Credit and Collections Specialist
In this role, the ideal candidate will have experience in both credit and collection processes. Primary responsibilities will include reviewing new credit applications, managing existing customer credit terms and limits, collecting on delinquent accounts, and identifying root causes of late payments for process improvements.
Essential Job Functions
- Collect past due accounts, coordinating efforts with other departments as needed to determine reason for late/non-payment.
- Maintain accurate records of interactions with customers using various collection methods to communicate with customers including phone calls, emails, dunning letters and hold notices.
- Regulate the flow of orders by approving/rejecting orders for customers on credit hold and new customers on orders up to $10,000. Review Dun & Bradstreet and various other credit reports and take appropriate action or make recommendations for either approval/rejection to the Manager.
- Review new customer credit applications and make recommendations on credit risk, terms, limits, and payment options.
- Conduct trade and bank reference checks when appropriate.
- Maintain records of credit reviews and document reasons for terms granted.
- Monitor credit limit, terms, financial and credit conditions of existing customers. Make recommendations to adjust as necessary.
- Follow up promptly all Paid on Account and Credit Memos Pending on open accounts.
- Communicate with sales department on significant changes to the account status.
- Make recommendation to pursue third party collection efforts or write-off account to Credit and Collection Team Lead.
- Coordinate special handling of orders on accounts that have filed for bankruptcy under Chapter 11.
- Process bankruptcy correspondence including filing proofs of claim and updating Excel spreadsheet. Refer data to Manager where necessary.
- Initiate check request for customer refunds.
- Refer unusual or difficult collection cases to the Manager with complete details and recommend action.
- Recommend acceptance of notes, unusual time extensions and the writing off of uncollectible accounts.
- Review, process and forward monthly customer statements as requested.
- Adjust differences on customers’ accounts up to $50.00
- Decide accounts under $500 and recommend accounts over $500 for submission to collection agencies.
- Prepare list of doubtful accounts at year-end.
- Perform quarterly review of all credit monitored accounts and make necessary changes to risk codes.
- Prepare monthly reports as assigned.
- Handle all other assignments as the Manager deems necessary.
- Associates degree preferred
- Two years’ experience in credit and collections
- Proficiency in Microsoft Office
- Experience in Oracle is a plus
- Experience in medical industry is a plus
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