The State Bar Association of North Dakota Winter 2014 Gavel Magazine | Page 17

into a credit card machine is not conducive to the

THE BOTTOM LINE

manner in which they run their office. As such

A merchant account can be the key to resolving

there are many custom options available to law

payment and cash flow issues. It provides payment

firms which include web-based programs and

flexibility as well as convenience. In addition,

specific terminal programs designed for attorneys.

offering credit cards as a payment option has been

You will find fees for a merchant account range

proven to attract clients and win new business.

from 2 to 3% of the transaction depending on the

Now you can spend less time chasing down

type of card used.

collections and more time practicing law.

SEPARATING EARNED AND UNEARNED FEES

ABOUT LAWPAY

One key feature to consider when opening a
merchant account is the ability to separate earned
and unearned fees. To stay in compliance with
the American Bar Association and most state
guidelines, your merchant account should prevent

The LawPay program, is a custom payment solution
designed for attorneys. The LawPay program
complies with ABA and state requirements for
managing client funds.

commingling of funds by correctly depositing any

As a member benefit of the State Bar of North

unearned fees or advanced payments directly to

Dakota, law firms save up to 20–25% off standard

your trust account. Most importantly, a compliant

credit card fees. If you are currently accepting credit

merchant account must protect the trust account

cards, we encourage you to compare your current

from any third party withdrawals, including

processor with LawPay. To learn more contact

processing fees.

866-376-0950 or www.LawPay.com/sband.

USE YOUR WEBSITE
Consider expanding the use of your website
and add a “Pay Invoice” link. This gives clients
a convenient way to pay through the click of a
button. Encourage clients to pay online. This
drives more traffic to your website and increases
visibility of your firm.

LET YOUR CLIENTS DO THE WORK
By taking steps to establish payments on your
website, clients can easily pay their invoice online.
Additionally, you can email a secure payment link
to clients. With a click of a button, clients have the
ability to enter their own credit card information
anytime. Not only does this provide a convenience
to your clients, it eliminates the need to collect,
store and process payments in your office.
The Gavel Winter 2014

http://www.aitegroup.com/report/hey-you-get-mycloud-mobile-and-cloud-transform-pos

1

http://www.electran.org/wp-content/uploads/
ETAPaymentsInfographic.pdf
2

http://www.aitegroup.com/report/how-americanspay-their-bills-sizing-and-forecasting-bill-pay-channelsand-methods-2013-2016
3

http://www2.marketwire.com/mw/frame_
mw?attachid=2341304
4

15