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:

"If you want to take advances that need to go into your trust account, VPS is the only legitimate option on this list." -- Sam Glover, March 17, 2011, The Lawyerist

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:

• Retainers and advance payment of costs, especially for new clients who may not have access to liquid cash or their bank accounts.
• Deposits for future costs.
• Payments to be made for clients to third parties.

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?

• We charge the client a convenience fee that covers all processing costs. When someone pays you $1000 you get to keep $1000.
• Payments made to you via VPS are handled through a merchant account at and FDIC insured bank and never commingled with any other merchant.
• VPS always deposits the full amount of every payment in a designated bank account.
• Any fees, chargebacks, and expenses to a different designated bank account.

This structure solves three problems:

1. VPS satisfies bar association requirements that trust accounts be protected from invasion.
2. VPS keeps in compliance with your merchant account's terms and conditions.
3. VPS doesn't leave you short: if a client pays $1000, when all is said and done, you get $1000. 

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."

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