A collection specialist works for a collection agency as a liaison between a company and their debtor. They’ll need to provide both an internal and external customer interface. It can be a specialty, as often the company doesn’t have the expertise or the time needed to collect the payments that are owed. A collection specialist often has training in accounting and finance to make them qualified for the role.
The specialist has a specific list of duties that they’ll be focusing on. Often their role is dedicated to these tasks, though some people who work within companies as a collection specialist may have other duties. Generally, it’s only larger businesses that may have an in-house collection specialist.
Their role is to provide customer service regarding collection issues and problems. This person may do their tasks on the computer or on the telephone. They may spend a greater part of the day on collection telephone calls. Their role may also involve typing up letters and correspondence that covers points made in a call or email. They may also answer inquiries coming in, and answer the telephone regarding questions from debtors.
It may also be necessary to process customer refunds in the event the customer paid twice due to paying the invoice and the one from the agency. They may also need to process and review accounts and make adjustments accordingly. They focus on high integrity, not wanting the debtors to pay more than they must. They can resolve any client discrepancies, or make contact if there are any short payments.
The collections agent will monitor and maintain the client accounts that they have been assigned. They can do small balance write offs, provide customer reconciliations, and process credit memos.
Generally a collection specialist will be accountable for helping to reduce delinquency on assigned accounts.
They may also perform other assigned tasks or duties to help support their client’s Accounts Receivable Department.
If they need help, they will ask for it from their client’s sales department, or from the senior management team. They should be effectively communicating with the sales department about customer accounts, and be doing it regularly. They’ll also work to establish good working relationships with the sales department, management team, and more. They’ll be responsible for providing excellent customer service for their clients.
A collection specialist will provide both weekly and monthly reporting to their direct supervisor. They may need to process monthly delinquency notices, and accurate monthly credit memos.
They’ll need to stay in regular contact with delinquent companies who are late in payments. They may also need to write up shutdown reports. If customers have any disputes relating to payment, they’ll need to manage them.
The collection specialist will also need to participate in their own company’s planned meetings to provide reports on client progress. They may also need to meet defined department goals, and maintain certain performance metrics.
Most people who work as a collection specialist need to have three to five years of corporate collections experience. They’ll need to have a good knowledge of billing and collections procedures, as well as accounts receivables and payables.
They’ll also need to be experts with accounting software. They’ll need to provide excellent written and verbal communication skills. They should also be able to prioritize and organize tasks effectively.
If you’re seeking the best collection specialist, RAB, Inc. only works with the most knowledgeable and experienced. We’ll evaluate your needs, and assign you the best on our team. If you have any questions, please contact RAB, Inc. today.