The responsibility of ensuring that debt which is owed to a company is paid as quickly as possible is the job description of a collection manager. In addition, the manager oversees a staff of collectors whose job it is to contact other companies and individuals who are late making payments on products and services they have received.
A collection manager supervises a staff of collectors and monitors the way in which they handle phone calls and the letters they send to make sure the entire process operates in compliance with state and federal laws.
Essential Duties and Responsibilities of a Collection Manager
- Oversees a company’s process of retrieving money owed to them or one of their clients.
- Manages the employees who collect the money.
- Handles complaints or difficult calls.
- Makes sure employees comply with company policies when contacting individuals and other companies to collect past due balances that they owe.
- Ensures that all written correspondence complies with company policies in terms of verbiage and frequency of contact.
- Keeps up with changes in state and federal laws governing debt collections and makes sure employees receive training on any changes in laws.
- Makes sure the collectors on staff operate within the confines of the Federal Fair Debt Collection Practices Act (FDCPA) when making phone contact with individuals and companies.
- Monitors call reports to make sure collectors are making enough phone contacts each day.
- Identifies areas of the collection process that need improvement and implements an enhanced process that will help collectors be more effective.
- Tracks the rate of success of the entire process and continues to make adjustments when necessary.
- Trains new employees and holds training reviews for established employees.
- Performs audits of accounts that are in the system.
- Establishes quality control standards and maintains and enforces them over time.
- Negotiates payment arrangements and follows up to make sure the payments are made.
- Researches and locates missing information that is needed for the staff to perform their jobs at optimum levels.
- Authorizes financial settlements with people who owe large debts.
Required Knowledge, Skills and Abilities
- Must have exceptional interpersonal skills.
- Must have excellent computer skills.
- Must be able to manage employees ethically and fairly while still being firm and enforcing company rules.
- Excellent time management and multi-tasking skills.
- Must have strong negotiation and persuasion skills.
- Superior math skills.
- Must be able to effectively prioritize tasks.
- Must have excellent verbal and written communication skills.
- Must have strong problem solving and decision making skills.
- Must have good critical thinking skills and exercise sound judgment.
Education and Experience
- High School diploma
- Experience as a telephone collector and team supervisor.
- Certification from the American Collectors Association, or ACA International.
- Bachelor’s degree in Finance, Accounting, Business or a related field.
- Time is spent in a climate controlled office setting.
- Time is spent walking around the office observing staff at work.
- Time is spent looking at a computer screen and operating a keyboard and basic calculator.
- Must be able to work in a fast-paced, high stress environment with stringent monthly deadlines and quotas.
- Salaries range from $50,000 to $100,000 depending on the location of the business and the commission structure.