Escrow clerk vs payment processor

The differences between escrow clerks and payment processors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both an escrow clerk and a payment processor. Additionally, an escrow clerk has an average salary of $36,861, which is higher than the $34,030 average annual salary of a payment processor.

The top three skills for an escrow clerk include escrow accounts, property taxes and insurance policies. The most important skills for a payment processor are customer service, patients, and data entry.

Escrow clerk vs payment processor overview

	Escrow Clerk	Payment Processor
Yearly salary	$36,861	$34,030
Hourly rate	$17.72	$16.36
Growth rate	-5%	-5%
Number of jobs	66,868	33,161
Job satisfaction	-	-
Most common degree	Associate Degree, 35%	Bachelor's Degree, 35%
Average age	51	51
Years of experience	6	6

Escrow clerk vs payment processor salary

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

	Escrow Clerk	Payment Processor
Average salary	$36,861	$34,030
Salary range	Between $27,000 And $49,000	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 escrow clerk and payment processor education

There are a few differences between an escrow clerk and a payment processor in terms of educational background:

	Escrow Clerk	Payment Processor
Most common degree	Associate Degree, 35%	Bachelor's Degree, 35%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Escrow clerk vs payment processor demographics

Here are the differences between escrow clerks' and payment processors' demographics:

	Escrow Clerk	Payment Processor
Average age	51	51
Gender ratio	Male, 11.5% Female, 88.5%	Male, 21.5% Female, 78.5%
Race ratio	Black or African American, 7.2% Unknown, 4.0% Hispanic or Latino, 15.3% Asian, 5.0% White, 67.9% 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	7%	7%

Differences between escrow clerk and payment processor duties and responsibilities

Escrow clerk example responsibilities.

Manage escrow department for title insurance company.
Maintain cleanliness of the company warehouse, operate warehouse machinery and organize the warehouse to ensure proper product placement.
Write checks in QuickBooks, send for signature, scan, separate, and mail.
Manage escrow department for title insurance company.

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.

Escrow clerk vs payment processor skills

Common escrow clerk skills

Escrow Accounts, 32%
Property Taxes, 23%
Insurance Policies, 14%
Flood Insurance, 11%
Tax Payments, 7%
HOA, 7%

Common payment processor skills

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