One of the best ways for law firms to get paid today is through credit cards. Whether you’ve been in business for some time now or you’re just getting started, the reality is that if you’re not accepting credit cards when you bill your clients, you’re hurting your practice. Law firm billing has changed a lot over the past several decades and taking credit cards from your customers means getting paid faster, getting more business, and simplifying your overall billing process.
Despite the ease of accepting plastic, credit card billing for law firms continues to be a daunting issue. Many attorneys are concerned about the risk of fraud and frustrated with the potential fees they might be charged from payment processors. Moreover, because there are PCI compliance issues surrounding credit cards, many firms are concerned about an additional layer of compliance complicating their practices. The reality, though, is that the benefits outweigh the risks.
What to Consider
If you’re ready to get started, the key is to find a credit card processor that works with firms like yours. There are hundreds of processors and getting one that’s perfect for your firm is the best way to keep your costs low. Do your research throughout this process. Ask your colleagues what services they use. You may even want to check with your bar association to see if they have a recommendation, too. You want to find a company that’s a suitable fit so you have a good experience from the start.
The most important thing to remember is that fees and pricing structure vary from provider to provider, so understand what a flat fee may mean for your firm and what something like interchange through pricing could mean in terms of total revenue. You’ll also need to think about how you process payments – whether through an online portal or in person where you can swipe the cards, as those mean two completely different kinds of costs.
Accepting credit cards for your law firm is the right move, so find a system that’s right for your practice. To learn more about how Y2Payments can help your law firm or business, contact us today at 888-693-1850.