Top Ways Law Firms Collect Money

Nov 02, 2015

Law firms handle a large volume of transactions a year, but many still process paper checks even when faster and more efficient technologies exist. A growing number of consumers demand payment processing services that allow them to pay in multiple ways like debit, credit, online, and even on mobile. Attorneys must consider this trend in their daily interactions or risk losing customers. A recent poll was taken of small law firms and small businesses that accept electronic payments. The following are some popular services chosen by law firms.

  1. QuickBooks. QuickBooks’ Merchant Services lets merchants receive credit cards. There is a monthly fee of $19.95 plus a fee for each transaction: 2.47 percent plus 27¢ for a keyed card and 1.64 percent plus 27¢ for a swiped card. There is an annual PCI-compliance fee based transaction volume. QuickBooks also provides a GoPayment service for mobile use.
  2. LawPay. LawPay is a payment processing service created just for law offices. Lawyers can process transactions into their trust or operating accounts. LawPay also processes all specialized fees for services from operating accounts that keeps client monies separate from operational monies. The service costs about $30 per month. There’s also a 20¢ to 25¢ fee per transaction.
  3. PayPal. Law firms can easily set up a PayPal account with only an email address and a bank account number. PayPal accepts credit cards, checks, or funds from a client’s own PayPal account. Invoices can also be sent to clients via PayPal. There’s no set up fee or monthly fee. Firms will pay 2.9 percent plus 30¢ for payments up to $3,000. A payment between $3,001 and $10,000 will run 2.5 percent plus 30¢.
  4. eMerchantBroker.com offers innovative payment processing solutions like iCheck. iCheck allows for faster funding for travelers checks, business, money orders, personal checks, government, and cashier’s certified. iCheck doesn’t even require consumers to be present at the time of the transaction. The following are a few more benefits:

* Law firms can add pay now buttons to their websites, email invoicing to speed up payments plus digital signatures.

* App feature that lets users take photos of checks for payment

* Check-by-phone service that allows for over the phone payment. There is also a paper guarantee that gives law firms the                       ability to accept and process paper checks without risk.

eMerchantbroker.com is the leading online payment processor that provides multiple payment solutions for law firms. EMB representatives can set up law firm merchant accounts within 24 to 48 hours after applications are submitted. Don’t miss out on these profitable payment processing methods.

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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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