1. What is a merchant account?

A merchant account gives a business the ability to take credit or debit cards in person, through the Internet, over the phone, by mail or even by fax.
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2. How is a LawPay Merchant Account different?

Unlike a standard merchant account, a Law Firm Merchant Account is structured to handle the unique requirements of the client-attorney transaction. When your client pays by credit card, the funds are immediately separated into trust and operating accounts as required. All processing fees are deducted from your operating account keeping the balance of your trust account intact. You never have to worry about commingling client funds!
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3. How much does a LawPay Merchant Account cost?

Depending on how you want to accept client payments (in-person, over the phone, or through your website), there is a processing fee from Visa and MasterCard. In addition, you may have the expense of either a credit card machine or using a web-based “virtual terminal” to actually run your transactions. Many clients have their own system already and we are happy to accommodate. Lastly, there is a small monthly statement fee that covers account management and support. There is no contract, application, or start up fees and no monthly minimums. Call us at 866-376-0950 or fill out the form below to begin.
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4. How quickly do I get paid?

From the date of the transaction, it can take 24 – 48 hours for the funds to deposit directly into your bank account.
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5. What is the processing fee?

The processing fee or “Discount Rate” is the percentage that is deducted or “discounted” from the amount of the transaction. The Discount Rate covers the cost to move money electronically through the global processing network from the cardholder, their credit card company and finally as payment to you.
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6. How are processing fees for the trust account paid?

All fees are deducted from the operating account. For example: if you accept a retainer by credit card, the dollar amount of the retainer is deposited into your appropriate trust account. The processing fee for that particular transaction is deducted at the end of the month from your operating account. Total processing fees for the month are deducted as a one-time debit from the operating account.
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7. Why am I charged a transaction fee?

When a charge is run the terminal or software “dials into” a global processing network to access the cardholder’s information and receive authorization for the charge. The authorization lets you know that funds are available in the amount you need. There is a small fee to access the network, depending on the type of system you have the fee ranges from .20 to .25 cents.
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8. Can I pass the fees on to my client?

This is a common question amongst attorneys. Visa and MasterCard mandate that you cannot “penalize” a cardholder for using their card as a method of payment. Most attorneys consider the cost of credit card acceptance as a business expense, much like a phone line, long distance, etc. However, one option is to provide a “cash discount.” A cash discount means that you may charge a higher set fee, but discount your fee for clients that pay by check or cash. Overall, most of our clients see such an advantage with collections, billing and cash flow that the fees for processing credit cards are well worth the benefits!
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9. What is a chargeback?

A chargeback is the reversal of a sale or transaction and is not the same as a return. It occurs when your client disputes the charge with their credit card company, by claiming that they did not authorize a payment that appears on their month-end statement. A chargeback is a rare occurrence for attorneys. When it does happen, we act quickly on your behalf to resolve using your detailed documentation of work performed. With a Law Firm Merchant Account, if a client wins a chargeback the fee is deducted only from the operating account.
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10. What if I already accept credit cards: can you reprogram my credit card terminal?

We can reprogram the majority of terminal models over the phone. The process normally takes 10-15 minutes and you can begin accepting charges immediately with no down time.
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