Payment processor vs accounting clerk

The differences between payment processors and accounting clerks can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a payment processor and an accounting clerk. Additionally, an accounting clerk has an average salary of $38,683, 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 accounting clerk are data entry, customer service, and purchase orders.

Payment processor vs accounting clerk overview

	Payment Processor	Accounting Clerk
Yearly salary	$34,030	$38,683
Hourly rate	$16.36	$18.60
Growth rate	-5%	-5%
Number of jobs	33,161	106,969
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 49%
Average age	51	51
Years of experience	6	6

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 accounting clerk do?

Accounting clerks are employees assigned to manage administrative and clerical tasks in the accounting department. Accounting clerks handle office accounting records and ensure that files are properly labeled and stored. They validate records and check whether these are updated. They also sort through documents to ensure that they are in their proper storage bins. Aside from document handling, they also help with creating and validating financial statements and bookkeeping. As such, accounting clerks should have a strong background in accounting to manage their tasks better.

Payment processor vs accounting clerk salary

Payment processors and accounting clerks have different pay scales, as shown below.

	Payment Processor	Accounting Clerk
Average salary	$34,030	$38,683
Salary range	Between $27,000 And $42,000	Between $29,000 And $51,000
Highest paying City	San Jose, CA	Washington, DC
Highest paying state	Alaska	New York
Best paying company	University of California, Berkeley	Wilson Elser Moskowitz Edelman & Dicker Llp
Best paying industry	Insurance	Government

Differences between payment processor and accounting clerk education

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

	Payment Processor	Accounting Clerk
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 49%
Most common major	Business	Accounting
Most common college	University of Pennsylvania	University of Pennsylvania

Payment processor vs accounting clerk demographics

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

	Payment Processor	Accounting Clerk
Average age	51	51
Gender ratio	Male, 21.5% Female, 78.5%	Male, 20.0% Female, 80.0%
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, 6.9% Unknown, 4.0% Hispanic or Latino, 14.6% Asian, 6.6% White, 67.2% American Indian and Alaska Native, 0.6%
LGBT Percentage	7%	7%

Differences between payment processor and accounting clerk 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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Accounting clerk example responsibilities.

Manage revenue ledger including other subsidiary ledgers and responsible for the reconciliation of various income accounts to ensure accuracy of postings.
Perform balance sheet reconciliations and resolve open items by notifying employees and vendors of transaction discrepancies.
Assist in monthly financial close process by analyzing preliminary departmental expense reports and making necessary adjustments and accruals.
Develop a spreadsheet that pulls all data relate to project hours by operation from the ERP system.
Process all incoming payments receive via ACH, EFT, or the web; ensure accounts are accurately balance and reconcile.
Digitize proof of delivery receipts into ERP system (AS400) serving as an easy backup for employees to verify occurrence.

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Payment processor vs accounting clerk skills

Common payment processor skills

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

Common accounting clerk skills

Data Entry, 15%
Customer Service, 10%
Purchase Orders, 9%
Reconciliations, 6%
Vendor Invoices, 6%
QuickBooks, 3%

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Updated January 8, 2025

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