Payment processor vs accounts receivable clerk

The differences between payment processors and accounts receivable 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 accounts receivable clerk. Additionally, an accounts receivable clerk has an average salary of $36,425, 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 clerk are customer service, data entry, and collection calls.

Payment processor vs accounts receivable clerk overview

	Payment Processor	Accounts Receivable Clerk
Yearly salary	$34,030	$36,425
Hourly rate	$16.36	$17.51
Growth rate	-5%	-5%
Number of jobs	33,161	87,935
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 36%
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 clerk do?

An Accounts Receivable Clerk specializes in processing payment records and bill statements of a company or organization. Among the duties include calculating total revenues and unpaid invoices, maintaining financial records and keeping a detailed and organized database, and verifying financial transactions and payment delinquencies. Furthermore, an Accounts Receivable Clerk must resolve and examine deductions, prepare invoices and necessary documentation, and review customer payment plans and history records and coordinate with the collections department should there be any issues.

Payment processor vs accounts receivable clerk salary

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

	Payment Processor	Accounts Receivable Clerk
Average salary	$34,030	$36,425
Salary range	Between $27,000 And $42,000	Between $29,000 And $45,000
Highest paying City	San Jose, CA	Boston, MA
Highest paying state	Alaska	Massachusetts
Best paying company	University of California, Berkeley	IBM
Best paying industry	Insurance	Finance

Differences between payment processor and accounts receivable clerk education

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

	Payment Processor	Accounts Receivable Clerk
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 36%
Most common major	Business	Accounting
Most common college	University of Pennsylvania	University of Pennsylvania

Payment processor vs accounts receivable clerk demographics

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

	Payment Processor	Accounts Receivable Clerk
Average age	51	51
Gender ratio	Male, 21.5% Female, 78.5%	Male, 13.7% Female, 86.3%
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, 6.5% White, 67.7% American Indian and Alaska Native, 0.6%
LGBT Percentage	7%	7%

Differences between payment processor and accounts receivable 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.

Accounts receivable clerk example responsibilities.

Manage and monitor weekly bank deposit runs and record deposits into QuickBooks.
Manage profitable accounts receivable ledgers for existing and new clientele maintaining accuracy of monies enter to appropriate relate account.
Obtain online reports of bank transactions, including deposits, ACH, EFT and wire payments from multiple banking institutions.
Utilize QuickBooks accounting software for billing/invoices, generate statements.
Perform necessary adjustments using knowledge of Medicare and all third party insurance.
Investigate and resolve any out-of-balances including credit card discrepancies / lockbox exceptions.

Payment processor vs accounts receivable clerk 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 clerk skills

Customer Service, 12%
Data Entry, 9%
Collection Calls, 8%
Financial Data, 7%
Credit Card Payments, 5%
Process Payments, 5%

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Payment Processor vs Accounts Receivable Clerk

Updated January 8, 2025

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