Accounts Receivable Specialist II

1005 Solera Holdings LLC

Full-time - Mid Level

10,001+ employees

About the position

A Collection Specialist Level 2 is responsible for managing and improving the collections process to recover outstanding debts while maintaining positive customer relationships. This role requires the specialist to work closely with customers to resolve outstanding payment issues and may involve making complex decisions regarding settlements, payment plans, or referring delinquent accounts to collections agencies. The position often entails extensive data analysis and reporting, which are crucial for assessing the effectiveness of collection strategies and improving overall performance. In this role, the Collection Specialist will engage with customers through various channels, including phone, email, and written correspondence, to discuss outstanding debts, negotiate repayment terms, and establish payment plans. They will monitor and manage a portfolio of delinquent accounts, ensuring that all communications, agreements, and payment activities are tracked and documented accurately. The specialist will also communicate with internal stakeholders, such as sales and customer service teams, to resolve customer issues and ensure timely payment. Negotiation skills are essential, as the specialist will need to reach mutually acceptable solutions with customers, which may involve offering settlements, discounts, or extended payment terms. Maintaining detailed and accurate records of all collection activities is critical to ensure compliance with legal and regulatory requirements, such as the Fair Debt Collection Practices Act (FDCPA). Additionally, the specialist will provide excellent customer service, addressing customer questions and concerns professionally and courteously. Regular updates on collection activities and account status will be provided to management, and the specialist will determine when to escalate delinquent accounts to a higher level of collections or recommend legal actions as necessary. Data analysis will play a significant role in identifying trends and payment behaviors, allowing for data-driven decisions to improve collection strategies. The specialist will also generate and analyze collection reports to assess the effectiveness of collection efforts and provide regular updates to management. Training and mentoring Collection Specialists Level 1 may also be part of the responsibilities, offering guidance on best practices and complex cases.

Responsibilities

• Contact customers through various channels to discuss outstanding debts, negotiate repayment terms, and establish payment plans.
• Monitor and manage a portfolio of delinquent accounts, tracking and documenting all communications, agreements, and payment activities.
• Communicate with internal stakeholders to resolve customer issues and ensure timely payment.
• Negotiate with customers to reach mutually acceptable solutions, which may involve offering settlements, discounts, or extended payment terms.
• Maintain detailed and accurate records of all collection activities, ensuring compliance with legal and regulatory requirements.
• Provide excellent customer service while dealing with customers, answering their questions, and addressing concerns professionally and courteously.
• Provide regular updates on collection activities and account status to management.
• Determine when to escalate delinquent accounts to a higher level of collections or recommend legal actions, as necessary.
• Analyze customer accounts to identify trends and payment behaviors, making data-driven decisions to improve collection strategies.
• Generate and analyze collection reports to assess the effectiveness of collection efforts and provide regular updates to management.
• Ensure all collection activities adhere to relevant laws, regulations, and company policies.
• Assist in training and mentoring Collection Specialists Level 1, offering guidance on best practices and complex cases.

Requirements

• Minimum of 2 years of experience in accounts receivable team, preferably in a level 1 Collections Specialist role.
• Experience with collections software or enterprise resource planning (ERP) systems is a plus.
• Ability to communicate clearly and effectively, verbally, in writing, and by electronic communications with both internal and external clients.
• Excellent customer service skills.
• Ability to mentor and coach.