Comments on: Should Your Law Firm Accept Credit Card Payments?

By: Stephen Ganis

Stephen Ganis — Tue, 14 Feb 2012 14:45:28 +0000

I have never accepted CCs, since only once in a long time have I been asked the question, but obviously it all depends on how many transxns and amount of funds you’re running thru in terms of assessing the LawPay terms. A LawPay Rep confirmed that I can anticipate the extra 1% transxn fee they call the downfee because if client pays with the Awards-based CCs, such as the Capital One MCs, those cards will cost you another 1%. I just have to check with the regional bank with which I have my IOLTA trust account that they treat the LawPay direct deposits as a deposit, and not subject to a fee, such as the wire transfer fees I’m assessed as recipient of wired funds.

By: Chuck Newton

Chuck Newton — Tue, 14 Feb 2012 03:30:15 +0000

Geoff, a number of bankruptcy attorneys are linked with services that technically accept credit cards, ACH transactions and PayPal because they need to accept VISA and MasterCard based credit cards, cash cards, or process payments electronically. There is an increasing reliance of bankruptcy attorneys on rapid imports of creditor, schedules, matrix and SOFA information, that greatly limits the number and frequency of in-person visits with the attorney so that the attorney can handle a consumer bankruptcy on a fix fee profitably. This increasingly means as well, that payment can come over the phone or online, as well as in the office. People just do not carry checks like they use to. Some people that do not have regular bank accounts use pre-paid VISA and Mastercards. I think you are correct that you must caution and warn your clients not to incur additional debt in planning a bankruptcy filing, and that might also mean extending overdraft lines of credit tied to a debit card. But, like I said, it is often necessary to accept these payment vehicles.

By: Susan Cartier Liebel

Susan Cartier Liebel — Mon, 13 Feb 2012 18:31:43 +0000

Geoff,

I understand where you are coming from. Every penny counts! As to bankruptcy, I did indicate in the post to accept credit cards ‘as your practice area permits’. Bankruptcy is a known area of concern.

Just a thought – if you were able to advertise you used credit cards (for non-bankruptcy work) do you think this might increase those clients who would like your services but prefer to use credit cards thereby making the monthly fee worthwhile? If so, then the $15 becomes a sort of marketing expense.

By: Geoff

Geoff — Mon, 13 Feb 2012 17:58:36 +0000

I too believe that accepting credit cards is a great idea. And I also like the flexibility that Lawpay offers. But, at this stage of my practice, I don’t need to accept cards often enough to justify the $15.00 monthly fee.

It is not my intent to badmouth a sponsor, I just wish that there was a way to use Lawpay on the utterly random basis that I find myself needing it.

Also – I believe that there may be some serious issues in allowing credit card use to pay for BK attorneys, but I am not entirely sure.

By: Chris Hill

Chris Hill — Mon, 13 Feb 2012 13:28:42 +0000

Susan,

As one who decided to accept cc payments from the beginning of my solo practice, I can say that the processing fees are more than worth it. I particularly like the online pay options found directly through LawPay and through Clio (that I’ve linked through lawpay.