Compliant Credit Card Solution
Credit card payments are a win-win for your law practice. You want faster payments, and your clients appreciate the convenience of paying legal fees by credit card. However, credit card payments are often problematic for law office bookkeeping and trust account compliance, especially if you are using separate billing and accounting systems. In addition, card processing providers are generally not able to meet the specific requirements governing legal fee payments. These include how the revenue is recognized, how to target the correct account, how to reconcile received funds with paid invoices, and more. View our ‘Challenges of Accepting Credit Cards’ video.
Retainer & Bill Payments by Credit Card
CosmoLex’s fully integrated credit card processing with LawPay® allows you to follow the money trail. CosmoLex turns card acceptance from an error-prone, time-intensive task into an automated, accurate, and cost-effective process. With CosmoLex’s integrated credit card processing, your clients can pay by credit card (online or by phone) for initial trust retainers, fee prepayments, ongoing invoice payments, and more.
End-to-End Credit Card Accounting
Law firms also face real challenges after the card has been approved and charged. Credit card payments need special bookkeeping procedures to manage where funds are deposited, how they are recognized, how to handle refunds, and more. CosmoLex avoids all of these concerns by combining legal billing and law firm accounting in one system.
- As payments get deposited to your bank account, you immediately know which invoices were paid by credit card because your billing & accounting is all within CosmoLex.
- Merchant deposit funds are always batched — multiple client payments of the day are pooled into a single bank deposit. This can be a daily bookkeeping headache if you run separate billing and business accounting systems. In CosmoLex, you simply make a batch (deposit slip) and reconcile with received funds. A simple, one-click process eliminates all the worries!
- You can even process refunds within CosmoLex. Thanks to CosmoLex’s integrated billing and accounting, you will eliminate fudging with multiple systems — and always know the current status of each and every invoice.