A transaction processor is a payment clerk that tracks payments, fine penalties, and other expenses. Transaction processors are usually employed by government offices, insurance companies, and other consumer businesses. Although individual duties differ according to their sector and ability, they execute tasks close to those of bookkeeping and accounting personnel.
Payment processors accept, register, and issue payment receipts made in person, online, on the phone, or by post. As such, customer care and accounting tasks are also performed by payment processors. They use several office and electronic equipments to manage and retain account records, enter alphanumeric details, codes, and financial reports. Payment processors may also prepare bank deposits, which require consistency.
Candidates must have a high school diploma or similar qualifications. However, some employers may favor someone with a bachelor's degree. Bureau of Labor Statistics calculated the median wages of payment processors, bookkeeping, and accounting clerks at $40,240 annually.
There is more than meets the eye when it comes to being a transaction processor. For example, did you know that they make an average of $16.54 an hour? That's $34,397 a year!
Between 2018 and 2028, the career is expected to grow 5% and produce 72,100 job opportunities across the U.S.
There are certain skills that many transaction processors have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed communication skills, math skills and organizational skills.
When it comes to the most important skills required to be a transaction processor, we found that a lot of resumes listed 20.4% of transaction processors included source documents, while 19.2% of resumes included clerical tasks, and 18.6% of resumes included computer database. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the transaction processor job title. But what industry to start with? Most transaction processors actually find jobs in the finance and professional industries.
If you're interested in becoming a transaction processor, one of the first things to consider is how much education you need. We've determined that 29.8% of transaction processors have a bachelor's degree. In terms of higher education levels, we found that 3.6% of transaction processors have master's degrees. Even though some transaction processors have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a transaction processor. When we researched the most common majors for a transaction processor, we found that they most commonly earn bachelor's degree degrees or high school diploma degrees. Other degrees that we often see on transaction processor resumes include associate degree degrees or diploma degrees.
You may find that experience in other jobs will help you become a transaction processor. In fact, many transaction processor jobs require experience in a role such as customer service representative. Meanwhile, many transaction processors also have previous career experience in roles such as cashier or sales associate.