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Collections Specialist
2 months ago
The Collections Specialist is responsible for managing overdue accounts and ensuring timely collection of outstanding payments. This role involves communicating with customers, negotiating payment terms, and maintaining accurate records of all collection activities. The ideal candidate will possess strong communication skills, a detail-oriented approach, and the ability to handle sensitive financial information.
Key Responsibilities:
- Account Management:
- Monitor and manage a portfolio of overdue accounts.
- Review and analyze accounts to determine the best collection strategy.
- Initiate contact with customers via phone, email, or letter to request payment.
- Communication and Negotiation:
- Engage in effective communication with customers to negotiate payment plans or settlements.
- Address customer inquiries and resolve issues related to overdue accounts.
- Maintain a professional and courteous demeanor during all interactions.
- Record Keeping:
- Document all collection activities and customer interactions in the company’s accounting system.
- Update account statuses and maintain accurate records of payments received and outstanding balances.
- Reporting:
- Prepare and submit regular reports on collection status and outstanding accounts.
- Provide updates on collection efforts and escalate unresolved accounts to management.
- Compliance:
- Ensure compliance with relevant laws and regulations governing debt collection practices.
- Adhere to company policies and procedures for handling and collecting payments.
- Customer Relationship Management:
- Build and maintain positive relationships with customers to encourage timely payments and foster long-term business relationships.
- Identify and escalate potential credit risks or payment issues to management.
- Process Improvement:
- Suggest and implement improvements to collection processes to enhance efficiency and effectiveness.
- Stay updated on best practices and industry trends related to collections and credit management.
Qualifications:
- High school diploma or equivalent; associate’s or bachelor’s degree in finance, accounting, or a related field preferred.
- Proven experience in collections, accounts receivable, or a similar role.
- Strong communication and negotiation skills.
- Proficiency in accounting software and Microsoft Office Suite (Excel, Word, Outlook).
- Ability to handle sensitive information with discretion and integrity.
- Detail-oriented with strong organizational skills and the ability to manage multiple accounts simultaneously.