Processor vs payment processor

The differences between processors and payment processors can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 6-12 months to become a processor, becoming a payment processor takes usually requires 4-6 years. Additionally, a payment processor has an average salary of $34,030, which is higher than the $32,098 average annual salary of a processor.

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

Processor vs payment processor overview

	Processor	Payment Processor
Yearly salary	$32,098	$34,030
Hourly rate	$15.43	$16.36
Growth rate	-3%	-5%
Number of jobs	11,448	33,161
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 35%
Average age	50	51
Years of experience	12	6

What does a processor do?

Processors are employees who deal with clients and ensure that the clients' requests are provided. Processors usually handle loans or any other related claims. They are in charge of managing the submission of the clients' rights. They communicate the requirements to clients, schedule appointments, receive requirements submitted by clients, validate the requirements, and endorse further processing and approval requirements. Processors act as the bridge between clients and other institutions. They also communicate the request's status to clients and assist should it be needed after approval.

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.

Processor vs payment processor salary

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

	Processor	Payment Processor
Average salary	$32,098	$34,030
Salary range	Between $24,000 And $41,000	Between $27,000 And $42,000
Highest paying City	Randolph, MA	San Jose, CA
Highest paying state	California	Alaska
Best paying company	Argonne National Laboratory	University of California, Berkeley
Best paying industry	Finance	Insurance

Differences between processor and payment processor education

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

	Processor	Payment Processor
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 35%
Most common major	Business	Business
Most common college	-	University of Pennsylvania

Processor vs payment processor demographics

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

	Processor	Payment Processor
Average age	50	51
Gender ratio	Male, 34.0% Female, 66.0%	Male, 21.5% Female, 78.5%
Race ratio	Black or African American, 6.7% Unknown, 4.5% Hispanic or Latino, 10.7% Asian, 4.7% White, 72.3% American Indian and Alaska Native, 1.1%	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%

Differences between processor and payment processor duties and responsibilities

Processor example responsibilities.

Manage the project schedule and design the PowerPoint presentation.
Manage a monthly pipeline averaging 100 files from origination to funding per month as a Jr. processor.
Coach fellow team members to help attain higher QA and assist with CANDE questions to ensure efficiency.
Manage the ordering of homeowner's association estoppel letters for payoffs; as well as surveys and clear lien searches.
Obtain title policies and process title claims to expedite REO closings and obtain clear title to properties in numerous states.
Mail clerk, stamp, open, count mail and match checks with EOB 's

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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.

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Processor vs payment processor skills

Common processor skills

Data Entry, 19%
Customer Service, 18%
Patients, 11%
Standard Operating Procedure, 6%
Strong Customer Service, 5%
Bank Deposits, 5%

Common payment processor skills

Customer Service, 15%
Patients, 10%
Data Entry, 10%
ACH, 8%
Phone Calls, 5%
Credit Card Payments, 4%

Processor vs. similar jobs

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Updated January 8, 2025

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