Credit Card Processing for Lawyers

Jeb Molony

            Credit card processing has become a vital tool for many small businesses.  The ability to swipe a credit card and accept payment on site allows businesses to improve their bookkeeping and owners to avoid the headaches and time commitment associated with collections.  The collections process is often the most difficult and tedious process for business owners and professional services because often clients do not have the funds available or the work has already been performed.  Credit card processing can streamline collections, but for the legal industry a different issue arises when trust accounts are involved.             This is based upon South Carolina rules so please consult your local jurisdiction’s rules before considering whether or not to accept credit cards.  In South Carolina the Bar association is clear that funds which are to be held in trust must be deposited directly into the IOLTA account, and… Read more!