Introduction

Local Bank Collection Account is a comprehensive fund management solution launched by PayerMax, integrating "collection, management, conversion, and payment" functions. Leveraging PayerMax's global payment network, banking network, and payment license capabilities, customers can receive local currency payments through the services provided by PayerMax's partner banks without the open a local bank account. PayerMax provides collection services on behalf of customers.

The "Local Bank Collection Account" can help customers achieve flexible local currency collection, global payments, and multi-currency fund management worldwide. It solves the payment challenges encountered by enterprises expanding internationally and facilitates convenient, fast, and flexible local collection for businesses. It provides an all-in-one fund service solution for industries such as foreign trade, e-commerce, digital entertainment, and cross-border logistics.

1. Business Scenario

When expanding into emerging markets such as Southeast Asia and the Middle East, overseas enterprises often face significant challenges when it comes to large payments, especially when collecting substantial amounts from overseas distributors, cash on delivery service providers, and business partners：

Cumbersome reconciliation: Severe disconnect between information flow and fund flow; manual reconciliation is time-consuming and labor-intensive

Cost disadvantage: Lack of large payment channels; high payment processing fees and currency exchange costs

Financial risk: Unclear payment and fund transfer links; existence of audit risks

For the above scenario, PayerMax's Local Bank Collection can effectively solve the problem of large-scale collection for businesses. The supported currencies and account attributes for PayerMax's Local Bank Collection are as follows:

Local account: PHP、IDR、HKD

Global account: USD、CNH

2. Product Advantages

Cover emerging markets: Supports Local Bank Collection in various scenarios in Southeast Asia, the Middle East, and other markets

Convenient and Efficient Application: Low application threshold, instant application and use, customized account name

Fast and Secure Settlement: Direct connection to local clearing networks, which ensure timely and secure fund transfers

3. Product Function

Category	Function	Description
Account Opening	Account Opening	Merchants can apply for a Local Bank Collection Account on the Merchant Platform (MMC). After the successful opening of a bank account, merchants can view the account opening result and Local Bank Collection account information on the Merchant Platform (MMC).
Collection	Local Collection	Merchants display their Local Bank Collection Account information, and once the payer transfers funds offline to the Payermax Local Bank Collection Account, the funds will be automatically credited to the merchant's account. Payermax will reconcile the payment and credit it to the account. The system will automatically conduct risk control audits. In Merchant Platform (MMC) - Transaction Summary, you can view the fund details.
	Supplementary risk control materials	In the Transaction Summary section of the Merchant Platform (MMC), merchants will be prompted to provide additional risk control materials for a certain local collection transaction. Merchant Platform (MMC) Transaction Summary / Merchant Email Notifications.
Reconciliation	Account Balance Inquiry	The amount received by the Local Bank Collection accounts will be credited to the "Agency Account Balance" and can be used for withdrawal/payment/currency exchange.
	Query of fund details	The merchant platform (MMC) allows merchants to view detailed fund statements to facilitate account reconciliation.
Fund Operation	Withdraw	The amount received by the Local Bank Collection accounts will be credited to the "Agency Account Balance" and can be used for withdrawal.
	Payment	The amount received by the Local Bank Collection accounts will be credited to the "Agency Account Balance" and can be used for Payment.
	Currency Exchange	The amount received by the Local Bank Collection accounts will be credited to the "Agency Account Balance" and can be used for Currency Exchange.