Does AirBnB collect the payments?

Just just got my first booking through airbnb and when I view that booking in ownerrez it shows the full amount owed and has a 'collect now' link. Do I need to do something to capture the payments or is there a setting that tells ownerrez that airbnb is capturing the payment?

Yes, that's normal, because Airbnb doesn't automatically send us payment information. You have to collect that from time to time using Channel Bridge:

https://www.ownerrez.com/support/articles/channel-bridge-bringing-in-bookings-from-channels

But, Airbnb doesn't post the payments until around the time of guest arrival.

Do I need to also enter a payment method directly into Airbnb then?

Usually Airbnb will require you to provide banking information so they can transfer the funds to you.

No, Airbnb automatically takes care of payments. The payments are there; OR just doesn't know about them until you run Channel Bridge. I run Channel Bridge to pick up details the API doesn't transmit shortly after the first of the month as part of my monthly financials. You can run it more frequently, but since I run financials monthly, I don't see much benefit to running it more often than that.