These days, making it convenient for clients to pay for legal services typically involves accepting credit cards. Clients expect to pay for an attorney’s help the same way they do for other goods and services, but attorneys must navigate certain ethical and practical requirements when accepting credit card payments.

The Modern Firm understands the unique challenges facing small law firms that want to accept credit card payments. We work with a partner bank to help you do that in a way that offers your clients both convenience and confidence that their financial information is secure. 

Ethics and Compliance Issues in Credit Card Payments for Law Firms

Every state bar’s rules of professional conduct require that client funds be handled with care, and specifically, that retainer funds that have not yet been earned by the attorney remain in a trust (IOLTA) account. 

Traditional credit card processors are not designed with these constraints in mind, and using the wrong service could put your trust accounting compliance at risk. Because The Modern Firm works exclusively with small law firms and solo attorneys, our system ensures a simple, straightforward process for accepting credit card payments without the risk of running afoul of legal ethics rules. 

Features of The Modern Firm’s Merchant Credit Card Services

Our merchant credit card services are designed to offer your clients the ease of payment they expect, while protecting your firm. Features include:

• Trust-accounting compliant: Processing fees, refunds and chargebacks never come out of client trust funds. They are always deducted from your firm’s operating account. Some other processors deduct processing fees directly from deposits, which can result in earned and unearned funds being commingled, violating bar ethics rules.
• PCI Compliance/Built-in Security: All credit card processing takes place within the payment processor’s PCI compliant secure  ecosystem. Sensitive card data is never saved or touching  your website or office environment. This setup protects your clients’ financial data and minimizes your potential liability.
• Seamless Integration with Your Website: We can set up a secure payment  page or button directly on your firm’s website, so clients don’t have to navigate away from your site to an unfamiliar third-party platform. Having your payment options right on your website builds trust and makes the payment process easier for users.
• Transparent, Competitive Pricing: Our rates (starting at 2.89% for Visa, MasterCard and Discover and 3.49% for AmEx) are lower than major competitors. There are no setup costs, and we offer a low monthly fixed fee (typically $10-20, depending on how your account is configured. Avoiding hidden fees and keeping costs predictable is especially important for smaller law firms with tight margins.
• Prompt Settlement: Payments are deposited into your account promptly, often the next business day. Some processors have longer settlement periods of three to five days, which can affect cash flow and strain the operations of a small law firm. Quicker settlement allows you to meet expenses and keep your law firm running more smoothly.
• Surcharge Option: If it is allowed in your state, credit card processing fees can be passed along to the cardholder.
• Payment Notifications: Receive notifications via email or SMS whenever a payment is made. You won’t need to keep manually checking your account to see if funds are coming in. 
• One-on-One Training and Support: We understand that most small firms don’t have their own IT or supporting departments. We provide personalized training so that you and your team are confident using the payment system, reviewing reports, and handling refunds if necessary.
• Scalability: As your firm grows, you may experience increasing transaction volumes. Our merchant credit card services can handle those larger volumes and scale up as your firm does.

Our clients appreciate the simple, streamlined credit card services we offer and the dedicated support we provide. If you need services with more complex features beyond the scope of our offerings, we are happy to refer you to a provider whose services are better suited to your needs. 

Bookkeeping Made Easy for Your Law Firm

Because credit card processing fees are kept entirely separate from client trust money, there’s no guesswork about which fees came from which transactions; your firm avoids unintentional trust account violations. From an administrative standpoint, that means that your team doesn’t need to be vigilant for commingled entries or the need to reconcile misapplied fees.

Clear, itemized transaction reporting means that you have detailed records of credit card transactions, which simplify reconciliation of your trust and operating accounts and improve accuracy. Downloadable transaction reports are available in formats that can be accounted into your firm’s accounting tools like QuickBooks. The ability to batch import, rather than manually entering data, can save hours of time and reduce errors.

Swift, Straightforward Onboarding

Getting started is simple:

• Book a quick phone call to explore your credit card processing options
• Complete the simple application process in around 15 minutes
• Receive underwriting approval, usually in less than 24 hours
• Have your payment system up and running within a few days

The Modern Firm configures everything, links your payment system with your website, runs a test transaction to make sure everything is working as it should, and conducts a one-on-one training call so you know how to use the system. If you have questions going forward, we are right here to answer them.