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Do law firms take credit cards?

So, do lawyers take credit cards? The short answer is, “yes.” Almost every jurisdiction in the US has come out in favor of law firms accepting credit card payments for legal fees and expenses.

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Can a credit card company access a law firm trust account?

This means the credit card company will be accessing the law firm’s trust account. Worse, if the funds in dispute have been already transferred, the credit card company may be seizing trust funds that belong to another client. Suddenly the law firm has two angry clients and an ethics complaint brewing.

Can a lawyer pass on credit card processing fees to clients?

It is ethical in some jurisdictions for lawyers to pass on credit card processing fees to clients, but overall, it is not recommended. A reversal of previous ethics opinions has happened. It is better to accept these fees as the cost of doing business.

Is a merchant account good for a lawyer?

For some attorneys this may be a good option as well, particularly if your law practice doesn't deal with client trust accounts. The cost of a merchant account may be lower than a legal-specific payment processing service. Hundreds of companies offer merchant accounts; your own bank may be one of them.

Can a business accept credit cards?

Businesses that want to accept credit cards have traditionally opened a "merchant account." Most retailers and other businesses of any size have one. For some attorneys this may be a good option as well, particularly if your law practice doesn't deal with client trust accounts. The cost of a merchant account may be lower than a legal-specific payment processing service.

Can a law firm use a credit card to pay a client?

As you might have guessed, a number of specialized companies have sprung up offering payment processing services to law firms. Many of these services will allow a payment to be deposited directly into a client trust account, with the credit card transaction fees drawn from the firm's operating account to avoid prohibited trust withdrawals. Some of these legal-specific services can also integrate with a law practice management or billing system, so that invoicing and payment processing become seamless.

Is a PSP more expensive than a merchant account?

There are some downsides to PSPs. For businesses with at least modest revenue, a PSP may end up being substantially more costly than a merchant account. In addition, PSPs' customer service is often minimal, and accounts may be frozen with little immediate recourse if a transaction is deemed suspect. However, if you are a solo practitioner (or perhaps a very small law firm), a PSP is a reasonable option to consider.

Why do attorneys accept credit cards?

For some clients, it’s the peace of mind that comes from knowing that they won’t be cheated and that their credit card fraud protection department is there for them. For others, it’s the ability to pay for your services over time. For others still, it’s the points or miles that they’re trying to earn that provides the greatest incentive. Regardless of the client’s motivations, you will likely find that advertising that you accept credit cards will result in an increase in clients.

Do you get paid faster when you get a bill from an attorney?

Multiple studies show that when receiving a bill from their attorney, clients are much more likely to pay the bill if they can do it right from their phone or PC. The speed and likelihood of payment go even higher if the payment button is billed right on the invoice and has a short-form process.

Does LawPay work with Clio?

If you do, LawPay is the main game in town. It integrates with just about every practice management system, including Clio (the one I use). By integrating your practice management and credit card processing systems, you can have a completely seamless process where your time is entered into your practice management system, which generates a monthly invoice, sends it electronically to your client, who then pays the bill online and your practice management system receives and records payment on the invoice, handling your books automatically and providing your client with an electronic receipt, and you with electronic notice. Collections couldn’t get any easier.

Should You Accept Other Forms of Payment?

Depending on your type of practice, you may want to consider accepting PayPal, Android, and Apple Pay, and in time, maybe—just maybe, at some point in the future—you should accept Bitcoin… but we’ll leave that for another day.

Why do lawyers not accept credit cards?

Aside from ethical issues, processing fees are probably the biggest reason lawyers have avoided accepting credit cards. In jurisdictions that have adopted the language in the ABA’s 1974 ethics opinion permitting credit card payments, passing along surcharges may not be allowed. The original language reads, 4.

When did the Bar Association first look at credit cards?

In 1969, when the American Bar Association’s Committee on Ethics and Professional Responsibility first looked at whether a law firm could accept payment via credit cards, they could not have been more disdainful.

Why do lawyers give second notice?

The basis for the second notice is to allow the client to make payment arrangements with different funds. A client’s economic situation may not support unanticipated payments coming from a debit card or credit card. Lawyers should be mindful of the client’s circumstances and let clients decide if the charge should continue.

What happens if a client disputes a charge on their credit card?

If a client disputes a charge on their credit card, credit card processors will attempt to claw back money deposited in a disputed transaction. This means the credit card company will be accessing the law firm’s trust account.

What is the first issue when accepting credit card fees into trust?

The first issue when accepting credit card fees into trust is the issue of chargebacks. Lawyers are to hold client-entrusted funds inviolate. No other entity should be able to access funds held in trust.

How much does a credit card processor charge?

Most charge between 2-3% of a transaction. A client may deposit $1,000 into their law firm’s trust account. The lawyer receives only $980 to deposit into trust. Twenty dollars has been collected as a processing fee. This could create ethical issues if the client was relying on the full total being available for bills or expenses related to their matter.

Can credit cards be used to pay bills?

Not every state ethics committee has equally addressed all the issues surrounding this flexibility. Credits cards are just a funds transfer tool. Clients can use credit card charges to pay outstanding invoices, reimburse law firms for expenses, and deposit funds into a firm’s trust account.

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Does signing up for credit cards through partner links earn us a commission?

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Do lawyers accept credit cards?

You might be surprised at how many lawyers accept credit cards. Just be sure before you pay that they don’t tack on an extra processing fee for using a credit card because that could negate the value of any rewards you earn.

What is an IOLTA account?

Interest on Lawyers Trust Accounts (IOLTA) refers to a specific program with requirements for lawyers that receive funds belonging to clients. So how does it work when your law firm receives client payments by credit card?

Where does interest go in a client's account?

If the amount of money from an individual client is sizable or will be held for a long time, the interest goes to the client whose fund are held in the account.

Can IOLTA be deposited into my IOLTA account?

You’ll need to secure an account with a credit card processor that will deposit IOLTA transactions into your IOLTA account, but deduct fees for credit card processing from the operating account. You may also wish to have a separate merchant account set up for accepting non-IOLTA payments.

Do lawyers accept retainer payments?

Lawyers have IOLTA or trust accounts at banks that are separate and distinct from the law firm’s operating account. The advance payments or retainers to go the trust account, and the interest from those accounts typically goes towards statewide legal services and not the clients. Many lawyers do not accept retainer payments by credit card because of the steps required to accept a credit card into a trust account. However, if they do, an IOLTA merchant account comes into play.

Can processors provide merchant accounts?

The good news is that many processors can provide merchant accounts and help you comply with IOLTA.

Can law firms use credit cards?

However, there is a growing trend with more law firms using credit cards for retainers. In either case, accepting credit cards will be a matter of linking the proper bank accounts to your merchant account and ensuring that you use the right account for each transaction.

Who must participate in IOLTA?

Attorneys in all other locations must participate in IOLTA.