Payment processor vs account specialist

The differences between payment processors and account specialists can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a payment processor, becoming an account specialist takes usually requires 6-12 months. Additionally, an account specialist has an average salary of $42,586, which is higher than the $34,030 average annual salary of a payment processor.

The top three skills for a payment processor include customer service, patients and data entry. The most important skills for an account specialist are customer service, patients, and account management.

Payment processor vs account specialist overview

	Payment Processor	Account Specialist
Yearly salary	$34,030	$42,586
Hourly rate	$16.36	$20.47
Growth rate	-5%	-8%
Number of jobs	33,161	116,010
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 54%
Average age	51	46
Years of experience	6	12

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.

What does an account specialist do?

An account specialist is responsible for reaching out to customers or potential clients through calls, emails, and other forms of correspondence to secure sales and strengthen business relations. An account specialist may also perform other tasks such as arranging appointment schedules with clients, providing price quotes and responding to further inquiries, process orders, generating sales leads, and handling complaints and resolving issues. Furthermore, an account specialist may also be involved in developing strategies, finding new opportunities, producing and completing necessary documents, and preparing reports, all in adherence to the company's policies and regulations.

Payment processor vs account specialist salary

Payment processors and account specialists have different pay scales, as shown below.

	Payment Processor	Account Specialist
Average salary	$34,030	$42,586
Salary range	Between $27,000 And $42,000	Between $28,000 And $62,000
Highest paying City	San Jose, CA	Washington, DC
Highest paying state	Alaska	Virginia
Best paying company	University of California, Berkeley	Microsoft
Best paying industry	Insurance	Finance

Differences between payment processor and account specialist education

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

	Payment Processor	Account Specialist
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 54%
Most common major	Business	Business
Most common college	University of Pennsylvania	-

Payment processor vs account specialist demographics

Here are the differences between payment processors' and account specialists' demographics:

	Payment Processor	Account Specialist
Average age	51	46
Gender ratio	Male, 21.5% Female, 78.5%	Male, 32.2% Female, 67.8%
Race ratio	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%	Black or African American, 13.2% Unknown, 4.1% Hispanic or Latino, 17.8% Asian, 3.7% White, 60.8% American Indian and Alaska Native, 0.5%
LGBT Percentage	7%	8%

Differences between payment processor and account specialist duties and responsibilities

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.

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Account specialist example responsibilities.

Cultivate productive long-term relationships with all assign accounts, and manage all reporting and presentation needs for RFP's.
Manage a portfolio of accounts end to end RFP program execution inclusive of pricing, contracting, process and technology solutions.
Manage the daily correspondence from assign practices with keeping doctor/patient confidentiality under consideration along with HIPPA regulations.
Deliver exceptional customer service to hospital accounts and internal sales representatives in accordance to revenue recognition policies and HIPAA regulations.
Experience with CMS 1500 and UB-04 claims using HCPC/CPT codes as well as NDC codes
Monitor CMS and real time aux codes.

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Payment processor vs account specialist skills

Common payment processor skills

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

Common account specialist skills

Customer Service, 25%
Patients, 13%
Account Management, 6%
PowerPoint, 4%
Data Entry, 4%
Catheter, 3%

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Updated January 8, 2025

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