Using Credit cards for the payment of products and services is no longer considered something unusual; rather, it is growing more commonplace as time passes. Let's be honest: when it comes to accepting credit cards, the legal business has lagged behind the rest of the world a little. In the past, the regulations and requirements associated with credit card payments that were specific to the legal industry scared many attorneys and firms away from accepting credit cards. However, the benefits of accepting credit cards have begun to change the way the industry thinks about credit cards.
Customers who pay invoices online using credit cards are more likely to do so if their firm has the capability to process credit card payments. Credit cards are increasingly becoming the preferred method of payment for your clients, and firms with the capability to process credit card payments make it easier for them to do so. According to industry data, businesses that take credit cards from their customers experience a 30-40 percent increase in cash flow.
Benefits of Payment Processing for Law Firms
Email Invoicing for easy payments
If you use an email service, you won't have to waste time and resources creating bills by hand or mailing them to clients. A email enables you to send invoices to your customers quickly and securely via email. When dealing with repeat customers, this is a fantastic option since you will only have to send them one invoice at the end of each month or after each service is completed, regardless of where they are located in the world. Additionally, you may securely store customer credit card information for the purpose of processing simple payments. For your legal practice, a virtual terminal may assist to eliminate any uncertainty or misunderstanding, as well as to make payments as quickly and accurately as possible.
Payment Gateway for security and convenience
Payment Gateway technology from Connrcted.co serves as the foundation for our email and ecommerce shopping cart solutions. Designed to complement your back-office procedures and assure safe payments and data protection, this technology is a valuable asset. This provides tremendous ease for both you and your customers.
Two Important Factors
Bar Compliance
The most important regulatory consideration for attorneys when selecting a payment processor is whether or not the payment processor can maintain the integrity of trust deposits. Standard methods of processing credit and debit card transactions entail the processor deducting a charge from the monies that are being transferred. Fortunately, for the majority of organizations, this is not an issue. The whole amount of the deposit, on the other hand, must stay in the law firm's client trust account until those monies are properly released. This is true when a customer pays an unearned retainer or when a third-party transfer’s cash intended for the client. However, it doesn't matter how tiny the percentage that is withdrawn as a processing fee is because no amount of those monies may be utilized for operational expenditures until they have been earned and transferred to the operating account.
Pricing
Cost is another apparent concern, and it was the one that the majority of the companies we spoke with considered as soon as they established that a service was bar compliant. However, pricing comparison for credit card processing is not as straightforward as it may appear. Even though pricing comparisons for most goods and services are pretty basic, the various invoicing formats and optional add-ons related with credit card processing can make the process more complicated.
Connected.co for Credit Card Processing
We at connected.co know that when you are aligned with the right banking partners, and you are able to manage your risk effectively--your business thrives. Our payment gateway is state-of-the-art, enabling you to route your transactions strategically, distribute your risk wisely, and optimize your sales globally. Our API is robust, our chargeback protection is built-in, and our Ul is very easy to use!
Our expert anti-fraud solutions provide you with an endless number of rules-based configuration options, the ability to test tactics against real-world data, and the ability to apply new rules with a single click of the mouse. Connected.co makes it simple to safeguard your accounts while increasing throughput.
JW Epply has been a senior executive for over 10 years, during which time he has met and exceeded growth and revenue goals in exceedingly difficult verticals. Epply is recognized as an efficient, dynamic leader with a strong background in sales and sales process, management, and organizational strategy. He holds a Bachelor’s Degree in Organizational Management from the University of Wyoming, and is an accredited Certified Payments Professional (CPP) from the Electronic Transactions Association (ETA).