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TeachMeFinance.com - explain Collection collection -- (1) the presentation for payment and the subsequent actual payment of a draft, check or other obligation. (2) the process of resolving a delinquent, or past due, mortgage loan including, when necessary, proceeding with foreclosure. another definition... Collection -- 1. The presentation for payment of an obligation and the payment thereof. 2. A gathering of similar goods. historic definition... Collection -- Same as collection item ; a general name in banking for promissory note, draft or check which a bank holds for collection from another bank or from an individual. In general use the term collection means obtaining payment. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.