Accounts Receivable Collections Specialist (Remote)

⏰ Shift Schedule & Work Setup:

• Eastern Timezone (Night Shift in PH)
• 100% Remote – work from the comfort of your home
• Applicants should be equipment ready (laptop, headset, etc.) to ensure a smooth start and seamless workflow

🏢 Job Summary:

A Collections Specialist plays a critical role in ensuring that the company’s outstanding balances are collected in a timely and efficient manner. They must have excellent communication and negotiation skills, as well as strong analytical skills. They must also be able to work effectively in a team environment and be able to manage multiple priorities. Additionally, they must have a thorough understanding of collections laws and regulations.

🔑 Key Responsibilities:

• Understand and follow the set of standards and processes that produce a predictable result for the client. You must be aware of and maintain our standards.
• Contacting customers: Responsible for contacting customers who have overdue accounts to remind them of their outstanding balances and to negotiate payment arrangements.
• Resolving disputes: Resolve any disputes or issues related to outstanding balances. This may involve working with customers, other departments within the company, or external parties.
• Recording customer interactions: Maintain accurate and complete records of all customer interactions, including notes on conversations, payment arrangements, and other relevant information.
• Analyzing account data: Analyze account data to identify trends and patterns.
• Developing collections strategies: Develop and implement collections strategies that are aligned with the company's overall financial goals and objectives.
• Participating in cross-functional teams: Work with other departments within the company and ensure that collections processes are properly aligned with other business processes.

Additional Resopnsibilities:

• Maintain accurate and real time timesheets
• Receive mentoring and feedback from peers and others
• Where appropriate, escalate complicated issues to a more senior resource or other appropriate teams
• Actively Participate in Team Huddles, L10 Meetings, One on One Meetings, and any other Team Meetings
• Attend training & team meetings as required
• Ensure work aligns with company standards
• Assist the team members as required.
• Maintain constant and clear communication with clients and colleagues
• Collaborate with all departments to maximize client satisfaction
• Continuously provide feedback to help improve processes and procedures to provide superior service
• Provide or facilitate timely responses and guidance to client requests
• Maintain documentation, processes, and standards through the change management processes
• Maintain an in-depth knowledge of the products and services that are offered
• Additional duties as required
  

Performance Deliverables:

Each employee’s performance is tracked through both leading and lagging key performance metrics:

• Collection Effectiveness Index (CEI): Measures the effectiveness of collections efforts by comparing the total amount collected to the total amount outstanding.
• Days Sales Outstanding (DSO): Calculates the average number of days it takes to collect outstanding payments.
• Collection Rate: Tracks the percentage of overdue accounts that are successfully collected within a given period.
• Aging of Receivables: Analyzes the distribution of outstanding receivables by the number of days past due.
• Average Collection Period: Calculates the average number of days it takes to collect payments after the due date.
• Call Quality and Productivity: Evaluates the quality and productivity of collection calls, measuring factors such as the number of calls made, call duration, and successful payment arrangements.
• Promise-to-Pay Rate: Tracks the percentage of customers who commit to making a payment arrangement during a collection call.
• Bad Debt Ratio: Measures the percentage of outstanding debt that ultimately becomes uncollectible.
• Aging Bucket Improvement: Measures the reduction in the number or value of accounts in older aging buckets.
• Collection Expense Ratio: Compares the cost of collections activities to the amount of debt collected.
• Customer Satisfaction: Measures customer satisfaction with the collections process through surveys, feedback, or ratings.
• Compliance Adherence: Tracks adherence to relevant collection laws, regulations, and company policies.
• Reduction in Delinquency Rate: Measures the percentage decrease in the number or value of delinquent accounts over time.

Requirements

💡 Skills, Knowledge, and Expertise

• Empathy and Customer Service Orientation: Ability to understand and empathize with customers' financial situations while maintaining a professional and customer-centric approach.
• Strong Communication Skills: Excellent verbal and written communication skills to effectively interact with customers, negotiate payment terms, and resolve disputes or issues.
• Negotiation and Persuasion: Proficiency in negotiating payment plans, convincing customers to make timely payments, and resolving delinquencies.
• Active Listening: Ability to actively listen and understand customers' concerns, objections, and reasons for non-payment.
• Problem-Solving Abilities: Aptitude for analyzing customer accounts, identifying potential issues, and developing appropriate strategies to recover outstanding payments.
• Organizational Skills: Strong organization and time management skills to handle a large volume of accounts, prioritize collection efforts, and meet targets and deadlines.
• Resilience and Persistence: Ability to handle rejection, remain persistent in collection efforts, and maintain a positive attitude when faced with challenging situations.
• Attention to Detail: Meticulousness in reviewing account information, ensuring accurate recording of payment details, and documenting collection activities.
• Financial Acumen: Understanding of basic financial concepts, such as credit terms, payment cycles, interest calculations, and the impact of collections on cash flow.
• Compliance Knowledge: Familiarity with collection laws, regulations, and ethical practices.
• Conflict Resolution: Proficiency in handling difficult or escalated customer interactions, resolving conflicts, and maintaining professionalism in challenging situations.
• Data Analysis: Ability to analyze collection data, identify trends, and develop strategies to optimize collection efforts and improve overall performance.
• Computer Proficiency: Competence in using collection software, customer relationship management (CRM) systems, and other relevant tools.
• Demonstrates maturity, accountability, and the ability to work independently with minimal supervision.
• Able to adapt to different management and communication styles while maintaining professionalism and productivity.
• Self-driven and solution-oriented, with the ability to stay organized and proactive in a fast-paced environment.

Benefits

💻 Why You'll Love Working with Us:

• 100% Remote Work: Enjoy the flexibility of working from anywhere!
• Paid Leave: Take time off to recharge, starting upon regularization.
• HMO Benefits: Comprehensive healthcare coverage as soon as you're regularized.
• Government-Mandated Benefits: All statutory benefits such as SSS, PhilHealth, and Pag-IBIG are fully provided.
• Fun & Collaborative Culture: Be part of a dynamic team that values creativity, innovation, and teamwork.