|Credit Cards and Law Firm Trust Accounts|
There's a reason that many lawyers do not take credit card payments. Bar association rules governing law firm trust accounts usually are not compatible with traditional merchant processing. Even if your merchant processing is compatible with the rules, taking a 2.2%-3.8% haircut on trust account payments just is not good business. We started VPS to provide a compliant way for lawyers to accept both trust account payments and operating payments. Recently in a review of credit card processing solutions, The Lawyerist pointed out:
So what's the big deal with being able to take trust account payments? At VPS we tend to think that most lawyers would like to be able to take credit card payments for everyday transactions like:
Taking credit card payments in many cases may be the only way clients can pay in a timely manner, and in the case of a new client with a frozen bank account, taking a credit card may be the only way to be sure your retainer will get paid at all. So, how does VPS do it?
This structure solves three problems:
There's one other benefit to the way VPS does things, and in the words of the Lawyerist's Sam Glover, VPS is, "...much cheaper for you, the merchant, because your client pays the transaction fees."
Find out if VPS Portal is right for your Law Firm: