Collections Specialist Salary

Pay for Collections Specialists in the United States sits in the ballpark of $16.44 per hour. In the world of Collections Specialists, total cash compensation ranges from $27K on the lower end to $51K on the higher end; this includes bonuses that reach $12K and profit sharing that approaches $5K in rare cases, with some high rollers snagging commissions as high as $15K. Geography is the biggest factor affecting pay for this group, followed by the company and experience level. Work is enjoyable for Collections Specialists, who typically claim high levels of job satisfaction. A fair number report receiving medical coverage from their employers and a majority collect dental insurance. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
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$30,564 - $58,809
$31K
$41K
$59K
MEDIAN: $41,389
10%
50%
90%

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$12.47 - $21.79
$12
$17
$22
MEDIAN: $16.60
10%
50%
90%

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$0$58K
Salary $30,564 - $58,809
Bonus $510 - $10,665
Profit Sharing $102.13 - $4,701
Commission $1,260 - $12,499
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$27,520 - $52,157
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 598
Hourly Data $0$34
Hourly Rate $12.47 - $21.79
Hourly Tips $6.26
Overtime $18.79 - $34.87
Annual Data $0$52K
Bonus $510 - $10,665
Commission $1,260 - $12,499
Profit Sharing $102.13 - $4,701
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$27,520 - $52,157
  • Country: United States
  • Currency: USD
  • Updated: 20 Sep 2017
  • Individuals Reporting: 1,399

Find Out Exactly What You Should Be Paid

United States (change)

Job Description for Collections Specialist

Typically, a collections specialist is an individual that specializes in the collection of debt owed to their organization. They use a variety of means to contact individuals who have defaulted on debts and/or who have not paid past-due bills. Collections specialists usually work in a call center with other collections specialists, although they may telecommute from a remote location such as a home office.

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Collections Specialist Tasks

  • Monitor and maintain assigned accounts through follow up and possibly implement alternative payment options.
  • Make collection and billing calls to reduce the lost assets of a company and delinquent payments.

Common Career Paths for Collections Specialist


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At the upper end, Collections Specialists who move into a Collections Manager role can end up with a hefty increase in pay. The average income for Collections Managers is a much higher $49K per year. Typical career progression for a Collections Specialist involves becoming a Collections Manager or a Collections Supervisor, roles that pay $12K more and $8K more on average.

Collections Specialist Job Listings

Popular Employer Salaries for Collections Specialist


Parallon Business Solutions, Chase Bank, American Red Cross Blood Services, J.P. Morgan Chase & Co. (JPMCC), and Conifer Health Solutions are among the top companies that take on many Collections Specialists. American Red Cross Blood Services attracts talent by shelling out the biggest paychecks in the area — the median in that office is $44K.

Popular Skills for Collections Specialist


Survey participants wield an impressively varied skill set on the job. Most notably, skills in Phlebotomy, Oral / Verbal Communication, Accounts Receivable, and Microsoft Excel are correlated to pay that is above average, with boosts between 4 percent and 20 percent. Skills that are correlated to lower pay, on the other hand, include Medical Coding, Data Entry, and Collections. Those educated in Accounts Receivable tend to be well versed in Collections.

Pay by Experience Level for Collections Specialist

Pay by Experience for a Collections Specialist has a positive trend. An entry-level Collections Specialist with less than 5 years of experience can expect to earn an average total compensation of $33,000 based on 766 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Collections Specialist with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $38,000 based on 539 salaries. An experienced Collections Specialist which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $39,000 based on 635 salaries. A Collections Specialist with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $43,000 based on 255 salaries.

Pay Difference by Location

National Average: $37,467

Larger city markers indicate a job is popular in that location.

Surpassing the national average by 21 percent, Collections Specialists in New York receive some of the highest pay in the country. Collections Specialists will also find cushy salaries in Chicago (+12 percent), Dallas (+10 percent), Cincinnati (+8 percent), and Houston (+6 percent). Collections Specialists in San Antonio make 24 percent less than the national average, proving that location is a major factor in pay. Two other places where employers offer below-median salaries are Nashville (7 percent less) and Pittsburgh (3 percent less).

Collections Specialist Reviews

Q: What is it like working as a Collections Specialist?

Collections Specialist in Mesa:
"Satisfying, and Grateful."
Pros: I love what I do, I love the flexability I have to work from home. I love running the credit cards and posting payments, I feel such a sense of accomplishment.
Cons: Honestly the only 2 bad things I can think about my job, are my pay, and that I can't be full time.

Collections Specialist in Charleston:
"Boring."
Pros: Free time good pay compared to other places.
Cons: Let go if don't meet goal every so often.

Collections Specialist in Phoenix:
"Redundant."
Pros: It's easy. But feels extremely pointless.
Cons: I get very little work to do but get in trouble when I get done with it and have nothing to do.

Collections Specialist in Orlando:
"Ch2M."
Pros: Benefits overtime interactions with people.
Cons: Lack of fairness.

Collections Specialist in Round Rock:
"Stressful."
Pros: I enjoy doing what I do. I work with great people. I work for great people. I have fun at my job.
Cons: I don't get paid enough for all the work I do and everything I have taken on in a new role/ new position.

Collections Specialist in Hartsville:
"Business Development Rep."
Pros: Ease of living in the city, and the sense of community at the workplace.
Cons: Limited development, red tape requirements for advancement.

Collections Specialist in Alexandria:
"It's interesting."
Pros: The challenges of trying to get claims paid.
Cons: The denial process of claims, due to insurance companies thinking procedures are not necessary.

Related Job Salaries

Key Stats for Collections Specialist

Gender

Female
80 %
Male
20 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 370 votes.
Less than 1 year
3%
1-4 years
32%
5-9 years
19%
10-19 years
30%
20 years or more
15%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Collections Specialist Salaries

▲14%

▲4%

▲1%

National Average
$37,000

▼12%

Skills That Affect Collections Specialist Salaries

Phlebotomy
▲19%

Oral / Verbal Communication
▲5%



▲2%



National Average
$37,000

bill collections
▼1%


▼3%


▼5%

Data Entry
▼11%

Medical Coding
▼14%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 370 votes.

Gender

Female
80 %
Male
20 %

Years of Experience

Less than 1 year
3%
1-4 years
32%
5-9 years
19%
10-19 years
30%
20 years or more
15%

Common Health Benefits

medical benefits
Medical: 77%
dental benefits
Dental: 68%
vision benefits
Vision: 62%
no benefits
None: 20%
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