Bill and Account Collectors Career

Why Choose a Bill and Account Collectors Career?

A Bill and Account Collector’s job involves looking for and interacting with customers to apprise them of delinquent accounts or bad debts. In other words, overdue payment is sought by various means; mail, telephone, or personal visit. Once payment is obtained, it is posted accordingly in the customer's account; statements are prepared and addressed to the credit department if the customer fails to take appropriate action. Also in the job profile is initiation of repossession proceedings or service disconnection and record keeping of collection and status of accounts. Should this job description be of interest, a career as a Bill and Account Collector may be a rewarding one for you.

Bill and Account Collectors Career Requirements

A Bill and Account Collector’s job is a tough one that requires the ability to handle plenty of stress, self management or interactive talents, and a goal oriented outlook. In addition, the aspirant must have knowledge of Economics and Accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data. Strong communication skills and ability to handle clerical tasks like word processing, managing files and records, stenography and transcription, developing forms, and others, along with familiarity with principles and processes of customer and personal services are an add on. Some other essentials include effective time management, critical thinking and tactful handling. Knowledge of advanced telecommunications equipment and proficiency in computer software is also most useful.

Online Degrees for Bill and Account Collectors

The minimum qualification for a job as a Bill and Account Collector is a high school diploma though preference is given to candidates who are more educated such as those with postsecondary or college education or customer service experience. On-the-job training is provided to entrants at the workplace itself by all companies. The supervisor or any other senior person will provide input on company procedures; formal classroom training may also be a part of the initiation process. Training in specific computer software, telephone techniques and negotiation skills are taught in house. Familiarity with the laws governing the collection of debt is instilled; this may include the details of the Fair Debt Collection Practices Act and various State laws. Online programs are available, where subjects will be taught concerning these topics.

Bill and Account Collectors Career Fields

Most Bill and Account Collectors work for a collection agency; others work in banks, retail stores, government, physicians’ offices, hospitals, and other institutions that lend money and extend credit to the public. Of the total Bill and Account Collectors jobs in 2008, it is reported that a quarter were employed in business support services; 19 percent worked in finance and insurance; and 18 percent worked for healthcare and social assistance providers.

Owing to the recent economic downturn, job prospects in this domain are expected to be favorable, particularly for those with experience. In fact, employment of Bill and Account Collectors is expected to grow faster than for all other occupations. This derives directly from the increase in the number of persons with debt or those unable to pay their outstanding dues. No doubt, competition will be fierce for such positions and success rates expected by the management will help decide the number of collectors to be hired.

The work environment for a Bill and Account Collector may be an office or a call center. Those persons employed by third-party collection agencies work in offices. Others employed by original creditors, such as department stores, hospitals, or banks and known as “in-house collectors” may work in a call center environment. Both positions will have a similar set of responsibilities though the latter spend more time on the phone tracking and calling debtors and arranging pick up of payments. Clients often become confrontational when payment of dues is mentioned; consequently, the nature of the job is stressful and requires the maintenance of a polite and positive demeanor in all situations.

Meeting predefined goals is mandatory and all efforts have to be made in this direction. Incentives for collections are not uncommon and taking the career to the next level depends on success in achieving company goals or the amount of dues brought in. Successful collectors are the ones who are given larger accounts with higher earning opportunities in commissions; they may be made team leaders or supervisors. Professionals who acquire additional skills, experience, and training improve their opportunities for advancement.

Since the work involves handling stressful financial situations with ease, good communication and people skills are most essential. A Bill and Account Collector has to speak repeatedly with people they have never met; so it is necessary that they bring to the position a certain level of maturity and ability to handle rejection without getting affected by it. Of course, they must be computer literate and adept at managing advanced telecommunications equipment.

What Degree Do I Need?

• Accounting
• Business General
• Finance
• Health Care Administration