Accepting credit card payments from clients can be a huge benefit to your bottom line. However, there is a learning curve. When you accept payments your processor is going to collect a fee, and depending on who you are using that fee can be quite expensive. To help you understand better I direct your attention to a post from the
ABA's Law Technology Section.
Accepting credit cards�namely Visa, MasterCard, Discover, and American Express� helps a company in many ways. However, it is important to avoid the pitfalls associated with taking a credit card for payment. Just like we need to maintain our health by exercising regularly, law firms must exercise their financial acumen when analyzing whether or not they have the best credit card program for their practice. . .
Credit card fees are confusing. Visa, MasterCard, Discover, and American Express maintain different rate structures depending on the type of card and on how a transaction is processed. The associations that manage the interchange fees present rates in different forms such as qualified, mid-qualified, and non-qualified. Credit card companies also have other fees such as batch fees, debit fees, annual fees, voice verification fees, and address confirmation fees. I think you understand the point: This can get really tricky and confusing!
This article goes a long way to resolving the confusion. If you are accepting credit cards, you need to understand what it is costing you. If you are considering credit card payments you need to know what to expect.
Click here to read the entire article, with answers to these questions.
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hardinglaw.com for more information about Harding & Associates Family Law
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