The nature of your business doesn’t have to determine what great payment processing features you do and don’t get! You deal with the paperwork and red tape daily, but not with us! To accept credit cards for Colorado law offices can be more complicated, but we’re here to make it simple! Here are some qualities a bank cannot give you, and ones you shouldn’t have to sacrifice because your business is unique.
Account Flexibility
Legal payment processing is a little bit more particular than for other business types. Law offices should have two separate bank checking accounts. These are the operating account and the trust account. Many banks and processors don’t know how to correctly set up a law office for smooth payment processing.
The Colorado Supreme Court Trust Account Manual states:
- “When a lawyer accepts payment by credit card for advanced fees, those fees must go into the
trust account.” - “If a lawyer accepts payment of an earned fee by credit card, then that payment must be deposited
in the lawyer’s professional or office account.” - “A [credit card processing] charge is considered overhead to the lawyer and is not chargeable to the client.
- Cardholder reversals charged back to the trust account can have “serious ethical implications.”
A law office should have the ability to decide for each transaction whether the funds are to be deposited in the trust or the operating checking account so there is no comingling. “Commingling funds” isn’t just a funny phrase, it’s actually legal compliance your law firm should be adhering to, according to the Colorado Bar Association.
Also, the credit card processing fees and any cardholder reversals should only come out of the operating checking account, so that way the remaining trust funds from other clients are left untouched. At PayFrog, we utilize a special system for accomplishing this. We accept credit cards for Colorado law offices to ensure no commingling of funds.
Time Efficiency
Many legal teams have to worry about how long it will take a customer to write a check to pay them for services or they get bogged down with an antiquated credit card processing terminal. If you accept credit cards for Colorado law offices, you should only have to wait a day! Our processing partner, PayJunction, delivers daily batches along with batch and deposit reports for both your checking account and operating account. You’ll see the prior day’s hard work hit the bank. Now, you can move on and attend to your next clients. See how one attorney’s office uses this system to their advantage:
Some clients move faster with electronic billing. How would you like to be able to email their full statements to them, complete with an option to request a digital signature? The business will be moving much faster, and all while staying safe and secure.
Other Reasons to Accept Credit Cards for Colorado Law Offices
Have you had clients that have trouble paying for your services all at once? Using the recurring billing feature, they can pay down their retainer in monthly installments. Make billing easier by allowing the system to securely maintain cards on file and bill your ongoing clients each month with their card on file. These useful tools all come in a package deal at the lowest prices you’ve ever seen! How do we do this? We have a beat or meet rate tool that ensures you’ll pay less or at least the same price for payment processing, while not being locked into a contract. If any of this seems too good to be true, see for yourself by requesting a quote from us today.
