In case you run an individual law exercise or a small law firm, yet profits aren’t quite what you had hoped they would be, you may be surprised to learn that will accepting credit cards can be the answer you’ve been waiting for. Credit card processing for attorneys may help improve your ability to collect balances receivable and thereby increase your cash flow and profits. Charge card processing for attorneys isn’t very as complicated or costly as many people think it is, and it has many surprising benefits.
Many attorneys wait until they have got finished their work in order to bill the client, but this opens the door for clients to receive services without paying to them. It is much better to request retainer fees and other progress payments upfront. When these payments can be made through credit card, clients are amazingly receptive to the idea. Simply, this is because they know that in case for some reason you don’t deliver those people services, they can always initiate a chargeback (disputing a charge) through their bank card company. It also helps that for many people credit cards don’t seem like “real” money, so they are more willing to make advance payments before having received your services.
Small law firms or individual law practices that will bill their clients just after they have provided providers are often stymied by the need to be their client’s advocate whilst simultaneously being a creditor. Both of these roles place opposing demands on the attorney. It is difficult to passionately argue in your client’s best interest when you will find outstanding bills to be paid. Both the lawyer and the customer feel uncomfortable in that scenario. Fortunately, credit card processing for attorneys provides an easy remedy.
When you let your clients pay by credit card, a person free yourself of the role associated with creditor, instead allowing the credit card company to play that will role. In this way, you can concentrate on your primary role of advocate, ensuring that you act within the client’s best interest all the time. As described above, this is especially true when you accept the charge card payment as an upfront retainer fee, so that you receive the money in advance. After all, you can always return money to your client later, but it’s much better to achieve the money before the work is performed than to request payment (perhaps in vain) after you have completed all the work.
Many attorneys are usually leery of letting their clients use credit cards as being a payment method, because they think that their practices are too small to justify the expense of credit card processing, as it will negatively impact their bottom line. They have heard horror stories about the hidden fees plus misleading policies associated with conventional credit card processing services, and thus prefer to rely on cash plus check payments. Yet bank cards are often the simplest, most immediate way for your clients to pay you, and the process basically as expensive as you may concern.
Traditionally, attorneys and other professionals working individually had to protected an expensive, traditional merchant account and then buy or rent a credit-card-swiping terminal. After that, each time they wanted to practice a payment from a client, they had to make a carbon duplicate of the card and contact to request authorization. This was not only expensive, but also time-consuming and a distraction from the professional’s main line of work. Luckily, today there are better choices – specifically mobile charge card processing for attorneys.
Small business owners and professionals, including a lot of attorneys, find that mobile credit card processing is an excellent option for their particular work environment.
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It allows them to accept credit or debit card payments off their clients wherever the work is done, without being tied to a fixed office. If you have a telephone, cellular phone, or PDA (and who also doesn’t? ), then you already have all the equipment you need to get mobile credit card processing. Using this technology, you can easily request progress payment of all the anticipated fees, accepting your clients’ transaction information on the spot.
Mobile bank card processing for attorneys can be quick and simple to get started. First, you will have to get a merchant account, enabling your clients’ credit card obligations to be deposited into your bank account. You may be able to apply for one through your regular bank, yet this may be time-consuming and difficult, specifically if you don’t have an excellent credit history. A much simpler and more straightforward process is to use the services of a service provider account provider that will help you open a merchant account along with minimal fees as quickly as possible. The particular pragmatic “Dial Pay” or even “Accept by Phone” program is an affordable, easy-to-setup plan, offering you the convenience of making use of any phone to call a toll-free number.
At the voice prompt, you enter the following information: your merchant identification number (provided with the merchant account processor), the client’s credit card number with expiration date and the sale amount of the transaction. Other optional key-in codes exist such as the merchant processor’s standard bank ID (again provided by the particular merchant account processor), the client code of the cardholder and the sales tax. It is advisable, while not required, to expand the dial pay program plus key in the customer’s deal with (so that you can perform an address verification match) as well as the CVV2 code. The CVV2 is a security feature from the credit card, found in the unique panel on the back of Visa, MasterCard and Discover credit cards, three digits long; Us Express cards reveal the particular CVV2 code on the top right hand side of the card, above the charge card number, and contains four digits. Inputting the CVV2 code ensures that the client has the charge card in his/her possession.
Whilst keying in more information can lengthen the time to complete the particular transaction, it is better to include more info than less so that a given transaction will not downgrade to some non-qualified status, the highest price cut (percentage) rate that can be evaluated.