In case you run an individual law exercise or a small law firm, but profits aren’t quite that which you had hoped they would be, you may be surprised to learn that accepting credit cards can be the answer you’ve been waiting for. Charge card processing for attorneys will help improve your ability to collect accounts receivable and thereby increase your cash flow and profits. Bank card processing for attorneys basically as complicated or costly as many people think it is, and it has many surprising benefits.
Several attorneys wait until they have finished their work to bill the client, but this particular opens the door for customers to receive services without paying on their behalf. It is much better to request retainer fees and other advance payments upfront. When these types of payments can be made via credit card, clients are amazingly receptive to the idea. In part, this is because they know that if for some reason you don’t deliver all those services, they can always start a chargeback (disputing the charge) through their charge card company. It also helps that will for many people credit cards don’t think that “real” money, so they tend to be more willing to make advance payments before having received your own services.
Small law firms or individual law practices that will bill their clients just after they have provided services are often stymied by the have to be their client’s advocate while simultaneously being a creditor. These two roles place opposing needs on the attorney. It is difficult to passionately argue in your patient’s best interest when you will find outstanding bills to be compensated. Both the lawyer and the customer feel uncomfortable in that circumstance. Fortunately, credit card processing regarding attorneys provides an easy alternative.
When you let your customers pay by credit card, a person free yourself of the role associated with creditor, instead allowing the credit card company to play that will role. In this way, you can concentrate on your primary role of counsel, ensuring that you act in the client’s best interest all the time. As described above, this is especially true when you accept the charge card payment as an upfront retainer fee, so that you receive the money in advance. After all, you can always return money to your client later, but it’s much better to get the money before the work is completed than to request payment (perhaps in vain) after you have completed all the work.
Many attorneys are usually leery of letting their clients use credit cards as a payment method, because they think that their practices are too small to justify the expense associated with credit card processing, as it can negatively impact their main point here. They have heard horror tales about the hidden fees and misleading policies associated with conventional credit card processing services, and so prefer to rely on cash and check payments. Yet bank cards are often the simplest, most immediate way for your clients to pay you, and the process isn’t very as expensive as you may dread.
Traditionally, attorneys and other specialists working individually had to protected an expensive, traditional merchant account and then buy or rent a credit-card-swiping terminal. After that, each time they wanted to approach a payment from a client, they had to make a carbon copy of the card and contact to request authorization. It was not only expensive, but also time-consuming and a distraction from the professional’s main line of work. Fortunately, today there are better choices – specifically mobile credit card processing for attorneys.
Small businesses proprietors and professionals, including many attorneys, find that mobile credit card processing is an excellent option for their particular work environment. It allows them to accept credit or debit card payments using their clients wherever the work is completed, without being tied to a fixed workplace. If you have a telephone, cellular phone, or PDA (and who else doesn’t? ), then you already have all the equipment you need regarding mobile credit card processing. With this technology, you can easily request advance payment of all the anticipated charges, accepting your clients’ transaction information on the spot.
Mobile bank card processing for attorneys is quick and simple to get started. First, you will have to get a merchant account, allowing your clients’ credit card payments to be deposited into your banking account. You may be able to apply for one through your regular bank, yet this may be time-consuming and difficult, specifically if you don’t have an excellent credit history.
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A much simpler and more straightforward procedure is to use the services of a merchant account provider that will help you open a merchant account along with minimal fees as quickly as possible. The pragmatic “Dial Pay” or “Accept by Phone” system is an affordable, easy-to-setup plan, offering you the convenience of making use of any phone to call a toll-free number.
In the voice prompt, you enter the following information: your seller identification number (provided with the merchant account processor), the particular client’s credit card number with expiration date and the sale amount of the transaction. Various other optional key-in codes exist such as the merchant processor’s loan provider ID (again provided by the particular merchant account processor), the customer code of the cardholder as well as the sales tax. It is advisable, although not required, to expand the particular dial pay program plus key in the customer’s deal with (so that you can perform a good address verification match) and the CVV2 code. The CVV2 is a security feature from the credit card, found in the trademark panel on the back associated with Visa, MasterCard and Discover credit cards, three digits long; Us Express cards reveal the particular CVV2 code on the higher right hand side of the card, above the charge card number, and contains four numbers. Inputting the CVV2 program code ensures that the client has the credit card in his/her possession.
While keying in more information will certainly lengthen the time to complete the transaction, it is better to include more info than less so that the transaction will not downgrade to a non-qualified status, the highest discount (percentage) rate that can be assessed.