Reconciling clerk vs payment processor

The differences between reconciling clerks 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 reconciling clerk and a payment processor. Additionally, a payment processor has an average salary of $34,030, which is higher than the $31,012 average annual salary of a reconciling clerk.

The top three skills for a reconciling clerk include ACH, NSF and audit criteria. The most important skills for a payment processor are customer service, patients, and data entry.

Reconciling clerk vs payment processor overview

	Reconciling Clerk	Payment Processor
Yearly salary	$31,012	$34,030
Hourly rate	$14.91	$16.36
Growth rate	-5%	-5%
Number of jobs	66,393	33,161
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 39%	Bachelor's Degree, 35%
Average age	51	51
Years of experience	6	6

Reconciling clerk vs payment processor salary

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

	Reconciling Clerk	Payment Processor
Average salary	$31,012	$34,030
Salary range	Between $26,000 And $36,000	Between $27,000 And $42,000
Highest paying City	-	San Jose, CA
Highest paying state	-	Alaska
Best paying company	-	University of California, Berkeley
Best paying industry	-	Insurance

Differences between reconciling clerk and payment processor education

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

	Reconciling Clerk	Payment Processor
Most common degree	Bachelor's Degree, 39%	Bachelor's Degree, 35%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Reconciling clerk vs payment processor demographics

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

	Reconciling Clerk	Payment Processor
Average age	51	51
Gender ratio	Male, 25.3% Female, 74.7%	Male, 21.5% Female, 78.5%
Race ratio	Black or African American, 6.9% Unknown, 4.0% Hispanic or Latino, 14.7% Asian, 6.6% White, 67.2% 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%

Differences between reconciling clerk and payment processor duties and responsibilities

Reconciling clerk example responsibilities.

Manage resident's private information for insurance verification, billing, and eligibility to apply for Medicaid.
Balance the vault, ATM's, and cash drawer.
Correct and adjust information on customer checks using CRT machine.
Balance and research transactional issues for branches and GL accounts.
Reconcile corporate & personal bank accounts efficiently using CRT and calculating skills.
Post stop-payment notices to prevent payment of protest checks, adjusting customer accounts regarding stop payments, NSF's and AR/AP.

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.

Reconciling clerk vs payment processor skills

Common reconciling clerk skills

ACH, 29%
NSF, 21%
Audit Criteria, 14%
Bank Statements, 9%
ATM, 6%
Loan Payments, 5%

Common payment processor skills

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