Believe it or not, some lawyers and other professionals are still hesitant to jump on the online payment bandwagon. In this article, we’ll dispel four common misconceptions about accepting online payments for legal services.
“My clients have no desire to pay me with their credit cards.”
Think about the world we live in today. E-commerce giants like Amazon and Ebay have completely changed how people prefer to shop, and how they prefer to pay. In fact, a recent study showed that as much as 75 percent of customers prefer to pay with a credit or debit card.
Simply put, your clients would love the opportunity to pay for your services with their credit cards. Allowing them to make payments online with just the click of a button will make it easier for them to pay you, which leads to fewer late payments and more satisfied clients overall. It’s a win-win for both of you!
“Online payments are unsafe.”
You’re already well aware of how important it is to keep your clients’ sensitive personal information safe. When you accept credit cards as payments, you’ll need to protect their card data as well. Thankfully, online payment solutions can keep this data secure so you don’t have to. Look for an online payment solution that’s PCI Level 1 certified—the highest designation possible. These payment solutions are well equipped to protect payment data and employ security measures that your firm would otherwise not have access to. You’ll not only get a payment processor, but a payment data security specialist—all in one!
“Credit cards are too expensive.”
It’s true—if you accept credit cards as payment for your services, you’ll have to deal with processing fees. It’s simply the cost of moving money in our financial system. However, many professionals accept that this is the cost of running a modern business today. After all, wouldn’t you rather get paid instantly instead of waiting for a check to arrive—or worse yet, not at all? The impact of faster payments and increased cash flow offsets late payments and any processing fees. In fact, lawyers who have made the switch to online credit card payments have told us that the time they save is much more valuable than the fees they pay.
“I can’t accept credit cards and maintain IOLTA compliance.”
We hear you. You’re concerned about how credit card payments would work in light of the ABA Model Rules of Professional Conduct. According to Rule 1.15, lawyers must be careful to ensure earned funds are deposited into an operating account, while unearned funds go to a trust account. When accepting cash, checks, or other traditional forms of payment, it’s simply a matter of depositing the funds in the right place, but how does this work when using a credit card?
Your best bet is to use an online payment solution that understands the legal industry and was built from the ground up to anticipate and accommodate your needs. For example, when credit card payments are made through LawPay, your fees are always separated and deposited into their proper accounts. Plus, LawPay will never allow any third-party debiting to occur from your IOLTA account.
The benefits of accepting credit card payments are overwhelming—simpler workflows, increased cash flow, better productivity in your firm, and best of all, happier clients who pay on-time and more frequently. What more could a lawyer ask for?
To learn more about how LawPay can help your firm get paid faster, schedule a LawPay demo today.