Roles and responsibilities
This position involves collaborating with Accounts Receivable and Student Accounts to compile a list of students with overdue invoices, implementing effective follow-up for prompt payment while ensuring student satisfaction. Flexibility in shifts, especially during admissions and staying informed on fees and financial regulations is crucial for the success of this position.
ESSENTIAL DUTIES & RESPONSIBILITIES:
- Collaborate with the Accounts Receivable and Student Accounts sections to prepare a comprehensive list of students with overdue invoices.
- Develop and implement an effective follow-up procedure to ensure prompt payment from students and clients.
- Maintain a balance between regular communication for follow-up and ensuring student and client satisfaction.
- Keep meticulous records of follow-up activities and positive responses, and take corrective actions based on negative responses, reporting to the student accounts supervisor.
- Ensure accurate and timely updates of student and client payments in the system and perform daily register closing procedures.
- Stay updated on fees, payment terms, and financial regulations, providing relevant information to students as needed.
- As management requires, be available for flexible shifts, especially during the admission period.
- Assist with main accounting tasks during off-peak periods.
QUALIFICATIONS & EXPERIENCE:
- Bachelor in Accounting / Finance / Related fields with 1 year of directly related experience.
- Requirement for the educational qualification can be relaxed if the employee has the relevant experience.
KNOWLEDGE & SKILLS:
- Timeliness and Accuracy.
- Customer Service Skills.
- Written and verbal communication skills.
Desired candidate profile
1. Communication Skills
- Verbal Communication: Clear, concise, and professional communication is crucial. Collection agents must effectively convey messages and maintain a respectful tone, especially when dealing with difficult situations.
- Active Listening: Listening to the debtor's concerns and circumstances helps in finding solutions and resolving issues effectively.
- Persuasion: The ability to negotiate and persuade debtors to settle outstanding balances, often without resorting to aggressive tactics.
2. Negotiation Skills
- Settlement Negotiation: Skilled at offering payment plans, negotiating terms, and reaching agreements that satisfy both the company and the debtor.
- Problem-Solving: Finding creative solutions for clients who may be facing financial difficulties or offering flexible repayment options.
3. Persistence and Resilience
- Handling Rejection: Debt collection can involve repeated follow-ups with customers who may be uncooperative, so persistence and resilience are essential.
- Staying Calm Under Pressure: Being able to remain composed when faced with confrontational or challenging situations is key to maintaining professionalism.
4. Organizational Skills
- Time Management: Handling multiple accounts simultaneously, keeping track of calls, and managing a large volume of debtors requires efficient time management.
- Record Keeping: Maintaining accurate and up-to-date records of all communication, payments, agreements, and customer interactions.
5. Knowledge of Debt Collection Laws
- Regulatory Knowledge: Understanding relevant laws and regulations, such as the Fair Debt Collection Practices Act (FDCPA), is essential to ensure that all actions are compliant and that debtors’ rights are respected.
- Ethical Practices: Knowing what constitutes fair practices in debt collection, avoiding harassment, and ensuring the process is done legally.
6. Customer Service Skills
- Empathy and Understanding: Demonstrating empathy for a debtor’s situation can help foster trust and facilitate payment arrangements.
- Conflict Resolution: Managing tense situations and diffusing conflict by offering solutions and showing understanding of the debtor’s perspective.
7. Detail-Oriented
- Attention to Detail: Accuracy is vital in tracking payments, following up on outstanding accounts, and ensuring the correct documentation is in place for each case.
- Problem Identification: Identifying underlying issues or disputes that may be preventing payment, such as billing errors or service-related issues.
8. Analytical Skills
- Risk Assessment: Evaluating the likelihood of collecting a debt and determining when to escalate a case or when to offer leniency.
- Financial Knowledge: Understanding the debtor’s financial situation to make informed decisions about payment options.
9. Tech-Savviness
- CRM Systems: Proficiency in using Customer Relationship Management (CRM) software and databases to track debts and communicate with clients.
- Microsoft Office Suite: Strong skills with Excel, Word, and other office tools to manage data, create reports, and communicate effectively.