Collections Specialist: - Creative Financial Staffing

A Collections Specialist is responsible for managing and recovering overdue accounts. They typically work in a finance or customer service role, helping companies ensure that outstanding balances are paid in a timely manner. Here's a typical job description for a Collections Specialist

The Collections Specialist is responsible for overseeing the accounts receivable process, managing overdue payments, and ensuring collections are made efficiently. This position involves communicating with customers to resolve billing issues, negotiating payment plans, and maintaining accurate records of collection activities.

• Monitor Accounts

  Review and manage overdue accounts, identifying those requiring collection efforts.

  
  

• Customer Contact

  Reach out to clients via phone, email, or mail to inform them of outstanding balances and negotiate payment plans.

  
  

• Payment Processing

  Facilitate payments by processing credit card transactions, arranging payment schedules, and providing necessary documentation.

  
  

• Resolve Discrepancies

  Investigate and resolve billing issues or disputes that may delay payment, working closely with the billing and accounting departments.

  
  

• Maintain Records

  Keep detailed and accurate records of all communications, payment plans, and follow-up activities.

  
  

• Reporting

  Prepare and submit regular reports on the status of accounts, collection efforts, and outstanding balances to management.

  
  

• Compliance

  Ensure that all collection efforts comply with company policies and relevant regulations (e.g., FDCPA in the U.S.).

  
  

• Customer Service

  Provide excellent customer service by handling sensitive situations with professionalism and tact.

  
  

• Legal Actions

  Collaborate with legal departments when necessary to initiate legal proceedings for debt recovery.

  
  

• Education

  A high school diploma or equivalent; a degree in accounting, finance, or a related field is often preferred.

  
  

• Experience

  Prior experience in collections, accounts receivable, or customer service is typically required.

  
  

• Skills
  • Strong communication and negotiation skills
  • Proficiency in accounting software and Microsoft Office Suite
  • High attention to detail and organizational skills
  • Ability to handle difficult conversations professionally
  • Knowledge of collections laws and regulations

• Familiarity with industry-specific accounting software
• Experience working in a similar industry (e.g., banking, healthcare, retail)
• Bilingual abilities (depending on customer base)

• Primarily an office setting with phone and email communication
• Some travel may be required for in-person meetings or court appearances

• Problem-solving abilities
• Persistence and determination
• Adaptability in a fast-paced environment
• Ability to work independently and meet deadlines

This description can be tailored based on specific industry needs or company expectations.

ZRCFS

LI-KB1

INNOV2024