With a H/T to Debra Feinberg I’ve discovered Squareup, an application which allows you to convert your smart phone into a credit card swiping machine to accept payments which then go directly to your account…sort of. All I kept thinking of was how ideal for the solo practitioner, or the lawyer who gets tagged at the court house for representation spontaneously from a pro se litigant who then gets cold feet at the last minute….just whip out your smart phone and card reader, get paid, get to work. More importantly, even if you are simply working more traditionally and don’t want contracts, card reader monthly fees, etc. here is an almost perfect device to assist with your business at low- to- no cost (traditional percentages per transaction apply similar to Paypal.) And the card reader is free!
Take a look:
Read the Terms of Service, however. They do say monies received prior to going to your bank account will be commingled. Yes, the dreaded ‘commingled’ funds if it is an unearned fee. But you know what? I’m willing to bet in the not too distant future this type of ‘commingling’ will no longer be considered ‘commingling’ under the rules. Why? Because let’s face it. If you have a bank account with the bank and all you have to show for it is a statement, your money is not reposing in its own little hermetically sealed baggie in the vault. It’s sitting next to someone else’s money in the bank doing its own ‘commingling’ or it’s off financing someone’s home….until you withdraw it.
What do you think? Could this work for your practice?