Merchant Account For Lawyers
Credit and debit card payments are increasing in popularity with time, and the increased use of these payment methods expands to the legal services industry as well. From individuals to large businesses, clients are now asking their lawyers and law firms for more convenient ways to pay including accepting debit and credit cards. Fortunately, it is easy to achieve for a law firm as all you need to do is find the right payment processor and get a law firm merchant account.
How to Get a Law Firm Merchant Account?
Getting a law firm merchant account is relatively easy because of the fact that law firms are considered low risk businesses for debit and credit card transactions. Chargebacks from clients are rare and the risk of fraud is low in this sector. Because of these, you are likely to receive a very favorable rate for processing transactions.
To get a law firm merchant account, you will need to find a reliable payment processor. Then fill out an application online to get started. The process of applying for a law firm merchant account is simple and short. Most merchant account providers help clients find a bank that matches their specific business model. Once the acquiring bank approves the business, the client can then begin processing payments mobile or online.
Documents Required to Apply for a Merchant Account
A number of key documents are required during the merchant account application process. These include the following:
– Copy of utility bill and passport of local shareholders and directors holding over 15%
– Organizational structure chart
– Incorporation certificate
-Shareholder certificate and incorporation certificate of other firms in case of being a shareholder
-Test user credentials with premium access to the platform
-Processing history for the last 6 months (chargeback percentage, number of transactions, total volume)
-The license number and name of the organization that issued it
-If your law firm has a website, then it must fulfill all the website compliance requirements
Things to Consider When Looking for a Merchant Account Provider
There are many merchant account providers available on the market, so it is recommended that you conduct thorough research before you select one. There are several things to consider when looking for a payment processor. Some of the key features and aspects you should look for include the following:
1- Transparent Pricing
2- Responsive Support
3- Security Indicators
4- Customization and Flexibility
5- Experience and Expertise
7- Responsive, Up-to-Date Processor Website
8- No Hidden Fees and Charges
Every law firm runs its business in its own unique way. With the increasing popularity of credit and debit cards in all sectors, it becomes imperative for law firms as well to accept this form of payment. Accepting debit and credit card payments helps you get paid faster by making it more convenient for your clients to do business with you. When it comes to getting law firm merchant account, choosing the right payment processor for your specific business model is the most important step. With the help of a reliable merchant account provider, you can ensure that you obtain a law firm merchant account that meets all your business needs.
Merchant Services For Law Offices
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About The Author
Mark Sands, co-founder of High Risk Merchant Account LLC, an authoritative expert in the high-risk merchant account space. Mark has decades of experience in the payment industry & enjoys writing on entrepreneurial related topics.