Clients are increasingly looking for convenient, contactless payment options, and providing an easy-to-use mobile and online payment system can meet this need.
Law firms that don’t accept credit card payments are leaving revenue opportunities on the table. However, choosing the right credit card processing service has its challenges, such as high transaction fees and integration inefficiencies.
If you’re in the vetting stage, we’ve provided some guidance on what to look for when selecting a payment processing solution.
How to Select a Law Firm Credit Card Payment Service
When choosing a credit card payment service for your law firm, be sure to consider the following factors:
Transparent Transaction Fees and Rates
It’s essential to understand the fee structure of your credit card processing service. Different providers offer varying rates and transaction fees, so compare prices and look for a service that offers no setup fees, per transaction fees, and no long-term contracts.
Top-Tier Data Security Compliance
Your credit card processing service must comply with data security standards. Make sure the provider you choose can clearly articulate the security and data protection measures that are put in place.
Integrations with Practice Management Software
A credit card processing service should be an extension of your existing tools, not a hindrance. Ensure the service integrates seamlessly with your current legal practice management software to maintain efficiency.
Robust Customer Support Options
Just as you provide your clients with reliable support, your credit card processing service should do the same. Ensure they offer robust customer support to quickly address any issues that may arise.
Additional Must-Have Legal Credit Card Processing Features
While cost, security, and support might be the most significant factors when choosing a law firm credit card service, the unique features offered by each provider are equally important. Here are some capabilities that can significantly enhance your firm’s operations:
Law firms that don’t accept credit card payments are leaving revenue opportunities on the table.
Recurring Billing Capabilities
Recurring billing capabilities are a game-changer for law firms, particularly those that work on a retainer basis or have long-term clients. This feature allows you to set up automatic payments for clients, ensuring you receive timely payments without the need for constant follow-ups or manual invoicing. Recurring billing not only reduces administrative work but also improves cash flow by ensuring regular, predictable payments. Moreover, it provides convenience for your clients, as they don’t have to remember to make payments manually.
Clients are increasingly looking for convenient, contactless payment options, and providing an easy-to-use online payment system can meet this need. This feature allows clients to make payments at any time from any location. It not only offers convenience for your clients but also accelerates the payment process, ensuring faster receipt of funds.
PCI Compliance Guarantees
PCI DSS (Payment Card Industry Data Security Standard) compliance is a set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment. For law firms, which often handle sensitive client information, PCI compliance is a must-have. A credit card processing service with PCI compliance ensures the secure processing of credit card transactions, protecting your firm and your clients from potential data breaches. This not only safeguards your firm’s reputation but also builds trust with your clients, knowing their financial information is in safe hands.
Optimizing Your Law Firm Payments Setup
Once you’ve chosen a credit card processing service, it’s time to optimize your payment setup. This involves:
- Applying Client Retainer Payments Efficiently: Streamline the process of applying payments to client retainers. This not only saves time but also ensures accuracy and compliance.
- Setting Up Payment Plans: Offering payment plans can make your services more accessible to your clients, increasing their satisfaction which could lead to referrals for new business.
- Enabling Online Invoice Payments: Online invoice payments offer convenience for your clients, allowing them to pay anytime, anywhere. This can significantly speed up the accounts receivable process.
- Streamlining Trust Accounting: Choose a service that offers robust functionality that will aid in simplifying trust accounting. This can reduce the administrative burden on your firm, allowing you to focus more on your clients.
To Wrap It Up
Finding the right fit for your firm’s size, billing needs, and clients is key. Evaluating costs, features, security, and support will ensure you select the best credit card processor for your firm. CARET Legal’s billing and payment capabilities include an integrated credit card processing service, APX, designed specifically for law firms.
CARET Legal and APX payment processing stands out from other services with its transparent pricing, ease and speed, competitive rates, robust security measures, and exceptional customer support. APX offers:
- Flat transaction pricing: 3% fee for Visa, Mastercard and Discover cards, 3.5% fee for American Express, Corporate and Business cards, and a $2.00 flat fee for ACH/e-Checks.
- Short settlement period: 2 business days for cards and ACH/e-Checks
- PCI-Compliance: Fully complies with PCI requirements (265 encryption and tokenization)