Collection Executive (225-1015)

A Collection Executive plays a crucial role in managing outstanding accounts and ensuring effective debt recovery. Tasked primarily with interacting with customers who have overdue payments, this role demands excellent communication and negotiation skills. The Collection Executive acts as a liaison between the company and its clients, handling queries related to outstanding payments and working persistently to obtain the company's funds in a timely manner. This position is critical to maintaining company profitability and involves activities ranging from account reconciliation to legal negotiation and resolving any billing disputes. An adept Collection Executive will have a keen sense of empathy while being assertive enough to secure the payments necessary for the organization’s financial health.

Responsibilities

• Contact clients through phone calls, emails, or in-person meetings to collect overdue payments.
• Evaluate outstanding accounts and prioritize accounts for collection based on days overdue and amount owed.
• Propose repayment plans and negotiate payoff deadlines with customers tactfully and effectively.
• Keep updated records of clients' payment status and financial information in the company database.
• Monitor accounts to identify outstanding debts and develop recovery strategies accordingly.
• Collaborate with other departments to resolve disputes and address billing discrepancies efficiently.
• Prepare and present collection reports and data to management monthly or as required.
• Ensure compliance with federal and state regulations regarding debt collection practices.
• Engage legal professionals if necessary to initiate legal proceedings against delinquent accounts.
• Foster long-term customer relationships to facilitate future financial engagements beneficial to the organization.
• Track trends in collections data and provide strategic recommendations for process improvements.
• Educate customers about the importance of maintaining good credit and timely payments.

Requirements

• Bachelor's degree in finance, business administration, or a related field is preferred.
• Proven experience as a Collection Executive or similar role for at least two years.
• Strong understanding of billing and collection processes and applicable regulations.
• Outstanding communication skills, both verbal and written, for effective negotiation.
• Strong organizational skills and high attention to detail in managing accounts and records.
• Proficiency in relevant software applications, such as ERP systems and Microsoft Office Suite.
• Ability to work independently and make sound decisions in debt recovery scenarios.