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The differences between phone bankers and merchants can be seen in a few details. Each job has different responsibilities and duties. Additionally, a merchant has an average salary of $74,999, which is higher than the $34,532 average annual salary of a phone banker.
The top three skills for a phone banker include customer service, customer inquiries and compliance guidelines. The most important skills for a merchant are product development, gross margin, and market trends.
| Phone Banker | Merchant | |
| Yearly salary | $34,532 | $74,999 |
| Hourly rate | $16.60 | $36.06 |
| Growth rate | 10% | - |
| Number of jobs | 22,843 | 15,395 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 34% | Bachelor's Degree, 57% |
| Average age | 43 | 41 |
| Years of experience | 4 | - |
As the name entails, phone bankers work for banks, financial institutions, or even at call centers whose primary job is to assist banking customers' needs and inquiries via telephone. Their duties and responsibilities may include handling concerns about bank transactions, keeping customers informed of bank policies and procedures, and processing financial applications. They also help maintain customer retention and satisfaction, participating in marketing campaigns, sales development activities, and referral programs. Phone bankers may do some administrative tasks as needed.
A merchant is responsible for selling goods and services for an organization to generate revenues by reaching out to existing and potential customers and discuss the products' features. Merchants must have extensive knowledge of the goods offered by the company to be able to respond to customers' inquiries and concerns accurately. They also maintain the adequacy of inventory for store orders, create purchase requests, and analyze sales performance. A merchant coordinates with the sales and marketing team to develop efficient promotional strategies and increase brand awareness on public platforms.
Phone bankers and merchants have different pay scales, as shown below.
| Phone Banker | Merchant | |
| Average salary | $34,532 | $74,999 |
| Salary range | Between $27,000 And $43,000 | Between $47,000 And $119,000 |
| Highest paying City | Saint Paul, MN | San Francisco, CA |
| Highest paying state | New York | California |
| Best paying company | Advancial Federal Credit Union | Levi Strauss & Co. |
| Best paying industry | Finance | Finance |
There are a few differences between a phone banker and a merchant in terms of educational background:
| Phone Banker | Merchant | |
| Most common degree | Bachelor's Degree, 34% | Bachelor's Degree, 57% |
| Most common major | Business | Business |
| Most common college | Stanford University | Stanford University |
Here are the differences between phone bankers' and merchants' demographics:
| Phone Banker | Merchant | |
| Average age | 43 | 41 |
| Gender ratio | Male, 36.1% Female, 63.9% | Male, 42.1% Female, 57.9% |
| Race ratio | Black or African American, 5.8% Unknown, 4.1% Hispanic or Latino, 12.2% Asian, 10.8% White, 66.8% American Indian and Alaska Native, 0.2% | Black or African American, 8.5% Unknown, 5.2% Hispanic or Latino, 23.3% Asian, 7.4% White, 55.1% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 6% | 7% |