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

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A field banking system is characterized by many collection points (such as sales outlets or branches) with each having a depository account at a local bank. This system is commonly used in areas with limited banking infrastructure or for businesses with many small transactions spread across different locations. It allows for easier and faster cash management as well as increased accessibility and convenience for customers. The other choices, mail based collection system, electronic invoice presentment and payment system, and electronic bill presentment and payment system, all involve electronic or online payment methods and are not necessarily characterized by many collection points or local bank accounts.

A Collection System That Is Characterized by Many Collection Points