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What is a Collections Specialist?
A collections specialist, also known as debt collector or billing specialist is a professional who contacts customers who have overdue payments and collecting on those debts. This may involve working with customers to set up payment plans, negotiating settlements, or taking other actions to collect the debt. The Collections Specialist will also keep track of the customer’s account and report any late payments to the credit bureau. This job can be challenging, as collections specialists must often deal with difficult customers who may be angry or resistant to paying. However, it can also be rewarding, as collections specialists help businesses to get the money they are owed and keep their operations running smoothly.
How much is the salary of a Collections Specialist?
The salary of a Collections Specialist is mostly based on experience and expertise. According to Climb the Ladder, their salary ranges from
US Salary
According to Comparably, the average salary in the US for collections specialists is $53,380 (₱ 3,059,741) per year. The top 86% of Collection Specialists make $87,296 per year, while the bottom 57% make $53,540 per year.
Philippine Salary
According to data from ph.talent.com, the average salary for collections specialists in the Philippines is ₱ 480,000 (8,374 USD) per year, or around ₱ 246 (4.29 USD) per hour. Entry-level employees in this field can expect to earn ₱ 354,000 (6,175 USD) per year, while those with more experience can make up to ₱ 930,000 (16,224 USD) annually.
What is a Collection Specialist’s Job Description?
A collections specialist is responsible for contacting customers who have overdue payments and collecting on those debts. This may involve working with customers to set up payment plans, negotiating settlements, or taking other actions to collect the debt. This job can be challenging, as collections specialists must often deal with difficult customers who may be angry or resistant to paying. However, it can also be rewarding, as collections specialists help businesses to get the money they are owed and keep their operations running smoothly.
Working as a collections specialist can be a very rewarding career. It can also be a very challenging one. As a collections specialist, you will be responsible for collecting payments from customers who have outstanding balances. This can be a difficult task, as many customers may be resistant to paying their debts. However, it is important to remember that you are helping these customers by helping them to get their finances in order. In many cases, you will be able to work out payment plans that are beneficial for both the customer and the company.
What are the Skills Needed for this Job?
In today’s economy, it’s more important than ever to make sure you’re recruiting the best debt collectors possible. Here are the top five skills you should look for:
- Communication skills: A good debt collector needs to be able to communicate effectively, both in writing and verbally. They should be able to explain the debt collection process to customers, as well as negotiate payment plans.
- Organizational skills: A good debt collector needs to be organized and detail-oriented. They should be able to keep track of multiple accounts and deadlines and follow up with customers promptly.
- Persistence: A good debt collector needs to be persistent. They should be able to continue to contact customers so they can collect what your customers owe.
- Knowledge About Fair Debt Collections Act: There are several laws regarding debt collection and the debt collector must know them to avoid being sued by your customers.
Industries that Need Collections Specialists
Several industries need debt collection agencies and BPOs to keep their business running.
Consumer Debt Collection
- Personal Services
- Gym Memberships
- Medical Centers, Hospitals, Clinics
- Utility companies
- Credit card companies
Commercial Debt Collection
- Business-to-business debt recovery
- Consulting companies
- Accounting companies
- Legal
Is a Collections Specialist Role in Demand?
The Collections Specialist role is in demand in the BPO industry. Due to the requirements and the difficulty of the job, there are only a few who qualify and fewer who apply.
To get the best debt collectors for your company, here are the following suggestions:
- Negotiate salary. This is because the best debt collectors will likely be in high demand, and you will need to be able to offer them a competitive salary to get them to work for you.
- Sell the job. This means being able to convince the debt collector that your company is the best place to work and that they will be able to thrive in their role.
- Build relationships. This means being able to build rapport with the debt collector and developing a good working relationship.
Where to Find Collection Specialists and Credit Collection Companies Who Specialize in Debt Collection
Several BPO companies specialize in debt collection. To find qualified billing specialists, you just need to search our 24/7 BPO Services site and you can choose the companies you prefer to work with. Or you can contact us so we can refer you to quality BPO companies.