Clients are moving further and further away from written checks and office visits, causing attorneys to re-think the way they take payments.
Here are some things to keep in mind as you consider moving to an online payment system.
1. Your Clients Expect It
In the age of Venmo, PayPal, Amazon, and countless other online services, your clients expect to be able to pay online. Mailing checks is outdated and coming into the office to pay can be a hassle. Giving your clients a way to pay online means they can pay anywhere and at any time, and you’ll get paid faster. It’s a win-win: your clients will thank you and so will your wallet.
2. Protect Your Trust Account
Any attorney will tell you that one of their main concerns is avoiding mismanagement of their trust account. That’s why lawyers should work with merchant processors who are familiar with the ethical rules of trust accounting. Working with a merchant processor focused on law firms will save you from any fee mishaps. Trust us, we know (pun intended).
3. PCI Compliance
When accepting credit card payments, security should be your utmost concern. Your state bar requires that you maintain a certain level of PCI compliance. Storing credit card numbers in the office may violate PCI Compliance guidelines. (Read more here) Ignoring PCI Compliance could cause you to incur additional monthly fees from your credit card processor, and worse, could possibly cost you your license to practice law.
4. Know What You’re Being Charged
Speaking of PCI Compliance, are you being charged a monthly fee for lack of compliance? You might be paying compliance fees, transaction fees, cancellation fees, and chargeback fees. Make sure you know what you’re paying and why. Check your statements and choose a processor with a transparent flat fee.
5. Don’t Spend Time Reconciling
Why separate your practice management software and your merchant processor? Many practice management tools will help you get paid and reconcile your billing at the same time. This saves you time, allowing you to bill more or leave the office early! Time is money, so don’t spend it on data entry.
Getting paid online is easy with MyCase Payments. Our built-in payment platform allows you to time track, invoice clients, receive payments, and reconcile with your accounting seamlessly. If you’re a MyCase customer, click here and schedule a time to get set up. If you’re not a MyCase customer and you want to see how MyCase can impact the way you do business, start your MyCase free trial here.
–MyCase V+ Team