Credit processor vs payment processor

The differences between credit processors and payment processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 3-6 months to become a credit processor, becoming a payment processor takes usually requires 4-6 years. Additionally, a payment processor has an average salary of $34,030, which is higher than the $31,890 average annual salary of a credit processor.

The top three skills for a credit processor include data entry, customer service and financial statements. The most important skills for a payment processor are customer service, patients, and data entry.

Credit processor vs payment processor overview

	Credit Processor	Payment Processor
Yearly salary	$31,890	$34,030
Hourly rate	$15.33	$16.36
Growth rate	-3%	-5%
Number of jobs	11,088	33,161
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 41%	Bachelor's Degree, 35%
Average age	44	51
Years of experience	6	6

Credit processor vs payment processor salary

Credit processors and payment processors have different pay scales, as shown below.

	Credit Processor	Payment Processor
Average salary	$31,890	$34,030
Salary range	Between $26,000 And $38,000	Between $27,000 And $42,000
Highest paying City	-	San Jose, CA
Highest paying state	-	Alaska
Best paying company	-	University of California, Berkeley
Best paying industry	-	Insurance

Differences between credit processor and payment processor education

There are a few differences between a credit processor and a payment processor in terms of educational background:

	Credit Processor	Payment Processor
Most common degree	Bachelor's Degree, 41%	Bachelor's Degree, 35%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Credit processor vs payment processor demographics

Here are the differences between credit processors' and payment processors' demographics:

	Credit Processor	Payment Processor
Average age	44	51
Gender ratio	Male, 25.3% Female, 74.7%	Male, 21.5% Female, 78.5%
Race ratio	Black or African American, 9.8% Unknown, 3.9% Hispanic or Latino, 17.4% Asian, 4.0% White, 64.4% American Indian and Alaska Native, 0.6%	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	9%	7%

Differences between credit processor and payment processor duties and responsibilities

Credit processor example responsibilities.

Manage accounting operations, accounting close, account reporting and reconciliations.
Obtain credit reports, run background checks
Review specific lender guidelines for conventional, FHA and VA refinance/purchase transactions.
Analyze personal credit reports and Dunn & Bradstreet business credit reports.
Review closing agents' packages after closing, wire funds and review HUD-1 documents.
Verify all documentation meets FHA guidelines and regulations.

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.

Credit processor vs payment processor skills

Common credit processor skills

Data Entry, 16%
Customer Service, 15%
Financial Statements, 6%
Credit Card Processing, 5%
Credit Card Payments, 5%
Credit Bureaus, 4%

Common payment processor skills

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