What does a commercial collector do?
Commercial collector responsibilities
Here are examples of responsibilities from real commercial collector resumes:
- Interpret manage care contracts and/or Medicare and Medicaid rules and regulations to ensure proper reimbursement/collection.
- Prevent impeding loss and increasing profitability through negotiation and enforcement of schedule collection campaigns, consistently achieving high success standards.
- Follow the guidelines set by FDCPA
- Adhere to FDCPA, state, and federal commercial laws.
- Escalate issues with internal business partners for quick resolution to ensure customer satisfaction to maintain health of portfolio against assign metrics.
- Collect and record deposits and initiate and/or approve ACH distributions.
- Utilize various skip-tracing services such as Accurint and TheWorkNumber in order to locate consumers and verify employment for account recovery purposes.
Commercial collector skills and personality traits
We calculated that 9% of Commercial Collectors are proficient in Delinquent Accounts, Customer Service, and FDCPA. They’re also known for soft skills such as Listening skills, Negotiating skills, and Speaking skills.
We break down the percentage of Commercial Collectors that have these skills listed on their resume here:
- Delinquent Accounts, 9%
Received in-bound calls pertaining to reconciliation and collection of delinquent accounts.
- Customer Service, 8%
Developed relationships with Customer Service Representatives to obtain the best information.
- FDCPA, 8%
Trained in FDCPA guidelines for the United States and individual state laws.
- Past Due Accounts, 6%
Collected debt for commercial entities and assisted both debtors and clients in achieving a common ground in resolving past due accounts.
- Collection Calls, 6%
Processed collection calls on delinquent commercial accounts.
- Payment Arrangements, 5%
Performed monthly account reconciliation, while monitoring customer's payment arrangements as agreed.
Common skills that a commercial collector uses to do their job include "delinquent accounts," "customer service," and "fdcpa." You can find details on the most important commercial collector responsibilities below.
Listening skills. The most essential soft skill for a commercial collector to carry out their responsibilities is listening skills. This skill is important for the role because "collectors must pay attention to what debtors say when trying to negotiate a repayment plan." Additionally, a commercial collector resume shows how their duties depend on listening skills: "communicated with business owners and accounts payable departments to inform of past due accounts and to collect payment. "
Negotiating skills. Many commercial collector duties rely on negotiating skills. "the main aspects of a collector’s job are reconciling the differences between two parties (the debtor and the creditor) and offering a solution that is acceptable to both parties.," so a commercial collector will need this skill often in their role. This resume example is just one of many ways commercial collector responsibilities rely on negotiating skills: "demonstrated effective negotiating skills while providing acceptable and convenient payment options. "
Speaking skills. commercial collectors are also known for speaking skills, which are critical to their duties. You can see how this skill relates to commercial collector responsibilities, because "collectors must be able to speak to debtors to explain their options and ensure that they fully understand what is being said." A commercial collector resume example shows how speaking skills is used in the workplace: "handled high volume of incoming collection calls and addressed all client inquiries. "
The three companies that hire the most commercial collectors are:
- Brown & Joseph
13 commercial collectors jobs
- The Peoples Bank2 commercial collectors jobs
- Adecco1 commercial collectors jobs
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Compare different commercial collectors
Commercial collector vs. Account representative
Account representatives are employees who manage client accounts and act as the main contact of the clients they are handling. They maintain existing accounts by updating client details regularly. They also check up on clients to see if they are still satisfied with the products or services of the company. They also create new accounts by welcoming new clients and assisting them in their needs. Account representatives manage client inquiries and process client requests. They also address complaints and ensure that any challenges are mitigated and that clients remain with the company.
These skill sets are where the common ground ends though. The responsibilities of a commercial collector are more likely to require skills like "credit reports," "epic," "collection issues," and "due balances." On the other hand, a job as an account representative requires skills like "patients," "data entry," "customer satisfaction," and "cpt." As you can see, what employees do in each career varies considerably.
Account representatives really shine in the finance industry with an average salary of $38,433. Comparatively, commercial collectors tend to make the most money in the finance industry with an average salary of $36,631.On average, account representatives reach similar levels of education than commercial collectors. Account representatives are 2.0% more likely to earn a Master's Degree and 0.2% more likely to graduate with a Doctoral Degree.Commercial collector vs. Account receivable associate
An account receivable associate is responsible for collecting and posting client payments for the company's services, recording system transactions timely, and reaching out to clients for outstanding bills. Account receivable associates settle accurate receipts for records, resolve payment discrepancies, and handle other related financial transactions. They also create comprehensive financial reports to the supervisor for review and submission to the senior management. An account receivable associate reviews contract agreements and discusses payment terms with the clients.
Each career also uses different skills, according to real commercial collector resumes. While commercial collector responsibilities can utilize skills like "fdcpa," "credit reports," "customer accounts," and "outbound calls," account receivable associates use skills like "data entry," "patients," "good judgment," and "reconciliations."
Account receivable associates may earn a higher salary than commercial collectors, but account receivable associates earn the most pay in the technology industry with an average salary of $51,557. On the other hand, commercial collectors receive higher pay in the finance industry, where they earn an average salary of $36,631.In general, account receivable associates achieve similar levels of education than commercial collectors. They're 3.0% more likely to obtain a Master's Degree while being 0.2% more likely to earn a Doctoral Degree.Commercial collector vs. 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.
Some important key differences between the two careers include a few of the skills necessary to fulfill the responsibilities of each. Some examples from commercial collector resumes include skills like "fdcpa," "outbound calls," "insurance carriers," and "inbound calls," whereas an accounts receivable analyst is more likely to list skills in "reconciliations," "pivot tables," "patients," and "financial reports. "
Accounts receivable analysts make a very good living in the hospitality industry with an average annual salary of $45,068. On the other hand, commercial collectors are paid the highest salary in the finance industry, with average annual pay of $36,631.Most accounts receivable analysts achieve a higher degree level compared to commercial collectors. For example, they're 5.4% more likely to graduate with a Master's Degree, and 0.1% more likely to earn a Doctoral Degree.Commercial collector vs. Collections/accounts receivable
An officer for collections/accounts receivable is in charge of a company's financial activities, ensuring that they receive payment from clients. They primarily focus on overseeing all billing and invoices, processing and verifying all receipts and rendered services, maintaining an accurate record of all transactions, producing reports and presentations, reviewing account and payment histories, and ensuring the accuracy of all processes involving the matter. Furthermore, should there be any complex issues, it is essential to reach out to a manager or a supervisor right away.
Types of commercial collector
Updated January 8, 2025
