A merchant account is a business account established on a Visa/MasterCard/Discover processing network, which gives your business the ability to accept credit or debit cards from clients.Unlike a standard merchant account, LawPay offers account options structured to handle the unique requirements of an attorney-client transaction. When your client pays by credit card, funds are immediately separated into trust and operating accounts as required by the ABA Code of Professional Conduct and most state bar guidelines on trust accounting. Payments for earned fees are deposited into the firm operating account. Payments identified as unearned fees, retainers or advanced fees of any kind are deposited to the firm trust or IOLTA account in order to avoid commingling of client funds.Great! You already know the benefits of accepting credit cards. On average, our competitive program saves attorneys 20-25% off traditional bank merchant account fees. A member of our team can quickly compare your current program to LawPay and estimate your savings. From the date of a transaction, deposits generally take 24 – 48 hours to credit to your bank account. Weekends and banking holidays are not counted toward deposit time frames.Your agreement with LawPay is always month-to-month. We do not believe in long-term contracts or forcing clients to work with us. If you are not 100% satisfied with your LawPay account, you may cancel at any time.LawPay does not have a monthly minimum processing requirement. In addition, your firm is not penalized for inactivity. We understand law firms may not always have predictable charge activity. Your account is ready when you need it.There is never a penalty for closing your LawPay account.With LawPay, any processing fees or banking charges associated with payment processing are deducted from the law firm’s operating account. This includes processing for payments designated for a trust or IOLTA account. For example: if your firm accepts a retainer by credit card, the full dollar amount of the retainer is deposited into the appropriate trust account. Processing fees for all transactions are then deducted at the end of the month from the firm’s operating account.Specialty cards are non-standard payment cards such as corporate, purchasing, government and rewards cards. These card types are generally funded with higher fees from the issuing banks and are more expensive to process.

In 2013, Visa, MasterCard, and the card brands changed their policy to allow for credit card surcharging at the merchant level. However, be aware specific rules vary by state. Check with the card brands to determine if your state prohibits surcharging. Many law firms simply build the additional cost into their fees as a standard business expense. This is generally recommended as the proper and more professional way to handle the business expense of processing payments.

Visa Surcharge Guide

Card Brand Updates on Surcharging