Have you ever considered that you might be a 21st Century law firm operating with 20th Century methods and systems? If you’ve never thought of your practice in these terms, take a minute to think about how much of your firm’s time is eaten up in receiving, processing, and depositing checks. Not to mention invoicing and collections, plus waiting for payments to arrive and clear your bank. For some firms, that process can take as long as three weeks. When you have to pursue late-paying clients, it’s an even more drawn-out process. Paper checks have become an obsolete form of payment. Consumers are adapting to a paperless environment more rapidly than ever, which requires businesses to provide more payment options. Consumers prefer the convenience and security of paying with credit or debit cards over cash or paper checks. If your practice accepts credit card and ACH payments, you could automate your cash flow and streamline your accounts receivables. While attorneys think nothing of paying for lunch or buying online with a credit card, many are reluctant to include a merchant processor in their operations budget. Part of this reluctance may be that attorneys think of card processors as a component in a retail transaction and do not think of themselves as merchants. In reality, your firm is selling its services to your clients, so why not become part of the legal profession that optimizes their cash flow and workflow by offering clients their preferred method of payment. There are many advantages to having a merchant processor. For example, your firm will get paid on time without waiting for checks to arrive in the mail or waiting for them to clear. You’ll be able to automatically deduct regularly scheduled payments from your client’s credit or debit account without having to prepare and send out invoices. You can cut back or eliminate time-consuming collections and non-legal paperwork so your team can focus on your law practice. Plus, credit card processing is an automated acceptance and settlement process that allows transactions to be deposited directly into your law firm’s trust and/or bank account, with funds usually available within 48 hours. While many merchant processing companies are available, not all of them are designed to comply with the rules and regulations that govern how the legal profession can accept credit card payments.  In reviewing card processing companies, you will need to find a payment solution that will ensure your firm remains compliant. While many generic payment processing companies exist, few meet the demands of the legal industry. One payment processor that does is LexActum, which provides reliable credit card processing solutions designed explicitly for the legal sector, ensuring compliance. With LexActum, set up is quick and easy. Merchant account applications are processed immediately, and your law practice is ready to process credit card sales within 24 to 48 hours. For a free statement audit, or to get started, Call LexActum at 321-972-9838.
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