Merchant Accounts for Lawyers and Legal Services

Sep 19, 2013

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Like any business, Lawyers have monetary needs like all merchants, to collect their income as quickly and expeditiously as possible. So, it’s not a stretch to learn they use some merchant accounts to accept payments from their clients with a debit or credit transaction.

What kind to use

Some companies have separated their business out and made it specific for the legal fees and attorney fees. They will put the money into any account the law firm has designated, but at the end of the month, they collect their fees from the operating account of the firm.

They’ve made it possible to have a trust account to put money into for future use, and the operating account for paying out the fees.

Many across the country exist and are used widely by many firms. Although, some attorneys have made a point to continue using merchants accounts such as PayPal, for the ease of their programing.

Special use

Some of the merchant accounts have gone so far as to have readers for the attorney’s to take to the client.  They are collecting on the spot with the iPhone, iPad or Android device, for those hard to find clients that don’t have a current address.

Some states are still not clicking in with their bar associations and keeping the merchant accounts on the down low for the time being. But with some time, each state will make an appropriation for the technology that feeds the nations accounts.

Online attorneys

Do a lot of research if you have chosen an attorney for short term work online. And if you are an attorney and you need a merchant account, of course do your search for what may be the best for you. Check here for a list of online merchant accounts that are suited for the legal profession: http://abt.cm/18E0xZv

Something new

There will always be the customer that can pay right after the legal work has been done and these merchant accounts are perfect for those customers. Come to think of it, even the customer that needs to make payments, merchant accounts work well for over the phone payments, and check by phone payments.

Synopsis

Even though there aren’t as many high risk merchant accounts set up for attorneys and their legal fees, they are out there. Even a simple merchant account set up with PayPal will do the trick. The simple fact is, a little leg work will find the right one for your firm. The simple flick of wrist and slide of the card will bring the money right into the account you designate.

The continual flow of income keeps the business going, makes the partners happy and keeps the economy flowing. With life in general going in the positive direction, everything that comes around goes around. Meaning, you get paid, then you can pay your bills and they can pay their bills, and so on. The cycle continues and it keeps everyone busy and things copasetic.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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