Tips for Start-Up Attorney Firms With An Attorney Merchant Account

Feb 19, 2016

Start-up success is not the result of luck or genius; it can be engineered into a process that enterprising individuals can use to follow and fulfill their dreams. Now is the time for attorneys that want to strike out on their own to open law firms. Lawyers with their own firms get to select and control the types of cases they get and experience higher profits. Here’s the top tips for attorneys thinking about starting their own firms.

The Best Time is Now

So many lawyers get lost in the preparation stages and never make it to the actual opening of their law firms. While planning is certainly important, some details can be hashed out after your business is started. Get all the essentials like a website, a computer, office equipment, practice management software, and get going.

Find a Practice Area

Consumers are all about customization these days. Niche marketing has become the go-to strategy for a variety of industries – law is no exception. Attorneys are encouraged to specialize in a few key areas that are relevant to the community they serve, this way they will be known for particular issues in the surrounding area. This ensures the quick development of brand recognition and a steady clientele.

Law Firm Startup Costs

Start-up costs can be as little as $3,500 if you decide to practice from home. Consider the costs of office equipment, a cloud-based practice billing and management solution service (about $50 per month). Also factor in the cost of office management services like Microsoft Office products that can run as little as $22 per month.

Watch Expenses

It may take up to six months before lawyers have any type of regular income coming in. Keep overhead costs low. Sources of income like pay for contract work, contingency fees, and hourly billing may not hit the bank for a while.

Hone Listening Skills

Always listen to a client’s legal trouble from beginning to end, without interruption. And try to answer their legal problems in clear language. Also be sure to ask if the client has any questions about their legal options.

Starting your own law practice is hard work, but not impossible. eMerchantbroker.com is the leading online lender and payment processor for attorneys who want to generate serious profits with their own businesses.  Contact us to learn more about how we can create and manage your attorney merchant account.

Let us help you get a law firm merchant account today!

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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 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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