No. If you already have a method of collecting money from team members (e.g. bank transfer), you can continue using that method.
If you would like to use Teammo to collect money from your team, you can choose how often you want to request money, and how much you want to collect. All money collected from team members via Teammo is deposited into your bank account. For most major banks, you will receive the money in 1-2 business days.
For more information on the fees for these payments: http://help.teammo.com.au/en/articles/1379344-how-much-does-teammo-cost-for-my-team-to-use.