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The differences between finance technicians 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 a finance technician and a payment processor. Additionally, a finance technician has an average salary of $45,251, which is higher than the $34,030 average annual salary of a payment processor.
The top three skills for a finance technician include financial reports, financial management and review contracts. The most important skills for a payment processor are customer service, patients, and data entry.
| Finance Technician | Payment Processor | |
| Yearly salary | $45,251 | $34,030 |
| Hourly rate | $21.76 | $16.36 |
| Growth rate | -5% | -5% |
| Number of jobs | 89,668 | 33,161 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 35% |
| Average age | 51 | 51 |
| Years of experience | 6 | 6 |
Finance technicians are professionals who perform various tasks that are related to financial accounting for an organization. These technicians are required to provide monthly transaction reports and perform forecasts on their future budget requirements to ensure proper financial management for the organization. They must assist in preparing financial statements to analyze and summarize accounting data for the organization's senior management. Finance technicians must also research and resolve any disputes that involve financial transactions while informing the senior management about any financial discrepancies.
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.
Finance technicians and payment processors have different pay scales, as shown below.
| Finance Technician | Payment Processor | |
| Average salary | $45,251 | $34,030 |
| Salary range | Between $30,000 And $67,000 | Between $27,000 And $42,000 |
| Highest paying City | New York, NY | San Jose, CA |
| Highest paying state | New York | Alaska |
| Best paying company | Ernst & Young | University of California, Berkeley |
| Best paying industry | Government | Insurance |
There are a few differences between a finance technician and a payment processor in terms of educational background:
| Finance Technician | Payment Processor | |
| Most common degree | Bachelor's Degree, 48% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between finance technicians' and payment processors' demographics:
| Finance Technician | Payment Processor | |
| Average age | 51 | 51 |
| Gender ratio | Male, 41.2% Female, 58.8% | Male, 21.5% Female, 78.5% |
| Race ratio | Black or African American, 6.8% Unknown, 4.0% Hispanic or Latino, 14.4% Asian, 6.5% White, 67.8% 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% |