Obtaining merchant accounts for law firms can sometimes be difficult. While many people don’t think of law firms as being a particularly high risk industry, the reality is that they serve a customer base that is typically high risk. As a result, credit card processing companies may qualify law firms as high risk because of the high potential for charge backs from clientele, despite the fact that the law firm itself is not doing anything wrong. One company that does offer a specialized law firm merchant account is Painless Processing. Painless has a wide variety of processing options that allow law firm clients to make their payments easily.
Credit Card Processing
Having a credit card terminal on site can offer law firm clients the ability to make payments while they are already at the law office for consultations and other meetings. A credit card terminal does not have to be a standalone device, but can now be integrated into other technology. For instance, iPads and iPhones have add ons and applications that allow users to swipe credit cards and create invoices. This makes it easy for clients to make payments on the spot without having to wait for a billing statement and mailing a check.
Painless Processing offers the Check 21 processing option for all law firm merchant accounts. This option is very popular due to the fact that law firms generally deal with large dollar amounts that are paid by check the majority of the time. Check 21 is an option that allows law firms the ability to electronically deposit checks by taking an image of the check, rather than having to physically take a check to the bank to be deposited. This reduces the chances of fraud, and prevents clients from “floating” checks, because they can be deposited much more efficiently. In addition, this adds a lot of flexibility for businesses who can’t make regular deposits during the day. Using Check 21 increases the efficiency of all check processing times and makes cash flow easier to track overall.
The Automated Clearing House (ACH) payment method is available for any law firm merchant account as well. This option is great for clients who will be making recurring payments, and wants to make direct payments online. The ACH process is simply a matter of transferring funds from one bank account to another electronically, while eliminating as much processing time and paperwork as possible. In most cases clients will have the option to either make a one time payment or to schedule recurring payments on a fixed time table. More and more people are using automated billing systems to take a hands off approach to ensuring that their bills are paid on time.
Check by Phone
Check by Phone processing is another method that is popular for many law firm clientele. For those who do not have regular internet access, other payment methods may be difficult. However, check by phone allows clients to enter their routing and account numbers by phone. This method is slightly slower in processing than ACH or credit card swiping, because it is equivalent to writing a physical check. However, the actual step of depositing a check has been removed, so it can still be faster than handling paper checks or waiting for a Check 21 deposit.
Ultimately Painless Processing offers a law firm merchant account that covers a diverse selection of payment processing methods to ensure that clients are able to make payments on time with minimal risk of fraud and charge backs to the law firm.