Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

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.

Showing schools in your area

Matching School Ads
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
  • Separate yourself from the pack by completing one of Saint Leo’s highly-rated Business degree programs. Associates, Bachelors, and Graduate degrees in highly sought-after concentrations available!
  • Learn the necessary skills and build the foundation to propel your business career by receiving an education from our faculty members with true real-world experience.
  • Saint Leo University provides academic excellence, flexibility, affordability, and a wide range of educational programs with financial aid and scholarships available to those who qualify.
  • Saint Leo offers a 14:1 Student-Teacher Ratio to ensure you get the personal attention you deserve.
  • Learn on your schedule with our 6 convenient available start dates throughout the year. Get started on earning your accredited Business degree today!
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Lancaster Bible College|Capital Seminary & Graduate School is a private Bible college composed of undergraduate, accelerated undergraduate and graduate learners.
  • Lancaster Bible College|Capital Seminary & Graduate School's mission has remained constant since 1933:
  • Lancaster Bible College|Capital Seminary & Graduate School offers 50+ majors, 8 academic departments and a variety of mission/ministry groups.
  • Lancaster Bible College's programs offer flexible degree formats. Our programs allow you to continue working in your current field, and apply life experiences as credits in certain instances.
  • Lancaster Bible College|Capital Seminary & Graduate School believes that God gave you a unique set of gifts. Now, He's giving you the opportunity to use them
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Showing schools in your area

Matching School Ads
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
  • Separate yourself from the pack by completing one of Saint Leo’s highly-rated Business degree programs. Associates, Bachelors, and Graduate degrees in highly sought-after concentrations available!
  • Learn the necessary skills and build the foundation to propel your business career by receiving an education from our faculty members with true real-world experience.
  • Saint Leo University provides academic excellence, flexibility, affordability, and a wide range of educational programs with financial aid and scholarships available to those who qualify.
  • Saint Leo offers a 14:1 Student-Teacher Ratio to ensure you get the personal attention you deserve.
  • Learn on your schedule with our 6 convenient available start dates throughout the year. Get started on earning your accredited Business degree today!
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
2 Program(s) Found
  • Lancaster Bible College|Capital Seminary & Graduate School is a private Bible college composed of undergraduate, accelerated undergraduate and graduate learners.
  • Lancaster Bible College|Capital Seminary & Graduate School's mission has remained constant since 1933:
  • Lancaster Bible College|Capital Seminary & Graduate School offers 50+ majors, 8 academic departments and a variety of mission/ministry groups.
  • Lancaster Bible College's programs offer flexible degree formats. Our programs allow you to continue working in your current field, and apply life experiences as credits in certain instances.
  • Lancaster Bible College|Capital Seminary & Graduate School believes that God gave you a unique set of gifts. Now, He's giving you the opportunity to use them
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!