Being an attorney, you might be aware of two things: 1) Fees of all kinds eat up around 30% of your paycheck 2) Not all fees are bad. To create a seamless payment passage for your clients, you need to give your clients all types of payment methods. Credit card processing services allow you to do exactly that by giving you a safe and easy way of transacting through a credit card. Law firms are increasingly relying on credit card processing services to provide customers with an easier way of paying. Credit card processing services allow firms to connect seamlessly to the major payment networks and process transactions anywhere in the world. And getting one is easy. The best credit card processing service for your firm depends on a variety of factors, including the volume of payments you accept, what types of payments you accept, the type of business you run, the number of employees in your firm, etc. But which service provider is the best for your firm?
In this blog, we are going to cover all answers to all such questions.
Top Benefits of Using Credit Card Processing for Your Law Firm?
1. Allow clients to pay by credit card and ACH payments.
2. Allows your clients to pay directly through your website.
3. Manages your trust accounting and IOLTA accounts.
4. Will help you manage automated payments.
5. Can facilitate custom payment plans for your clients.
6. Reasonable and transparent processing fee.
Things to Consider Before Getting a Credit Card Processing Service
- Pricing
Legal payment processing companies take out the burden and extra precautions from lawyers’ lives that normal credit card processing merchants don’t. Does this point out that lawyers need to pay a hefty amount for this service? No. It’s true that you might need to pay a fee that otherwise would not have to pay when dealing with other merchants. To keep yourself from getting into a ditch of hefty fees, keep in mind the monthly fees and per-transaction fees.
- Integrations
When considering credit card processing services, consider the tools that you regularly use, it’s imperative that your credit card processing service integrate with workflow tools. Most law firms use legal practice management software for their law practice, it’s important to create a seamless payment process for your payment processing software to integrate with your practice and workflow management tools.
- Rules for Trust Accounting
Choosing a credit card processing company for your law firm it’s not easy. Law firms have ethics that need to be followed for accounting procedures. Law firms need payment processing solutions that don’t chargebacks on trust accounts, keeping in mind trust accounting when adopting payment processing software is important for seamless management of trust accounts.
- Additional Payment Methods
Clients don’t just use one method for payments, some use credit cards, some use online payments, and some use checks. It’s vital to get paid seamlessly to have multiple payment methods. A good payment processing software should also have multiple payment methods. Accepting digital payments beyond credit cards is integral for the growth of your law firm and prioritizing client experience, look for payment solutions that have multiple payment facilitators, the more options you offer to your clients the more seamless client experience you’ll provide.
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Top 5 Software for Credit Card Processing Software
- LawPay
LawPay is an easy-to-use payment processor that deploys dynamic technology to assist lawyers to get paid faster. The tool takes the stress out of getting paid, sanctioning parties within the legal industry to process payments to guard their IOLTA accounts. Besides, its Quick Bill feature provides an easy way to send payment requests via email with a link to your payment page. This makes the client pay on time while enabling legal firms to maintain accurate billing records
LawPay capabilities include:
✓ Credit Card Payment Processing
✓ IOLTA Trust Accounting
✓ Payment Plans
✓ Recurring Billing
✓ Practice Management Software Integrations
Visit Website – Lawpay.com
- PayPal
PayPal is a top-notch credit card processor and payment software provider for many businesses; it is not legal-centric yet its functionality is easy and powerful. They are known for their consumer-level application, assisting consumers and businesses in transactions and processing payments. With PayPal, you can easily send and receive payments. They also offer functionality to suit law firms that could suit law firms for credit card payment processing. PayPal is easy to set up applications for and is becoming a widely accepted choice for law firms.
PayPal’s capabilities include:
✓ Credit Card Payment Processing
✓ Payment Plans
✓ Recurring Billing
✓ PCI Compliance
✓ Advanced Fraud Prevention
✓ Open API
Visit Website- Paypal.com
- HeadNote
HeadNote is a legal-centric payment processing application made keeping lawyers in mind, HeadNote is a recent addition to the payment processing space in the legal industry. HeadNote includes both payment options, ACH payments, and credit card payment processing. HeadNote also provides an easy-to-use interface and one-day payment processing with automation and workflow tools.
HeadNote capabilities include: Credit
✓ Card Payment Processing
✓ IOLTA Trust Accounting
✓ Payment Plans
✓ Recurring Billing
✓ Practice Management Software Integrations
✓ PCI Compliance
✓ ACH / eCheck Capabilities
✓ Optional AR Professional Services
Visit Website – Headnote.com
- Stripe
Stripe is not legal-centric yet is widely used among law firms because of its easy-to-use interface, stripe advertises itself as the best billing solution for internet companies, and it’s a great payment processor for law firms who have moved as virtual law firms but don’t let this fool you stripe offer great payment processing services for non-internet companies too. You can manage your payments through your website or mobile app with Stripe. It is a cloud-based solution, so it also integrates with other softwares.
Stripe capabilities include: Credit
✓ Card Payment Processing
✓ Payment Plans
✓ Recurring Billing
✓ PCI Compliance
✓ Advanced Fraud Prevention
✓ Open API
Visit Website – Stripe.com
- Authorise.Net
Authorize.net is a payment solution that is available for all industries and is a division of Visa if you do not need trust/IOLTA accounting for your law practice. Authorize.net may be a great fit for your law firm. The service hosts one of the most secure platforms for accepting, processing, and storing payment information, and includes an additional layer of fraud prevention. Authorize. net also offers an open API so you can develop software that connects directly to the solution.
Authorise.net capabilities include:
✓ Credit Card Payment Processing
✓ Payment Plans
✓ Recurring Billing
✓ PCI Compliance
✓ Advanced Fraud Prevention
✓ Open API
Visit the website – Authorize.net
Summing Up
If you are running a law firm, and you are not taking payments through credit cards, you are missing out on a lot of potential business. Credit card processing is the gateway to success for many businesses today. Being able to accept card payments through a merchant processing service means that you will have an easier time reaching a wider client base. There are many reasons why credit card processing services are important for law firms. First, they allow lawyers to take credit card payments anywhere and improve cash flow when they wait to get paid. Second, they help protect client confidentiality, as very few businesses handle cash these days. And finally, they provide a way for clients to pay easily online and by phone, which makes payment a quick step. Explore our in-depth credit card processor reviews to make informed decisions about your payment processing needs. Hope this blog must have given you insight and an idea about how credit card processing service works best for your law firm.