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.
The LawPay solution is designed to correctly separate earned and unearned fees to avoid commingling funds when accepting credit card payments. More importantly, LawPay contractually protects your client funds by restricting the ability of any third-party from debiting monies from a Trust or IOLTA account. LawPay works with over 90 bar associations across the country, including the American Bar Association, to ensure our program is up-to-date and in compliance. Learn More