Payment processor vs banker

The differences between payment processors and bankers 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 a banker takes usually requires 2-4 years. Additionally, a banker has an average salary of $44,463, 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 a banker are taking care, financial services, and securities.

Payment processor vs banker overview

	Payment Processor	Banker
Yearly salary	$34,030	$44,463
Hourly rate	$16.36	$21.38
Growth rate	-5%	10%
Number of jobs	33,161	29,725
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 56%
Average age	51	43
Years of experience	6	4

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 a banker do?

A banker is primarily responsible for assisting clients with their banking needs, particularly when withdrawing, depositing, and paying. Aside from handling transactions, bankers are also mainly responsible for opening and closing accounts, processing requirements, verifying the validity of documentation, recommending services and other financial options to clients, and resolving inquiries and concerns. A banker may answer calls and correspondence, coordinate with other banking personnel, maintain accurate data, and discuss conditions to clients thoroughly. Furthermore, because a banker mainly works with clients, it is essential to attain customer satisfaction.

Payment processor vs banker salary

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

	Payment Processor	Banker
Average salary	$34,030	$44,463
Salary range	Between $27,000 And $42,000	Between $20,000 And $97,000
Highest paying City	San Jose, CA	New York, NY
Highest paying state	Alaska	New York
Best paying company	University of California, Berkeley	Citi
Best paying industry	Insurance	Finance

Differences between payment processor and banker education

There are a few differences between a payment processor and a banker in terms of educational background:

	Payment Processor	Banker
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 56%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Payment processor vs banker demographics

Here are the differences between payment processors' and bankers' demographics:

	Payment Processor	Banker
Average age	51	43
Gender ratio	Male, 21.5% Female, 78.5%	Male, 46.3% Female, 53.7%
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, 5.5% Unknown, 4.1% Hispanic or Latino, 11.4% Asian, 12.3% White, 66.5% American Indian and Alaska Native, 0.2%
LGBT Percentage	7%	6%

Differences between payment processor and banker 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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Banker example responsibilities.

Manage a mortgage, banking and securities base lending pipeline for one of the top lending branches in the firm.
Manage a variety of internal initiatives including merchandising, cross-selling, customer retention programs and promotional campaigns.
Earn numerous reward certificates for level of sales and customer service through QA.
Qualify potential members for membership by opening checking accounts, savings accounts, IRAs, CDs, and processing loan applications.
Follow appropriate VL guidelines to ensure compliance with QA and banking regulations.
Pass series 6 , 63 and insurance exams as registered member of FINRA.

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Payment processor vs banker skills

Common payment processor skills

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

Common banker skills

Taking Care, 15%
Financial Services, 10%
Securities, 6%
Bank Products, 5%
NMLS, 5%
Upselling, 4%

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Updated January 8, 2025

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