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Collections coordinator hiring summary. Here are some key points about hiring collections coordinators in the United States:
Here's a step-by-step collections coordinator hiring guide:
Usually working alongside a company's account receivables team, a collections coordinator is in charge of developing strategies to optimize the payment collection operations. Among their responsibilities include reaching out to clients through calls or correspondence to remind them of their payment obligations, arranging appointments, processing payments, arranging payment terms, and researching a client's communication information such as cellphone number, address, or email. Moreover, a collections coordinator must maintain an active communication line with staff while promoting and enforcing the company's policies and regulations.
Before you start hiring a collections coordinator, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.
Hiring the perfect collections coordinator also involves considering the ideal background you'd like them to have. Depending on what industry or field they have experience in, they'll bring different skills to the job. It's also important to consider what levels of seniority and education the job requires and what kind of salary such a candidate would likely demand.
Here's a comparison of collections coordinator salaries for various roles:
| Type of Collections Coordinator | Description | Hourly rate |
|---|---|---|
| Collections Coordinator | Bill and account collectors, sometimes called collectors, try to recover payment on overdue bills. They negotiate repayment plans with debtors and help them find solutions to make paying their overdue bills easier. | $14-22 |
| Payment Processor | A payment processor is responsible for managing and informing the clients of their payment obligations for the services offered by a financial institution or other related organizations. Payment processors record transactions and ensure the timely completion of account statements... Show more | $12-20 |
| Accounts Receivable Analyst | An Accounts Receivable Analyst provides accounts receivable support through monitoring all aspects of the collection of outstanding debts owed to a company. They check missing and unresolved payment issues, monitor overdue accounts, and prepare statements for managers. | $15-27 |
Including a salary range in your collections coordinator job description helps attract top candidates to the position. A collections coordinator salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.
For example, the average salary for a collections coordinator in Arkansas may be lower than in Connecticut, and an entry-level collections coordinator usually earns less than a senior-level collections coordinator. Additionally, a collections coordinator with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | New York | $49,576 | $24 |
| 2 | Massachusetts | $48,793 | $23 |
| 3 | California | $48,310 | $23 |
| 4 | Illinois | $45,353 | $22 |
| 5 | Maryland | $42,766 | $21 |
| 6 | Colorado | $39,107 | $19 |
| 7 | Georgia | $38,090 | $18 |
| 8 | Florida | $35,894 | $17 |
| 9 | Pennsylvania | $35,589 | $17 |
| 10 | Ohio | $35,272 | $17 |
| 11 | North Carolina | $34,796 | $17 |
| 12 | Tennessee | $34,209 | $16 |
| 13 | Texas | $33,699 | $16 |
| 14 | Oklahoma | $31,123 | $15 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | University of California-Berkeley | $48,467 | $23.30 | |
| 2 | Student Conservation Association | $46,854 | $22.53 | 1 |
| 3 | The University of Chicago | $45,190 | $21.73 | 3 |
| 4 | BNP Paribas | $44,579 | $21.43 | |
| 5 | SkyOne Federal Credit Union | $42,663 | $20.51 | |
| 6 | Florida Power & Light | $42,563 | $20.46 | |
| 7 | Ropes & Gray | $42,357 | $20.36 | 10 |
| 8 | City of Norfolk | $41,499 | $19.95 | 3 |
| 9 | WestRock | $41,214 | $19.81 | 1 |
| 10 | Hilton Grand Vacations | $41,102 | $19.76 | 2 |
| 11 | Molloy College | $40,493 | $19.47 | |
| 12 | GI Associates | $39,573 | $19.03 | |
| 13 | University at Buffalo | $39,478 | $18.98 | |
| 14 | Topp Company | $39,472 | $18.98 | |
| 15 | Bureau Veritas | $39,415 | $18.95 | |
| 16 | UCLA Extension | $39,247 | $18.87 | |
| 17 | CNA Insurance | $39,047 | $18.77 | |
| 18 | Delta Dental Ins | $39,016 | $18.76 | |
| 19 | OTIS POLSKA | $38,940 | $18.72 | |
| 20 | Progress Residential | $38,885 | $18.69 | 4 |
A job description for a collections coordinator role includes a summary of the job's main responsibilities, required skills, and preferred background experience. Including a salary range can also go a long way in attracting more candidates to apply, and showing the first name of the hiring manager can also make applicants more comfortable. As an example, here's a collections coordinator job description:
To find collections coordinators for your business, try out a few different recruiting strategies:
Your first interview with collections coordinator candidates should focus on their interest in the role and background experience. As the hiring process goes on, you can learn more about how they'd fit into the company culture in later rounds of interviews.
It's also good to ask about candidates' unique skills and talents. You can move on to the technical interview if a candidate is good enough for the next step.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've found the collections coordinator candidate you'd like to hire, it's time to write an offer letter. This should include an explicit job offer that includes the salary and the details of any other perks. Qualified candidates might be looking at multiple positions, so your offer must be competitive if you like the candidate. Also, be prepared for a negotiation stage, as candidates may way want to tweak the details of your initial offer. Once you've settled on these details, you can draft a contract to formalize your agreement.
You should also follow up with applicants who don't get the job with an email letting them know that you've filled the position.
After that, you can create an onboarding schedule for a new collections coordinator. Human Resources and the hiring manager should complete Employee Action Forms. Human Resources should also ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc., and that new employee files are created.
Hiring a collections coordinator comes with both the one-time cost per hire and ongoing costs. The cost of recruiting collections coordinators involves promoting the job and spending time conducting interviews. Ongoing costs include employee salary, training, benefits, insurance, and equipment. It is essential to consider the cost of collections coordinator recruiting as well the ongoing costs of maintaining the new employee.
You can expect to pay around $37,938 per year for a collections coordinator, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for collections coordinators in the US typically range between $14 and $22 an hour.