What does a payment processor do?

Billing specialists are accounting or finance employees who are responsible for sending out billing invoices to clients. They calculate charges that their clients have incurred. They then write bills, ensure that all details are correct, and send these out to clients. They also manage payment due dates and ensure that clients are duly reminded of such deadlines. Billing specialists also manage client accounts and ensure that they are paying on time. They help identify clients who have outstanding payables and send out collection notices to them. At times, billing specialists also manage the receipt of payments to manage account records better.

While similarities exist, there are also some differences between payment processors and billing specialist. For instance, payment processor responsibilities require skills such as "ach," "phone calls," "credit card payments," and "lockbox." Whereas a billing specialist is skilled in "medical billing," "submit claims," "medical terminology," and "medical claims." This is part of what separates the two careers.

Cash Application Specialists handle a variety of tasks related to company finances. They manage the organization of the company's financial records and oversee the overall cash inflow. They may also be assigned to handle payment collection, preparation of invoices, and receipts' issuance. They manage their relationship with their counterparts in client organizations to ensure a harmonious work relationship. This will help them follow up payments, communicate better, and resolve any concerns. Cash application specialists are also in charge of updating client records and ensuring that clients' payments are accurate. They also process refunds and facilitate other financial transactions.

In addition to the difference in salary, there are some other key differences worth noting. For example, payment processor responsibilities are more likely to require skills like "phone calls," "lockbox," "securities," and "powerpoint." Meanwhile, a cash application specialist has duties that require skills in areas such as "reconciliations," "cash receipts," "cash handling," and "medicare." These differences highlight just how different the day-to-day in each role looks.

A billing assistant is primarily in charge of performing support tasks to maintain smooth billing operations in an establishment. Their responsibilities typically include preparing and processing invoices for clients, sending billing adjustments, printing and reviewing invoices and billings, receiving payments, and monitoring delinquent invoices, sending reminders as necessary. They may also close and balance payments, calculate discounts, and maintain records of all transactions. Moreover, a billing assistant must be alert and proactive for any errors and inconsistencies, dealing with them accordingly.

There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a payment processor is likely to be skilled in "customer service," "ach," "phone calls," and "credit card payments," while a typical billing assistant is skilled in "front desk," "insurance verification," "scheduling appointments," and "insurance billing."

The duties of an accountable clerk vary in one's industry of employment. Typically, their responsibilities revolve around overseeing the financial aspects of a company, including revenue and budget. They mostly process payments and income, ensuring accuracy in every detail and transaction. An accountable clerk may also have clerical tasks such as producing progress reports, answering calls and correspondence, coordinating with various department personnel, and maintaining a database of information. Should there be any issues, it is essential to report to a manager right away.

Even though a few skill sets overlap between payment processors and accountable clerks, there are some differences that are important to note. For one, a payment processor might have more use for skills like "patients," "phone calls," "credit card payments," and "patient payments." Meanwhile, some responsibilities of accountable clerks require skills like "purchase orders," "process payroll," "office equipment," and "payment vouchers. "