Collection Manager
Job Description
Review and evaluate delinquent accounts, determining appropriate actions to be taken in accordance with company policies and legal requirements. Communicate with customers regarding their outstanding debts, negotiating payment plans, settlements, or other resolutions.
Responsibilities
- Creates and implements a strategy to improve the collection of outstanding credit.
- Identifies areas of the collection process that need improvement and implements an enhanced process that will help collectors be more effective after approval.
- Implements collection policies and procedures to avoid excessive outstanding credit
- Ensures payments are received as per the targets set by the management and changes are reflected in customer's account.
- Manages statement preparation to credit department if customer fails to respond; and ensure records of collection and status of accounts are maintained.
- Manages customer queries regarding issues faced with their respective accounts.
- Provides expert advice to customers about necessary actions and strategies for debt repayment.
- Ensures customers are notified via mail, telephone, or personal visit to solicit payment and determine reasons for overdue payments.
- Records information about financial status of customers and status of collection.
- Ensures that the company policy on recoveries is followed and that it is in line with local regulations.
- Improves collections within a targeted ageing of dues.
- Assesses the quality of the portfolio of receivables.
- Implements payment collection goals, targets and deadlines for staff.
- Manages the Collectors regarding follow up on the post-dated cheques and the date of submission to the Bank.
- Persuades customers to pay amounts due.
- Calls customer, sends sms and reminder letters on payment dues, if required.
- Monitors call reports to make sure collectors are making enough phone contacts each day.
- Ensures correspondence are filed and sorted.
- Provides guidance and instruction to the collection team as required to ensure that all assigned tasks are completed within the required timelines while adhering to the company policies and procedures.
- Ensures that the Collectors make the bank deposits as directed.
- Reviews the Collector’s report and the supporting documents before submissions for approval.
- Reviews receivable report with supervisor
- Deals with the attorney’s office, maintains and follows up with pending legal cases as agreed with the Supervisor.
- Monitors and intimates the management if a customer with outstanding/ overdue payments makes additional booking for car/products of the company.
- Manages collection from insurance, banking and consumer companies.