How to Boost Revenue & Get Paid Faster
Nearly every business now accepts credit card payments, and there’s good reason for that: the option to pay by card is considered a “must-have” by a growing number of Americans.
So why do so many law firms still hesitate to join in? Truth be told, there are justifiable concerns when you consider processing fees, data security risks, and trust accounting compliance requirements.
But law firms that don’t offer credit card processing are losing out on a significant opportunity for increased profit margins, improved cash flows, reduced administrative work, and a more satisfying client experience.
Last year, Tabs3 Software introduced our new credit card processing feature, Tabs3Pay, with the aim of helping law firms easily process credit card payments while putting compliance requirements at the forefront.
Benefits of credit card payments for law firms
When properly implemented, credit card processing offers law firms business advantages that are worth pursuing.
Giving your clients the option to pay online by card:
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● Improves law firms’ cash flow
● Speeds client payment timelines
● Reduces administrative time spent on processing payments
● Allows payments to hit your bank account more quickly than payments by check
● Creates a better, more convenient experience for your clients
Legal credit card processing: Truths and fictions
Some of the most common reasons for avoiding credit card payments stem from misunderstandings. Here are three of the most common objections law firms have to credit card processing and why these concerns don’t need to be deal-breakers.
Fiction #1: Credit card processing fees will be too expensive
This is an understandable worry. However, your law firm may be able to pass these charges on to clients through surcharging.
Tabs3Pay now offers a surcharging feature specifically designed to help law firms minimize expenses due to processing fees.
It’s worth noting that not all states allow surcharging, but law firms in most U.S. states can automatically pass processing fees on to cardholders using Tabs3Pay’s surcharging capabilities while remaining fully compliant.
Fiction #2: We won’t be able to maintain trust accounting compliance
Legal practices have an additional concern that businesses in other industries don’t need to worry about: staying compliant with trust accounting rules.
Trust accounting mistakes can come with serious repercussions, and there’s good reason for attorneys to be cautious about compliance. But the right software can safeguard your firm against compliance violations while still allowing you to accept card payments.
Tabs3Pay is specifically designed to maintain compliance by depositing funds into the trust account and withdrawing transaction fees from the operating account, while also protecting you from similar issues with voids and chargebacks.
Fiction #3: Credit card processing isn’t secure
Protecting clients’ personal information is a major concern for any attorney, but choosing the right payment processor can significantly reduce the risk of liability for data breaches.
Tabs3Pay is certified as PCI compliant and our Tabs3 Payment Link allows your clients to pay their bills safely and securely.
See how Tabs3Pay can help
As a part of Tabs3 Software, Tabs3Pay can help you avoid double data entry by seamlessly updating your accounting with new payments. With no monthly fees and available flat rate options, we make it easy to find the approach that works for your firm.
To learn how we can help your firm implement easy, compliant credit card processing, visit our site.
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