Today's issue of TechnoLawyer NewsWire covers a legal-specific credit card processing service provider (see article below), an alert service for important email messages, a network storage appliance, an eBook reader, and a legal dictionary for the iPad. Don't miss the next issue.. Don't miss the next issue.
Take Charge and Get Paid Faster
Most businesses don't think twice about accepting credit cards. They just do it because it increases sales and reduces collections. But most businesses don't have to worry about regulations — like all those ethics rules that govern law firms. For this reason, many law firms have concluded that the costs of accepting credit cards outweigh the benefits. But what if you could minimize those costs?
Law Charge … in One Sentence
Designed by lawyers, Law Charge is a credit card processing service that offers legal-specific merchant accounts designed for law firms bound by trust accounting rules.
The Killer Feature
Accepting credit cards through a traditional service provider typically involves a cumbersome process for lawyers. That's because most credit card processors remove the discount and transaction fees from the amount you charge so that you end up with less than the transaction amount in your trust account. Thus, you need to write a check in the amount of these fees and deposit it in the trust account. You may also need to write another check for the monthly maintenance fees.
As a workaround, some firms deposit all funds into their operating account, then write a check for the transaction amount and deposit it into their trust account. Unfortunately, this method may fail an audit because it commingles funds if only for a short time.
Law Charge eliminates this dilemma. Depending on the nature of a charge, you can deposit the funds to your operating or trust account. If you deposit into your trust account, Law Charge places the transaction amount in the trust. It separates out the transaction fees and deducts them from your operating account at the end of the month.
Other Notable Features
Law Charge does not charge a monthly processing fee, inactivity fee, or any other "junk fees" as Law Charge CEO and lawyer Tracy Griffin characterizes them. "Clients are holding onto their cash because they just aren't sure whats coming next in this economy. Therefore, more and more lawyers are offering their clients the choice to pay by credit card," she added.
You can process transactions in the manner that best suits your firm — point of sale terminal, telephone, fax, Internet virtual terminal, and/or your own Web site (online store). Additionally, Law Charge integrates with Clio and VLOTech, popular Web-based practice management systems.
What Else Should You Know?
Costs depend on the type of processing you need. Learn more about Law Charge.
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So many products, so little time. In each issue of TechnoLawyer NewsWire, you'll learn about five new products for the legal profession. Pressed for time? The "In One Sentence" section describes each product in one sentence, and the "Killer Feature" section describes each product's most compelling feature. The TechnoLawyer NewsWire newsletter is free so don't miss the next issue. Please subscribe now.
