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Processing specialist vs payment processor

The differences between processing specialists and payment processors 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 payment processor. Additionally, a processing specialist has an average salary of $55,587, which is higher than the $34,030 average annual salary of a payment processor.

The top three skills for a processing specialist include customer service, data entry and quality standards. The most important skills for a payment processor are customer service, patients, and data entry.

Processing specialist vs payment processor overview

Processing SpecialistPayment Processor
Yearly salary$55,587$34,030
Hourly rate$26.72$16.36
Growth rate-5%-5%
Number of jobs41,85833,161
Job satisfaction--
Most common degreeBachelor's Degree, 52%Bachelor's Degree, 35%
Average age5151
Years of experience66

What does a processing specialist do?

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.

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.

Processing specialist vs payment processor salary

Processing specialists and payment processors have different pay scales, as shown below.

Processing SpecialistPayment Processor
Average salary$55,587$34,030
Salary rangeBetween $31,000 And $98,000Between $27,000 And $42,000
Highest paying CityNewark, NJSan Jose, CA
Highest paying stateNew JerseyAlaska
Best paying companyMetaUniversity of California, Berkeley
Best paying industryProfessionalInsurance

Differences between processing specialist and payment processor education

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

Processing SpecialistPayment Processor
Most common degreeBachelor's Degree, 52%Bachelor's Degree, 35%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Processing specialist vs payment processor demographics

Here are the differences between processing specialists' and payment processors' demographics:

Processing SpecialistPayment Processor
Average age5151
Gender ratioMale, 39.5% Female, 60.5%Male, 21.5% Female, 78.5%
Race ratioBlack 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, 67.4% American Indian and Alaska Native, 0.6%
LGBT Percentage7%7%

Differences between processing specialist and payment processor duties and responsibilities

Processing specialist example responsibilities.

  • Manage an email account specifically for customers to fill out an RMA request form.
  • Personalize and manage a customer SQL network database to consolidate all incoming orders from different marketplaces.
  • Utilize the Dictaphone transcription equipment, and process large volumes of documents on a daily basis.
  • Create and maintain organizational charts using Microsoft Visio.
  • Provide expert help to Wang users.
  • Open and diagnose incoming mail using Opex rapid extraction equipment.
  • Show more

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.
  • Show more

Processing specialist vs payment processor skills

Common processing specialist skills
  • Customer Service, 20%
  • Data Entry, 13%
  • Quality Standards, 8%
  • Process Improvement, 7%
  • Patients, 5%
  • Excellent Interpersonal, 3%
Common payment processor skills
  • Customer Service, 15%
  • Patients, 10%
  • Data Entry, 10%
  • ACH, 8%
  • Phone Calls, 5%
  • Credit Card Payments, 4%

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