Although electronic payments are not relevant for every firm, most law firms do at least a portion of their business by issuing ongoing invoices. For these firms, the data is clear: Electronic payments matter.
In this guide, we look at several different forms of electronic payment, from credit cards to cryptocurrency, diving into the key ethical traps, benefits, risks and best practices.
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Contents
- Introduction - Why Payment Processing and Electronic Payments Matter
- The Specific Considerations for Lawyers and Law Firms
- Types of Electronic Payments
- Credit and Debit Cards
- ACH or eChecks
- Mobile Wallets
- Cryptocurrency
- Credit Card Fee Structures and Pricing
- Three Types of Credit Card Fees for Law Firms
- Three Types of Credit Card Processing Pricing Structures for Law Firms
- Shifting Card Processing Fees to Clients
- Cash Discounting
- Surcharging
- Laws, Rules and Regulations to Consider When Shifting Fees
- State Laws
- Rules of Professional Conduct
- Card Brand Rules
- Should You Shift Processing Fees?
- Integrations
- Chargebacks
- Chargebacks for Law Firms
- Why Do Clients Initiate Chargebacks against Law Firms?
- What Can a Law Firm Do to Reduce Chargeback Risk?
- Trust Account Scams and Funds Availability
- Conclusion
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