Easy Money: Modernize Your Payment Processing Before Your Competitors Do
If you’re still waiting on cash, checks or money orders, there’s a better way. Consumers want, and you can offer them, electronic payment processing, via credit or debit card. Many law firms avoid this option, because of payment processing fees associated with these systems; but, the fact of the matter is that electronic payment processing tools get you more money, sooner -- and, even assuming the processing fees attached to these accounts, they still cost less than traditional payment methods when you consider collection costs. Some lawyers avoid electronic payment processing because of perceived ethics issues. But, there’s a simple solution to those: make sure any fees (payment processing and chargebacks) come out of your operating account and not your IOLTA account . If you can collect more, more quickly, and can also automate payments via electronic payment processing systems, it will reduce or eliminate your accoun...