What is a collection?

Created by Shiva S, Modified on Tue, 2 Apr, 2024 at 2:59 PM by Varshini Ravichandran

Collection is the action of "pulling" funds from customers' bank accounts into a merchant's bank account. This is done by submitting a collection file to the merchant's bank.

Collection file (CFT) is a file that contains information about the collections to be made. It can be generated manually or automatically by merchants via the portal. It is then uploaded to the merchant bank’s folder as instructions for payment processing. Each file may contain one or more collection items.

Curlec provides 3 types of collections:

1. Manual Collection	- Standard collection. Collections to be made upon demand.
2. Auto Collection	- Auto Collection is set to generate collections periodically.
3. Scheduled Collection	- Collects payments automatically and lists a preview of collections.