What does a Payment Processor do?
Published 3 min read
A payment processor is a company that provides services to merchants that allow them to accept credit and debit card payments from customers. Payment processors typically provide services such as credit and debit card processing, ACH processing, check processing, and fraud prevention.
Payment Processor job duties include:
- Verify accuracy of invoices and other accounting documents or records.
- Update accounting journals, ledgers and other records with latest transactions.
- Post transactions to general ledger and produce trial balance of accounts.
- Reconcile discrepancies in financial entries, documentation, etc.
- Assist in month end closing activities and prepare related reports.
- Maintain updated knowledge of accounting standards and regulations.
- Support internal and external audit processes by providing relevant data and information.
- Handle ad-hoc assignments and projects as required.
- Perform any other duties as may be assigned from time to time.
Payment Processor Job Requirements
Most payment processors have at least a high school diploma, although some jobs may require postsecondary education, such as an associate’s degree in accounting or business administration. Many payment processors also complete on-the-job training, which can last several weeks or months. Some employers may prefer to hire candidates who have certification from the American Institute of Financial Crimes (AIFCC). Payment processors typically need one to three years of experience in bookkeeping, accounting, or a related field before being promoted to a position processing payments.
Payment Processor Skills
- Flexibility
- Accuracy
- Attention to detail
- Organization
- Time management
- Communication
- Problem solving
- Customer service
- Data entry
- 10-key
- Typing
- Microsoft Office
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How to become a Payment Processor
A Payment Processor is a professional who processes electronic payments for businesses and organizations. They are responsible for ensuring that all transactions are processed accurately and in a timely manner. Payment Processors typically work in banks, credit unions, or other financial institutions.
To become a Payment Processor, you will need to have at least a high school diploma or equivalent. Some Payment Processors may also have an associate’s degree or higher in business administration or accounting. In addition, most employers will require you to have previous experience working with electronic payments.
If you are interested in becoming a Payment Processor, there are a few things you can do to get started. First, research the different types of Payment Processors and find one that best suits your skills and interests. Then, look for job postings online or in your local newspaper. Finally, contact your local bank or credit union and inquire about any open positions or internships they may have available.
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