Collections/accounts receivable vs payment processor

The differences between collections/accounts receivables and payment processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a collections/accounts receivable, becoming a payment processor takes usually requires 4-6 years. Additionally, a collections/accounts receivable has an average salary of $38,949, which is higher than the $34,030 average annual salary of a payment processor.

The top three skills for a collections/accounts receivable include customer service, patients and delinquent accounts. The most important skills for a payment processor are customer service, patients, and data entry.

Collections/accounts receivable vs payment processor overview

	Collections/Accounts Receivable	Payment Processor
Yearly salary	$38,949	$34,030
Hourly rate	$18.73	$16.36
Growth rate	-8%	-5%
Number of jobs	30,523	33,161
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 35%
Average age	46	51
Years of experience	12	6

What does a collections/accounts receivable do?

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.

What does a payment processor do?

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. They discuss the terms and conditions of the service contract with the clients and respond to their inquiries and concerns. A payment processor must have excellent communication and organizational skills, especially in coming up with repayment plans and solutions for clients who are not able to pay services in time.

Collections/accounts receivable vs payment processor salary

Collections/accounts receivables and payment processors have different pay scales, as shown below.

	Collections/Accounts Receivable	Payment Processor
Average salary	$38,949	$34,030
Salary range	Between $30,000 And $49,000	Between $27,000 And $42,000
Highest paying City	Boston, MA	San Jose, CA
Highest paying state	Connecticut	Alaska
Best paying company	Apollo Global Management	University of California, Berkeley
Best paying industry	Finance	Insurance

Differences between collections/accounts receivable and payment processor education

There are a few differences between a collections/accounts receivable and a payment processor in terms of educational background:

	Collections/Accounts Receivable	Payment Processor
Most common degree	Bachelor's Degree, 40%	Bachelor's Degree, 35%
Most common major	Business	Business
Most common college	-	University of Pennsylvania

Collections/accounts receivable vs payment processor demographics

Here are the differences between collections/accounts receivables' and payment processors' demographics:

	Collections/Accounts Receivable	Payment Processor
Average age	46	51
Gender ratio	Male, 25.3% Female, 74.7%	Male, 21.5% Female, 78.5%
Race ratio	Black or African American, 12.0% Unknown, 4.1% Hispanic or Latino, 20.1% Asian, 3.8% White, 59.4% American Indian and Alaska Native, 0.5%	Black or African American, 6.8% Unknown, 4.0% Hispanic or Latino, 14.5% Asian, 6.6% White, 67.4% American Indian and Alaska Native, 0.6%
LGBT Percentage	8%	7%

Differences between collections/accounts receivable and payment processor duties and responsibilities

Collections/accounts receivable example responsibilities.

Plan and conduct sensitive HUMINT collection operations with an emphasis on managing and debriefing confidential sources.
Work accounts receivable for Medicaid verification and payments.
Work remittance advice from Medicaid ensuring accuracy of payments.
Research and obtain extensive knowledge of FDCPA debt recovery laws and assist in recovering commercial debt from organizations.
Communicate effectively with patients, physicians, hospital staff, and insurance representatives to ensure accuracy in claims processing.
Review claims to determine if process correctly and if necessary, direct patients to contact insurance companies regarding additional benefit questions.

Payment processor example responsibilities.

Manage and review all incoming discounts and electronic contractual adjustments for accuracy per the negotiated Medicaid and Medicare contracts ;.
Maintain daily transactions for customer payments and various bank accounts using Quickbooks to track transactions.
Prepare and print all reports for EDI processing.
Maintain client customer confidentiality and HIPAA regulations with all data handling and transfers.
Uphold and reinforce compliance with hospital policies and federal regulations such as HIPAA.
Investigate and take corrective action regarding invoices reject by system or through EDI.

Collections/accounts receivable vs payment processor skills

Common collections/accounts receivable skills

Customer Service, 21%
Patients, 6%
Delinquent Accounts, 5%
Credit Card Payments, 5%
Past Due Accounts, 5%
Customer Accounts, 5%

Common payment processor skills

Customer Service, 15%
Patients, 10%
Data Entry, 10%
ACH, 8%
Phone Calls, 5%
Credit Card Payments, 4%

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Office and Administrative Industry
Collections/Accounts Receivable
Collections/Accounts Receivable vs Payment Processor

Updated January 8, 2025

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