Payment processor vs accounts receivable assistant

The differences between payment processors and accounts receivable assistants 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 accounts receivable assistant. Additionally, an accounts receivable assistant has an average salary of $36,730, 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 accounts receivable assistant are customer service, data entry, and cash handling.

Payment processor vs accounts receivable assistant overview

	Payment Processor	Accounts Receivable Assistant
Yearly salary	$34,030	$36,730
Hourly rate	$16.36	$17.66
Growth rate	-5%	-5%
Number of jobs	33,161	31,748
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 44%
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 accounts receivable assistant do?

An accounts receivable assistant has a variety of duties and responsibilities, including securing revenue by verifying receipts, maintaining records by microfilming debits, credits, and invoices, and summarizing receivables by maintaining invoices and determining the validity of account discrepancies. Other duties include keeping information confidential to protect the organization's value, accomplishing the organization and accounting mission, and resolving valid and authorized deductions. As an accounts receivable assistant, you are also responsible for posting customer payments by recording credit card, cash, and check transactions.

Payment processor vs accounts receivable assistant salary

Payment processors and accounts receivable assistants have different pay scales, as shown below.

	Payment Processor	Accounts Receivable Assistant
Average salary	$34,030	$36,730
Salary range	Between $27,000 And $42,000	Between $29,000 And $46,000
Highest paying City	San Jose, CA	Boston, MA
Highest paying state	Alaska	New York
Best paying company	University of California, Berkeley	University of California, Berkeley
Best paying industry	Insurance	Professional

Differences between payment processor and accounts receivable assistant education

There are a few differences between a payment processor and an accounts receivable assistant in terms of educational background:

	Payment Processor	Accounts Receivable Assistant
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 44%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Payment processor vs accounts receivable assistant demographics

Here are the differences between payment processors' and accounts receivable assistants' demographics:

	Payment Processor	Accounts Receivable Assistant
Average age	51	51
Gender ratio	Male, 21.5% Female, 78.5%	Male, 20.4% Female, 79.6%
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, 6.8% Unknown, 4.0% Hispanic or Latino, 14.4% Asian, 6.6% White, 67.6% American Indian and Alaska Native, 0.6%
LGBT Percentage	7%	7%

Differences between payment processor and accounts receivable assistant 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.

Accounts receivable assistant example responsibilities.

Reconcile bank deposit information with QuickBooks and manage all deposit files.
Manage profitable accounts receivable ledgers for existing and new clientele maintaining accuracy of monies enter to appropriate relate account.
Post customer payments by recording ACH, checks, and credit card transactions.
Inventory control using IBM AS400 system.
Maintain invoicing in AS400 billing system, reviewing collection activities and reconciling accounts.
Take in and disburse payments from customers in forms of checks, credit cards, ACH, and portal payments.

Payment processor vs accounts receivable assistant skills

Common payment processor skills

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

Common accounts receivable assistant skills

Customer Service, 25%
Data Entry, 10%
Cash Handling, 7%
Financial Reports, 4%
Purchase Orders, 4%
Payroll, 4%

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Payment Processor vs Accounts Receivable Assistant

Updated January 8, 2025

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