Law Firm Merchant Accounts – Payment Processing 2022
The most cost efficient attorney-merchant account programs for solo and small firms and the most flexible for mid to large size firms.
Payment Processing designed for attorneys.
EdataPay was the first to bring you merchant accounts designed specifically for attorneys that keep you in compliance with The ABA and your states guidelines for trust accounting. As the pioneers, we are always subject to copy cats but our programs are still the best and hard to beat.
You can accept credit cards with confidence when EdataPay is watching your back.
Legal Merchant Account Services
Law firms are unique from one another. Having specialized payment processing services will help meet the needs of law firms from one lawyer to multi-office firms. Our industry-specific solutions, the legal merchant account solutions can help eliminate many of the problems plaguing lawyers using other law firm credit card processing services.
We will never debit your trust account. All of our programs comply with the ABA and your state bar requirements regarding accepting credit cards and trust accounting compliance.
Our programs allow you to deposit to both your IOLTA for client funds, and your operating account for fees earned. Any fees will only be debited from your operating account. This avoids any commingling issues as well. Some firms have trust accounts in two or more states but only want fees debited from an operating account in one state. We can easily accommodate you on this.
Adding Surcharges or Convenience Fees
Yes – you can now pass on a portion of your costs when accepting credit cards. As of January 2013 an antitrust lawsuit was settled between merchants and the card networks. You can pass on that portion of your costs, the discount and transaction fees to your client. Typically the discount fee is between 1.65% and 4.00%. This applies to credit and debit cards, but not pin debit cards. The better way to do this is by adding a set convenience fee to the transaction. Your clients must be made aware that you are adding the convenience fee. Please call us to discuss in greater detail.
Currently there are ten states—Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas—and Puerto Rico that do not permit the passing on of the transaction cost. As lawyers check with your state’s ethics committee even if your state permits the surcharge, your Bar Association may not.
Increase your cash flow by 30-40 percent!
Benefits of a Legal Merchant Account
A law firm will have numerous clients with outstanding bills, retainer credits, and pending payments. Having a system in place to help the legal administrative team manage customer accounts is essential to improve productivity and lower costs. Accepting payments with a credit or debit card will help offices remain organized and reduce many of the mistakes made in billing.
Using an online payment system, law firms can create an account for their clients to manage their invoicing, billing and other correspondence. Managers can view all transactions with robust reporting tools while restricting specific users to certain functions. This can help larger firms manage multiple teams of lawyers and assistants efficiently.
Accepting payments from clients can be cumbersome at times. Law firms that only accept cash or check payments might be forced to wait extended periods of time before payment arrives and clears. Law offices wanting a faster and more regular way to accept payments have begun accepting credit cards. Receiving payments faster and without the hassle of making deposits after the fact, credit cards have quickly taken off as a preferred method of legal payment.
Features of a Legal Payment Gateway
Having a payment processing system for a law office in place can dramatically reduce the time spent accounting for and following up on client bills. Some of the most popular features of Allied Payment’s gateway are the following:
- Full PCI Compliance
- Securely Store Payment Card information on File
- Simple Recurring Billing program
- Client Account Management
- Electronic Invoicing<
- Electronic Receipts
- Manage Multiple Lawyer Merchant Accounts Simultaneously
- Integration into 3rd Party Systems
- Chargeback Mitigation and Prevention Tools
- Next Day Funding Options Available
- Simple to Understand Rate Structure
- Wholesale Bank Fees
Start your Law Firm’s Legal Payment Processing Today
Lawyers looking for reliable and cost-effective merchant services for their office can speak to Allied Payments about our payment services. Our team of law firm credit card processing professionals can help find the best solution for any size law firm. There is no obligation to receive a free consultation and estimate for our payment services.
Every merchant will need a strong, reliable payment gateway that gives him full control over the business customer’s information and gives him options for rebilling and continuing payments.
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