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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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1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
5 Program(s) Found
  • Ranked among top Regional Universities in the South by U.S. News and World Report in 2015.
  • Ranked 37th among the Best Colleges for Veterans by U.S. News and World Report in 2015.
  • Stands as the largest private, nonprofit university in the nation with 100,000+ students.
  • Offers over 230 programs online, from the certificate to the doctoral level.
  • Has a student-faculty ratio of 25:1, and 42.3% of its classes have fewer than 20 students.
Show more [+]
  • Accredited
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  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Full Sail’s curriculum combines elements of creativity, art, business and life skills, technical prowess, and academic achievement.
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average.
  • Students work with industry-standard tools and technologies, allowing them to gain practical knowledge and real-world experience.
  • Join us on Facebook, Twitter, YouTube and Instagram to interact with our community, read about grad success, and see campus images.
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