Unless you are a skilled IT person the questionnaire can be quite daunting. Most processors provide a service that will complete the certification for you at an annual cost of approximately $75.00 to $80.00. The cost of non-compliance can be as high as $40.00 per month. Because your time is so valuable, LawCharge provides certification services with no mark up on the cost.
Because of the way we practice, fraudulent transactions are extremely rare for law practices. Most of your transactions will be ‘card not present’ keyed transactions. While you will usually be able to swipe the card at the initial consult or signing of the engagement/fee Agreement, most other transactions will be for client bill payment. You can purchase a USB swipe for your computer but our experience is that it will get little use.
- Discount Fee: This is a percentage of the transaction amount. It covers the costs of ‘moving the money’ from the cardholder’s account to your merchant account through the Federal Reserve’s Automated Clearing House (ACH).
- Transaction Fee: This is the fee charged for obtaining the authorization to deposit the funds to your account. It is usually between .20 and .50 cents per transaction.
- Set- up fees and equipment: Depending upon the type of processing you choose you may be charged a set-up fee or be required to purchase or lease equipment or software. Law Charge does not require you to purchase software and highly discourages the leasing of equipment as it is not cost effective.