Settlement clerk vs payment processor

The differences between settlement 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 settlement clerk and a payment processor. Additionally, a payment processor has an average salary of $34,030, which is higher than the $32,501 average annual salary of a settlement clerk.

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

Settlement clerk vs payment processor overview

	Settlement Clerk	Payment Processor
Yearly salary	$32,501	$34,030
Hourly rate	$15.63	$16.36
Growth rate	-5%	-5%
Number of jobs	66,380	33,161
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 35%	Bachelor's Degree, 35%
Average age	51	51
Years of experience	6	6

Settlement clerk vs payment processor salary

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

	Settlement Clerk	Payment Processor
Average salary	$32,501	$34,030
Salary range	Between $26,000 And $39,000	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 settlement clerk and payment processor education

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

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

Settlement clerk vs payment processor demographics

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

	Settlement Clerk	Payment Processor
Average age	51	51
Gender ratio	Male, 25.0% Female, 75.0%	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, 67.4% 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 settlement clerk and payment processor duties and responsibilities

Settlement clerk example responsibilities.

Manage resident's private information for insurance verification, billing, and eligibility to apply for Medicaid.
Process invoices in AS400 for delivery drivers.
Read and understand settlement descriptions and amounts within the AS400
Balance cash box, PPG and cup/cooler receipts daily.
Answer ACH relate questions for external customers and bank personnel.
Dispatch all cash letters to correct banks or ACH clearing house.

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.

Settlement clerk vs payment processor skills

Common settlement clerk skills

Data Entry, 43%
Settlement Statements, 9%
Administrative Tasks, 7%
Bank Deposits, 6%
Computer System, 3%
Multi-Line Phone System, 3%

Common payment processor skills

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