Payment Solutions Manager

Classification

Exempt

Reports to

Director of Payment Solutions

Date

April 9, 2024

JOB DESCRIPTION

Summary/Objective

The Payment Solution Manager will lead our Credit Union's collection efforts. The Payment Solutions Manager will oversee the delinquency management process, develop collection strategies, and ensure compliance with regulatory requirements. The Payment Solutions Manager is responsible for the supervision of the collections team. The role monitors methods of contact regarding delinquent accounts to make sure the entire process operates in compliance with state and federal laws. In addition, the Payment Solutions Manager locates and notifies members of delinquent accounts by mail, telephone, or in-person to solicit payment. Duties include receiving payment and posting amount to members’ accounts; preparing letters if member fails to respond; initiating repossession proceedings or revocation of service; and keeping records of collection and status of accounts.

Essential Functions

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

1. Develop and implement collection strategies to effectively manage delinquent accounts and minimize losses.

2. Lead a team of collectors, providing guidance, training, and support to ensure optimal performance and productivity.

3. Establish and maintain relationships with external collection agencies and legal partners, ensuring effective collaboration and compliance with all relevant laws and regulations.

4. Review and analyze collection reports and data to assess portfolio performance and make informed decisions.

5. Conduct regular performance evaluations and provide feedback to team members, fostering a culture of accountability and continuous improvement.

6. Work closely with other departments, including lending, member services, and risk management, to coordinate collection efforts and implement best practices.

7. Ensure all collection activities are conducted in accordance with credit union policies, industry standards, and regulatory requirements, including the Fair Debt Collection Practices Act (FDCPA) and Fair Credit Reporting Act (FCRA).

8. Develop and maintain departmental procedures and documentation, ensuring accuracy and compliance.

9. Stay abreast of industry trends, regulatory changes, and emerging collections and debt recovery technologies.

10. Negotiates payment arrangements and follows up to make sure the payments are made and offers credit extensions when necessary.

11. Locate and notify members of delinquent accounts by mail, telephone, or personal visits to solicit payment.

12. Answer member questions regarding problems with their accounts, and record information about the financial status of members and status of collection efforts.

13. Order vehicle repossessions or revoke services and turn over account records to attorneys when members fail to respond to collection attempts.

14. Comply with BSA and other applicable regulations.

15. Maintain knowledge of One Detroit Credit Union’s products and services, operational policies and procedures, by-laws, and philosophy.

16. Demonstrate professional, business-like appearance.

17. Perform other duties as required for the efficient operation of the lending department.

Qualifications:

1. Bachelor's degree in finance, business administration, or a related field. Master's degree preferred.

2. Minimum of 3-5 years of experience in collections management, preferably in a financial institution or credit union environment.

3. Strong understanding of collection laws and regulations, including FDCPA, FCRA, and bankruptcy laws.

4. Proven leadership experience with the ability to motivate and inspire a team to achieve goals and objectives.

5. Excellent communication and interpersonal skills, with the ability to interact effectively with internal and external stakeholders.

6. Analytical mindset with the ability to interpret data, identify trends, and make data-driven decisions.

7. Proficiency in collection software and Microsoft Office Suite.

8. Detail-oriented with a focus on accuracy and compliance.

9. Ability to thrive in a fast-paced, dynamic environment and adapt to changing priorities.

10. Certification in credit and collections (e.g., Certified Credit Union Financial Counselor) is a plus.

Competencies

1. Employee Management

2. Member Focus

3. Decision Making/Judgement

4. Delinquency Ratio Performance

5. Job Knowledge

6. Problem Solving

7. Attendance

8. Appearance & Grooming

9. Ethics

10. Accountability

11. Teamwork

BSA Requirements

This job requires and understanding of and compliance with the Bank Secrecy Act, OFAC, the USA PATRIOT Act, and related 1DCU policies and procedures, including the reporting of suspicious activity, including insider abuse, as directed. The role includes the management and support of subordinate team members’ responsibilities in these areas.

Supervisory Responsibility

This position is responsible for the performance management of employees and processes within the Payment Solutions Department.

Work Environment

This job operates in a professional office environment. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets and fax machines.

Physical Demands

This is largely a sedentary role; however, some filing is required. This would require the ability to lift files, open filing cabinets and bend or stand on a stool as necessary.

Position Type/Expected Hours of Work

This is a full-time position. Hours worked may exceed 40 hours per week. Occasional evening and weekend work may be required as job duties demand.

Travel

No travel is expected for this position.

Required Education, Experience, & Skills

1. High school diploma or general education degree (GED).

2. Previous managerial or supervisory experience.

3. One to three years of experience in a collections capacity.

4. Strong verbal, written, and analytical skills.

5. Experience with Microsoft Office (Word, Excel and PowerPoint).

Preferred Education, Experience, & Skills

1. Bachelor’s degree in a related field.

2. Previous collections experience at a financial institution.

AAP/EEO Statement

One Detroit Credit Union is an equal opportunity employer.

Other Duties

Please note, this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may change at any time with or without notice.

Job Type: Full-time

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Health insurance
• Paid time off
• Vision insurance

Weekly day range:

• Monday to Friday
• Weekends as needed

Ability to Commute:

• Detroit, MI 48226 (Required)

Ability to Relocate:

• Detroit, MI 48226: Relocate before starting work (Required)

Work Location: Hybrid remote in Detroit, MI 48226