Why Attorneys Should Accept Credit Cards

                    Cash Flow A law office can drastically reduce its accounts receivables just by accepting credit

                    cards. Instead of waiting for checks to be mailed, deposited in the bank and finally clear, fees

                    collected via credit cards will be automatically cleared within 2 or 3 business days.
 

                    Cash Management As a last resort, many attorneys will turn to a collection agency or arbitration.

                    Unfortunately agency fees range from 15-50% of the collected amount, and arbitration rarely

                    results in more than 50 cents on the dollar—if the client decides to pay. A credit card processor

                    collects 2-3% per transaction—before services are rendered.
 

                    Relationship Management If a collector is used to go after a delinquent client, more than likely

                    the client relationship will be jeopardized.
 

                    Increased Revenue All of the different credit card associations report that typically a business

                    can increase their gross revenue by 16–22% just by accepting credit cards. Studies also show that

                    average purchases increase when a company offers more payment options. If a consumer is

                    limited to cash they are also limited to how much of your service they can afford.
 

                    Consumer Trends Many attorneys charge up front for their services, which can mean a bill of

                    several thousand dollars. As the size of the transaction increases so does the tendency to rely on

                    a credit line rather than cash.
 

                    Customer Service Many consumers simply will not work with an attorney who doesn’t accept

                    credit cards. Consumers want to take advantage of the miles and rewards programs offered by

                    their card issuer, and they want to preserve capital whenever possible.
 

                    Lost Opportunity An attorney spending time trying to collect overdue debt is permanently losing

                    the time that would otherwise be applied toward the acquisition of new business.

 

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