Collection Specialist job description

Job Overview

As a Collection Specialist, you will be responsible for managing and overseeing the collection of outstanding payments from customers. You will work closely with internal teams and customers to resolve payment issues and ensure timely payments are received. Your primary goal will be to reduce outstanding debt and improve cash flow for the company.

Key Responsibilities

• Monitor overdue accounts and identify delinquent customers
• Contact customers via phone, email, or mail to request payment
• Negotiate repayment plans with customers based on their financial situations
• Resolve payment discrepancies and disputes by investigating and evaluating documentation
• Document all collection activities and maintain accurate records
• Develop and maintain relationships with key customers to facilitate timely payments
• Assist in applying necessary legal actions for collection when necessary
• Collaborate with sales and customer service teams to address customer payment issues
• Provide regular updates on collection activities and outstanding debts to management
• Identify process improvements to streamline collection procedures

Minimum Requirements

To be successful in this role, you should meet the following minimum requirements:

• High school diploma or equivalent
• Proven experience in collections or a related field
• Familiarity with collection laws and regulations
• Proficiency in using collection software and tools
• Excellent communication and negotiation skills
• Strong problem-solving and decision-making abilities
• Attention to detail and accuracy
• Ability to work independently and in a team

Minimum Qualifications

The minimum qualifications required for the Collection Specialist role include:

• High school diploma or equivalent
• Proven experience in collections or a related field

Recommended Skill Set

While not mandatory, the following skills are highly recommended for the Collection Specialist role:

• Associate’s or Bachelor’s degree in Accounting, Finance, or a related field
• Professional certifications in collections or credit management
• Experience using collection software such as Salesforce or Oracle
• Knowledge of accounting principles and financial statements
• Ability to analyze financial data and identify trends
• Customer service experience
• Proficiency in multiple languages
• Experience working with international customers

Note: The recommended skill set is not required, but would be advantageous in performing the duties of the role effectively.