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The differences between processing specialists and cash application specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a processing specialist and a cash application specialist. Additionally, a processing specialist has an average salary of $55,587, which is higher than the $37,558 average annual salary of a cash application specialist.
The top three skills for a processing specialist include customer service, data entry and quality standards. The most important skills for a cash application specialist are customer service, cash application, and patients.
| Processing Specialist | Cash Application Specialist | |
| Yearly salary | $55,587 | $37,558 |
| Hourly rate | $26.72 | $18.06 |
| Growth rate | -5% | -5% |
| Number of jobs | 41,858 | 63,925 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 44% |
| Average age | 51 | 51 |
| Years of experience | 6 | 6 |
A processing specialist mainly functions to extend and relay information within a company or organization. Most of the time, they are responsible for gathering, verifying, processing, and analyzing data from various aspects such as clients and sales. Aside from this, they perform research and analysis, utilizing the results to develop strategies and plans to help the company pursue deals and provide optimum services. Furthermore, a processing specialist needs to coordinate with managers and be equipped with communication skills as there are instances where they must engage with clients.
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.
Processing specialists and cash application specialists have different pay scales, as shown below.
| Processing Specialist | Cash Application Specialist | |
| Average salary | $55,587 | $37,558 |
| Salary range | Between $31,000 And $98,000 | Between $29,000 And $48,000 |
| Highest paying City | Newark, NJ | Washington, DC |
| Highest paying state | New Jersey | Delaware |
| Best paying company | Meta | Datamatics |
| Best paying industry | Professional | Transportation |
There are a few differences between a processing specialist and a cash application specialist in terms of educational background:
| Processing Specialist | Cash Application Specialist | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 44% |
| Most common major | Business | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between processing specialists' and cash application specialists' demographics:
| Processing Specialist | Cash Application Specialist | |
| Average age | 51 | 51 |
| Gender ratio | Male, 39.5% Female, 60.5% | Male, 19.3% Female, 80.7% |
| Race ratio | Black or African American, 6.8% Unknown, 4.0% Hispanic or Latino, 14.5% Asian, 6.6% White, 67.5% American Indian and Alaska Native, 0.6% | Black or African American, 6.8% Unknown, 4.0% Hispanic or Latino, 14.5% Asian, 6.6% White, 67.5% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 7% | 7% |