AR Collection Specialist

solera; Winnersh; Hybrid; GBP 35,000 - 50,000; Full time

Job summary

A financial services provider in the UK is seeking a Collection Specialist Level 3 to manage high-value accounts and improve the collections process. The role requires strong negotiation skills and extensive customer interaction to resolve outstanding debts while ensuring excellent service. Candidates should have a bachelor's degree in a related field and significant experience in collections. This position offers opportunities for data analysis and mentorship of junior staff, with flexible working arrangements available.

Benefits

Flexible working arrangements

Qualifications

• Several years of relevant experience in collections at Level 2 or highly specialized level.
• In-depth knowledge of laws and regulations governing collections activities.
• Familiarity with basic accounting principles.

Responsibilities

• Manage and improve the collections process to recover outstanding debts.
• Handle complex and high-value delinquent accounts.
• Negotiate payment arrangements with customers.

Skills

Strong negotiation and communication skills

Exceptional problem-solving and analytical skills

Attention to detail and organizational skills

Excellent customer service skills

Ability to work collaboratively

Multi-lingual is preferred

Education

bachelor's degree in finance, business, or a related field

Tools

Microsoft Office applications

collection software

enterprise resource planning (ERP) systems

Job description

The Role

A Collection Specialist Level 3 is responsible for managing and improving the collections process to recover outstanding debts while maintaining positive customer relationships. It is a senior level position responsible for managing the most challenging and high-value accounts within a collection. They work closely with customers to resolve outstanding payment issues and may have the authority to handle complex negotiations, settlements, payment plans, referring delinquent accounts to collections agencies and legal aid, when necessary, while providing expertise and guidance to junior collectors. This role often involves more extensive data analysis and reporting. The ideal candidate should have strong communication and negotiation skills, be detail-oriented, and able to work in a fast-paced environment.

What You Will Do

Customer Interaction

Communicate with customers through various channels, including phone, email, and written correspondence, regarding complex issues, addressing concerns, resolving disputes, and negotiating payment arrangements.

Provide excellent customer service while dealing with customers, answering their questions, and addressing concerns professionally and courteously.

Account Management

Handle the most complex and high-value delinquent accounts, making decisions regarding the best approach to maximize recovery.

Monitor, track, and document all communications, agreements, and payment activities. Communicate with internal stakeholders, such as sales and customer service teams, to resolve customer issues and ensure timely payment.

Negotiation

Negotiate with customers to reach mutually acceptable solutions, which may involve offering settlements, discounts, or extended payment terms.

Documentation

Maintain detailed and accurate records of all collection’s activities, ensuring compliance with legal and regulatory requirements.

Escalation

Provide regular updates on collection activities and account status to management.

Determine when to elevate delinquent accounts to a higher level of collections or recommend legal actions, as necessary. Identify and escalate high-risk accounts to management for further action.

Data Analysis

Analyze customer accounts to identify trends and payment behaviors, making data-driven decisions to improve collection strategies.

Reporting

Generate and analyze collection reports to assess the effectiveness of collection efforts. Provide insights for process improvement and provide regular updates to management.

Compliance

Ensure all collection activities adhere to relevant laws and regulations governing collections activities, such as the Fair Debt Collection Practices Act (FDCPA).

Training and Support

Provide guidance, training, and mentorship to junior collection staff (Level 1 and 2), offering expertise on complex cases and best practices.

What You Will Bring

Qualifications

• bachelor’s degree in finance, business, or a related field (or equivalent experience).
• Several years of relevant experience in collections, with a significant portion at the Level 2 or highly specialized level.
• In-depth knowledge of relevant laws and regulations governing collections activities.
• Familiarity with basic accounting principles.
• Proficiency in using collection software and Microsoft Office applications, especially Excel and data analysis tools.
• Experience with collections software or enterprise resource planning (ERP) systems is a plus.

Required Skills and Abilities

• Strong negotiation and communication skills.
• Exceptional problem-solving and analytical skills.
• Attention to detail, accuracy, and organizational skills.
• Ability to work well under pressure, meet deadlines and make sound judgements.
• Ability to prioritize tasks and work in a fast-paced environment.
• Willingness to learn and follow established procedures.
• Ability to work collaboratively as part of a team.
• Excellent communication and interpersonal skills. Able to communicate clearly and effectively, verbally, in writing, and by electronic communications with both internal and external clients.
• Excellent customer service skills.
• Ability to lead, coach and mentor an individual or team.
• Multi-lingual is preferred.

Physical Demands

• Required to sit for extended periods of time.
• Required to wear a telephone headset to interact with clients and/or associates over the phone for 7+ hours a day.
• Required to type for extended periods of time.
• Required to work with digital displays for 7+ hours a day.

Work Environment

• Work from the office or remote.
• Ability to work hours as dictated by the project.

ACCOUNTABILITY

This position does not have subordinates.

Decisions are escalated to a senior level.