Payment Collection Specialist (225-920)

A Payment Collection Specialist is an essential cog in the financial operations of a company, primarily tasked with managing and optimizing the collection of outstanding payments from clients or customers. This role requires excellent communication skills, as well as strong analytical abilities to assess client creditworthiness, and resolve payment issues. Professionals in this position work closely with other finance department personnel and various stakeholders to ensure seamless financial transactions. They must possess a keen eye for detail, have competence in financial software and tools, and be able to maintain a high level of accuracy in processing payments. A successful Payment Collection Specialist will demonstrate persistence and resilience in following up on overdue payments, while simultaneously nurturing and preserving customer relationships. The opportunity allows individuals to contribute significantly to the company’s cash flow and financial health, thus positioning them as key players within the finance team.

Responsibilities

• Monitor and manage accounts receivable within assigned portfolio for timely collections.
• Communicate effectively with clients to resolve billing and payment inquiries.
• Collaborate with the finance team to review and optimize the collections strategy.
• Maintain accurate records of all communications and collection activities.
• Analyze client accounts to identify and address credit risks or discrepancies.
• Prepare and dispatch invoices, statements, and reminder notifications as necessary.
• Negotiate payment plans and settlements with clients while maintaining customer relations.
• Coordinate with legal teams on issues requiring escalation or legal intervention.
• Prepare periodic reports detailing status of collections and outstanding debts.
• Educate and advise clients on payment terms and credit policies where applicable.
• Stay updated on industry best practices and regulatory changes in payment collections.
• Assist in developing standard operating procedures for the collections process.

Requirements

• Bachelor’s degree in finance, accounting, or a related field is preferred.
• Proven experience as a Payment Collection Specialist or similar role in finance.
• Familiarity with financial software systems and Microsoft Office Suite.
• Strong analytical skills and a keen attention to detail for account analysis.
• Excellent verbal and written communication skills for client interactions.
• Ability to negotiate effectively and manage complex client relationships.
• High level of resilience and persistence in pursuing overdue payments.
• Knowledge of relevant collection laws and regulatory requirements.
• Ability to multitask and manage time effectively under tight deadlines.
• Strong problem-solving skills and the ability to make data-driven decisions.