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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 | Payment Processor | |
| Yearly salary | $55,587 | $34,030 |
| Hourly rate | $26.72 | $16.36 |
| Growth rate | -5% | -5% |
| Number of jobs | 41,858 | 33,161 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 35% |
| 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.
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 specialists and payment processors have different pay scales, as shown below.
| Processing Specialist | Payment Processor | |
| Average salary | $55,587 | $34,030 |
| Salary range | Between $31,000 And $98,000 | Between $27,000 And $42,000 |
| Highest paying City | Newark, NJ | San Jose, CA |
| Highest paying state | New Jersey | Alaska |
| Best paying company | Meta | University of California, Berkeley |
| Best paying industry | Professional | Insurance |
There are a few differences between a processing specialist and a payment processor in terms of educational background:
| Processing Specialist | Payment Processor | |
| Most common degree | Bachelor's Degree, 52% | Bachelor's Degree, 35% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between processing specialists' and payment processors' demographics:
| Processing Specialist | Payment Processor | |
| Average age | 51 | 51 |
| Gender ratio | Male, 39.5% Female, 60.5% | Male, 21.5% Female, 78.5% |
| 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, 67.4% American Indian and Alaska Native, 0.6% |
| LGBT Percentage | 7% | 7% |