Cash Application & Collection Specialist

Founded in 1898 and headquartered in Chicago, IL, GATX Corporation (NYSE: GATX) is an industry leader with 125+ years of success—success that is powered by our people. We are proud of our high-performance culture, hard-working and enthusiastic management team, and beautiful office space in the Willis Tower.

At GATX, we hire the best and offer our employees a dynamic, energetic, collaborative environment to enable them to make an impact from day one. Enjoy the perks and benefits of a global company with the close-knit culture and community of a much smaller one. In the same way we strive to empower our customers to propel the world forward, we are dedicated to providing our people with the tools and resources they need to advance in their careers.

Collections: Responsible for managing and collecting receivables for a portfolio of customers. Responsibilities encompass calling customers, researching billing and cash application issues, and performing customer account reconciliations.

Cash Application: Accurately apply payments received (via check, ACH, wire) from customers to accounts and invoices in SAP on a daily basis. Investigate and apply non-customer payments received to the appropriate general ledger account.

Qualified candidates who are currently Wells Fargo Rail employees will be given priority consideration over other external applicants.

• Cash Application:
  • Be self-reliant with the entire cash posting process for incoming ACH’s, wires and checks. Post cash receipts daily, which includes:
    • Obtaining customer remittance information from the AR mailbox and applying payments received to invoices on the customer’s account
    • Research and resolve any unapplied customer payments timely manner
    • Research and resolve any unapplied non-customer payments in a timely manner
    • Maintain cash receipt documentation (customer remittance, bank reports/statements, etc.) in organized manner
    • Monitor / Maintain department inboxes (including AR mailbox, Canadian AR mailbox and AR statement inboxes)
  • Respond to internal and external requests and inquiries (account statements, payment reconciliations, etc.)
  • Provide unapplied customer payments that require further investigation to Collectors and assist with resolution
  • Perform cash balancing and period end cash procedures
  • Process non-standard customer-related transactions such as write-offs, bankruptcy entries, etc.
  • Perform other projects or duties as assigned by the Manager / Director: Audit related requests
• Collections:
  • Monitor customer balances using accounts receivable and cash receipt reporting to identify and prioritize customer balances in need of collection action
    • Maintain accurate and thorough records of collection activities (a log/tracker with detailed notes on communications with customers and internal business partners, dates, and action items)
  • Pinpoint issues and work proactively to address them before accounts become past due (PO accuracy, appropriate contacts, etc.)
  • Contact customers (via phone and email), applying timely, diligently, and appropriate collection efforts to address balances due including troubleshooting (meetings w/ customer and internal partners) to resolve issues
  • Own the entire process to resolve past due balances (and short payments) by researching billing, cash application and adjustments
    • Perform all necessary follow-up to ensure actions are taken by the responsible parties
    • Escalate accounts to the appropriate parties when collection efforts stall
    • Monitor and resolve kick-outs (differences between payments and invoices) daily
  • Communicate account status to management timely and accurately in the format and level of detail required for weekly meetings with manager and monthly review meetings with leadership
  • Prepare required documents and process routine transactions for customer portfolio including refunds, write-offs, adjustments, and account summaries

• Proficiency and / or work experience in cash application and collections.
• Experience applying payments across business segments, entities, company codes. and basic understanding of posting payments to different GL accounts. 
• SAP experience is extremely helpful.
• Proficiency in Microsoft Excel is essential for managing data and creating reports, using basic formulas and VLOOKUPS.
• Strong attention to detail and accuracy in handling cash applications and collections.
• Excellent communication skills, both written and verbal, to effectively resolve any issues related to cash applications.
• Ability to work independently and manage multiple tasks efficiently.
• Strong problem-solving skills to effectively address any discrepancies or issues.
• Typical knowledge of other Microsoft applications such as Outlook, Word, Teams and other