Collection Executive (225-613)

The role of a Collection Executive is crucial in managing and optimizing the process of debt recovery for an organization. As a Collection Executive, you will be responsible for maintaining healthy cash flow by ensuring timely collection of outstanding payments from clients or customers. This role involves creating and implementing effective strategies to recover unpaid debts while maintaining a good relationship with clients. You will work closely with the finance team to identify and mitigate potential risks associated with debt recovery. Strong communication and negotiation skills are essential, as you will be handling sensitive financial data and must ensure compliance with applicable laws and regulations. You'll contribute to the overall efficiency of the company's financial operations, supporting the business goals through effective debt management.

Responsibilities

• Contact clients via phone, email, or mail to discuss overdue payments and schedules.
• Develop and implement debt collection strategies to recover funds efficiently.
• Negotiate payment plans that are feasible for clients and beneficial for the company.
• Maintain accurate records of all collection activities and client interactions.
• Monitor client accounts to identify outstanding debts and potential collection issues.
• Prepare and send dunning letters as per the standard operating procedures.
• Collaborate with the finance team to reconcile client accounts and resolve discrepancies.
• Ensure compliance with laws and regulations related to debt collection practices.
• Prepare regular reports on outstanding debts and actions taken for management review.
• Resolve conflicts and handle objections related to repayment and account settlements.
• Develop relationships with clients to increase likelihood of timely payment collections.
• Keep abreast of industry trends and changes in debt recovery legislation.

Requirements

• Bachelor’s degree in Finance, Business Administration, or related field preferred.
• Proven experience in a collections or credit control role is advantageous.
• Strong negotiation skills and the ability to handle difficult conversations tactfully.
• Excellent organizational skills to manage multiple accounts and collection tasks.
• Proficiency with collection software and MS Office Suite including Excel and Word.
• Understanding of relevant laws and regulations regarding debt collection practices.
• Strong communication skills for effective interaction with clients and team members.