificates of the payer.
Procedures
1. The payee delivers commodities to the payer; the payee fills out the collection voucher and entrusts ABC to collect payments on its behalf.
2. ABC reviews collection voucher and debt certificate and mails them to the payer's bank.
3. The payer's bank reviews the collection voucher and debt certificate and gives a payment notice to the payer.
4. The payer agrees or refuses to pay; the payer's bank transfers funds or returns collection documents.
FAQs
Does the payer's bank charge any fee on fund transfer against the payer?
In accordance with the Notice of PBOC on Regulating Fees and Charges on Electronic Fund Transfer (YF [2001] No. 385) that provides and states, "the collecting bank will charge the payee a one-way postage fee, and the payer's bank will charge the payer a postage or telegraph fee", the payer's bank may charge the payer the electronic fund transfer fee.
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