Acquiring credit card processing solution for a law firm requires similar steps as most other industries. This being said, law firm transaction volume are more significant and the service delivery time frames may be extended than the regular e-commerce models. This elevates credit risk.
Let us understand by looking at an example.
Suppose there is a law firm by the name of xyz law firm. A client visits this organisation to get assistance in a legal matter. Lawyers evaluates the situation and then makes an offer to the client. The officer asks the client to make a payment of 10000 US dollars. The service that the law firm is offering is an effort to help the client get justice; however, it depends on the judge to decide the outcome. In case if the judgement is not as per the expectation of the client and the transaction of $10,000 has happened through the credit card processing method then the client may raise a dispute.
So majorly the challenge is because of of high ticket size as well as a longer delivery period of the service.
What is the solution?
There are specialised Credit Card processing companies that work majorly with law firms and advocates. Fortunately Quadrapay has access to few of these processing institutions that would be comfortable in evaluating applications of professional law firm in the US and European Union as well as India.
let’s look at some payment method that can be used buy law-firms in the US.
The first recommended method is ACH payment processing. The reason why we recommend ACH for law firms is because it allows merchants to accept big ticket size as well as also gives the ability to accept payments on recurring basis. If law firm offer a package deal to the client and also offer the ability of part payments at regular intervals then ACH processing can be highly beneficial.
Credit Card processing for law firms. This can have two modes. One can be a retail solution where client handovers the credit card to the law office representative to swipe it on EDC machine. The second Method can be online payment acceptance.
In the European Union credit card, debit card, SEPA and ATM solutions are quite popular with law firms
In India law firms can use IMPS, NEFT, RTGS, UPI, Credit Debit Card for transactions.
Hope this helps!