Professional India Class 2 Payments - Collect and Pay: How India's Three-Party Payment Works

Bank account-based payments are a traditional and popular means of transaction in India. It covers a wide range of account types, including personal accounts, current accounts, savings accounts and business accounts, which also include commercial current accounts. In India, bank account-based payments are the primary method of Type II bill collection. Typically, businesses are provided with a business current account, enabling customers to deposit funds into a business bank account provided by Shengzhou. This method ensures timely settlement of accounts and has the advantage of handling large collections.