The leader in law practice management software becomes the only web solution that allows law firms to follow the money end to end.
NORTH BRUNSWICK, NJ – September 1, 2015 – CosmoLex, a leading cloud-based, law practice management software provider, has announced it has become the first in the industry to track money end to end by adding credit card processing through an integration with LawPay®.
“Credit card payments while faster and more convenient, have long presented a problem for law firms,” explained Dr. Rick Kabra, CEO of CosmoLex. “This new partnership with LawPay not only brings the best in legal credit card processing to our clients but does it in a way that removes the bookkeeping issues that have been previously associated with it.”
Credit card payments have traditionally presented problems for law firms based on the use of one system for billing and another for accounting.
“Credit card processing has always been an error-prone process for law firms, based on the need to enter the information into multiple systems. CosmoLex’s new integration with LawPay automates the process and reduces the time your firm needs to spend accounting for credit card payments,” said Kabra.
“It has become commonplace for firms to dismiss the possibility of collecting payments via credit card altogether based on the accounting complications associated with it,” said Kabra. “In reality, this is a defeatist attitude and a poor business decision. Law firms need to take advantage of the technology available to them to simplify and grow their business.”
Cosmolex’s new credit card processing ability powered by an integration with LawPay will allow users to accept credit card and online payments for:
- Trust Retainers
- Advance Fee Payments
- Ongoing Invoice Payments
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 in partnership with over 90 bar associations across the country, including the American Bar Association, to ensure our program is up-to-date and in compliance.