Decoding LawPay

A Quick Guide To Those Underlying Charges?

While LawPay is a robust processing solution, it is by far the best offering for lawyers relative to their processing rate. LawPay is currently charging 2.95%+$0.20 per transaction for Visa, Mastercard, and Discover with a hefty 3.75%+$0.20 per transaction for AMEX.

These processing fees might seem insignificant at first glance. However, when you're dealing with substantial case settlements or individual client fees, these percentages can quickly add up to significant amounts.

To illustrate, let's use a basic example.

If you're processing a payment of $10,000 via Visa, MasterCard, or Discover, you'll be hit with $295 in fees. Even higher when using AMEX, a chunky $375 would be taken as a processing fee. Essentially, it means you're losing almost $400 of your earnings on just one transaction.

Have You Considered Other Alternatives?

Don’t get trapped in the belief that LawPay is your only option. Multiple alternative payment processors offer lower fees for processing credit cards. As a savvy attorney, you're likely familiar with the concept of shopping around to find the best buying options. It makes sense to apply this same principle when choosing a payment processor.

Look for bespoke pricing plans for law firms so you have the potential to negotiate a lower rate or eliminate your fees altogether with a Surcharge program.

It is essential to look closely at your firm's volume and types of transactions, the individual cost per transaction, and other potential fees when comparing solutions. Sometimes, what looks cost-effective upfront can lead to higher overall costs due to hidden fees or costs related to chargebacks, disputes, or compliance issues.

Conclusion: The Real Cost of Using LawPay

As a lawyer, navigating the world of payment processing can be complex, especially given the unique characteristics of the legal field. Many turn to established solutions like LawPay, reputed for its tailored offerings for the legal industry. However, it's essential to remember that hefty processing fees can erode your profits significantly.

While it's entirely reasonable to acknowledge that every enterprise is associated with operational costs, it's equally crucial not to default to the priciest option without exploring other potential alternatives. And while every business has operating costs, it's part of your responsibility to ensure that you're not automatically settling for the most expensive option out there.

No matter which route you decide to take, whether sticking with LawPay or exploring other options, efficient cost management will always be paramount to maintaining a successful firm.

It’s all about finding the balance and a solution that offers the services you require at a competitive price.

From my desk to yours,