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!
It seems that every professional practice is now looking at cloud based solutions for their next IT expenditure, but many practice owners do not know where to begin when researching their choices. Professional practices have more scrutiny than other businesses because third party regulators provide additional oversight of their actions. For instance attorneys are scrutinized by the American Bar Association (ABA), accountants must comply with Sarbanes Oxley security standards, and doctors must remain compliant with HIPAA. The additional regulation provided by these agencies can often carry severe consequences for non-compliance in the form of fines, reprimands, or suspension of licenses to practice. Unfortunately, there is no such thing as an IT system that is 100% secure. Clouds will be broken into, computers will be stolen and phones will be lost. However, despite the risks the benefits far outweigh the threats which will cause in-house servers… Read more!