The fees you are quoted depend upon the type of processing you choose. If the transaction can ‘read’ the magnetic strip or the new EMV chip your processing fees will be lower. We offer the traditional Point of Sale Terminal (machine) processing, Phone, Internet Virtual Terminal, and /or Web site and shopping cart processing. For detailed information as well as an opportunity to discuss the best option for your specific needs – give us a call.
All of our programs follow the ABA and your state bar requirements regarding accepting credit cards and trust accounting compliance. All of our programs allow you to deposit to both your IOLTA and operating accounts, however fees will only be debited from your operating account. Any fees or costs cover both of your accounts.
Below is a brief synopsis of our programs. If need be, we will work with you to design an attorney-merchant account program for your firm’s specific needs.
The Point of Sale (POS) terminal pricing on our Traditional Attorney-Merchant Accounts (as above) will apply to a ‘swiped’ transaction (if you are on the ‘swiping’ program, any non-swiped transaction will incur additional fees, the card must be present and actually swiped for optimal pricing): You will need a terminal or card reader which we can provide at direct cost. Monthly costs for a ‘swiping’ program: $15.00 monthly fee, discount fee is 1.70% and ‘capped’ at 3.50%; .25 transaction fee, $75.00 annual PCI fee (charged 90 days after account is open, then annually thereafter); $50.00 account set up fee up /annual re-newel fee.
For years we have had requests for this type of program, and for years the Card companies prohibited this practice. As a result of a class action settlement in January 2013 between merchants and the Card companies it is now acceptable to add a surcharge to the transaction. However eleven states—California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, Minnesota, New York, Oklahoma and Texas—and Puerto Rico have laws that prohibit merchants from charging consumers with surcharges on credit card transactions.
While you may not be able to add a surcharge (a surcharge is typically the percentage you, as the merchant pays to the Card companies and it varies by card), many of these state do permit you to add a ‘convenience fee’. The difference is the convenience fee is a flat, across the board fee regardless of transaction amount. We always advise the firm to check with their state bar ethics committee for guidance.
3. Mobile Phone Processing program: No sign up fee, no PCI costs, free ‘swiper’. Transaction fee is .25 cents. Deposit to both IOLTA and operating accounts, fees, costs only debited from operating account. Rates apply to swiped and keyed transactions. Our phone app programs are the only available phone apps that can accommodate the specific needs of attorneys in your trust accounting compliance with no co-mingling issues!
Option 1: No monthly fee, discount fee is 2.50%, capped at 3.5%.
Option 2: $10.00 monthly fee, 1.69% discount fee capped at 3.5%
5. LawCharge-Intuit Quick Books program: Quick Books Online -$19.95 per month with a 1.75 swipe rate and 3.15 keyed. Transaction fee .25 No set up fees, no PCI fees no annual fees. Includes electronic check conversion, click to pay link for your website.