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How to Become a Consumer Payment Processing Clerk

Career News May 27, 2014

A consumer payment processing clerk has undergone many title changes over the years since Bob Cratchit, of Christmas Carol fame, made his first appearance. The terms bookkeeper and clerk have been synonymous with the job since the early parts of the last century. It all comes out of the creation of banks themselves.

Historical Progression

Around the 14th Century, a few men would set up benches and tables in certain areas of town. They would loan money and receive the payments back in. As time went on, these “banks” (derived from the Italian word for “Bench”) would have specific people assigned to loan the money and others to collect it. As we come into the modern world, and more specifically the computer age of today, more specialized jobs are associated with collecting payments from consumers.

Today’s Industry

Today’s collection of money can be face to face, over the phone or via computer. The world of finance is always changing, but a smiling face and pleasant, efficient personality will always be necessary on some level. That is where the payment clerk comes in.

A consumer loan payment processing clerk processes payments made by borrowers to the loan institution and makes sure that the payments are collected and registered in a timely and acceptable manner. They may also process the systems of debits and credits made to the business, reconciling the accounts for any disparity that may occur as well as doing and registering all daily paperwork and reviewing past payments. This is the person that the consumer becomes most familiar with and is the face of the business to the consumer.

This career can be earned with just a high school diploma or, in rare cases, even a GED. For an advancement, a higher education as well as experience will be required, but if you have an attention to detail and can enjoy repetitive tasks in your work environment, the loan processing clerks job may well be a good fit for you.

Where to Work

Banks, Credit Unions, mortgage brokers, and general consumer loan institutions are where many who seek the position find jobs. These types of operations are in most cities across the country, and they will probably be some variations of it in your area.

This job requires a good work history and credit history. In dealing with money, you can expect to have to pass a background check and prove that you have a flawless record of dealing with money, on a personal, as well as a professional, level.

Job Prospects

A consumer loan processing clerk will find multitudes of job openings around the country. Some of those positions have gone because of lack of acceptable candidates. If you are chosen, you can expect a salary between $24,000 and $29,000 a year. You may have to pass initial and random drug screenings, and continue to show the ability to handle personal finances, as well as do the daily operations of your job. Still, you will work in a clean atmosphere and receive good benefits in exchange for the trouble.

Due to the repetition and high level of attention to detail required, this job is not for everyone, but if you do have those traits, this can be a rewarding job. This is a job with stability and opportunity for growth. It is a career field worth checking out.

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5 Program(s) Found
  • Liberty University provides a worldclass education from a christ-centered worldview
  • 100% online programs at associate, bachelor’s, master’s, and doctoral levels
  • No standardized testing if student meets admission requirements
  • Accredited by the Southern Association of Colleges and Schools Commission on Colleges
  • 87% of Liberty University students receive some form of financial aid
  • Online Courses
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
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  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
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  • Why Earn Your Degree from GCU?
  • Options: Choose from a variety of undergraduate and graduate degree programs in Business, Nursing, Psychology, Education & more!
  • Convenience: Complete courses online, on campus, or a combination of both!
  • Earlier Graduation: Our 4-credit courses allow you to complete your degree program in less time.
  • Transfer Friendly: We will request your transcripts, evaluate your graduate coursework, and determine your anticipated graduation date within 24 hours.
  • Quality: Grand Canyon University was founded in 1949 and is regionally accredited. Learn more today!
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Hallmark University has a modern approach to business education. Our students are "hired" on day one to a mock company and live out their education as if on the job.
  • Students also gain valuable work experience having gone through real case studies from Fortune 100 companies.
  • By utilizing compressed, objective-driven courses, you can complete your education in nearly half the time of a similar program at a traditional college or university.
  • Each of our courses are designed to include scenario-based activities. You get to practice what you learn so you're ready for the challenges you will face when you graduate.
  • Our graduates enter the workforce with experience employers desire in addition to a credible degree.
  • Don't settle for learning in large lecture halls. Get the attention needed to succeed.
  • Online Courses
5 Program(s) Found
  • Averett University is a top-ranked, fully-accredited institution that offers students over 30 undergraduate majors, minors and special programs, and 5 master's programs.
  • Accelerated programs designed for convenience: choose from weekly evening courses at one of Averett's Virginia locations or study online and on your own time.
  • Averett University was named one of Virginia’s top colleges for return on investment, and their average scholarship package lowers the cost of attendance further by almost 40%.
  • Averett offers students learning experiences that mirror real-life situations. This means you can put today's lesson to the test during tomorrow’s workday.
  • Averett University's 12:1 student-professor ratio makes your education a collaborative endeavor based on close relationships between students and faculty.
  • Online Courses

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