legal accounting webinar series - session ii credit card accounting

Legal Accounting Webinar Series Session II:

Credit Card Accounting

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Presenting Today

Erica BirstlerManager of Client Services

CosmoLex Cloud, LLC

Janelle BenefieldProduct Development

LawPay

Warning: Deep Waters

▪ We will be taking a deep dive into Challenges of Credit Card Accounting. Not for the faint of heart!

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Credit Card Payments - Benefits

▪ 30-40% Improved Cash Flow▪ Ease of Use

▪ Client pays invoice online▪ Staff ability to charge client

authorized card▪ Prefered Method of Payments

Three Points of Money Interaction

▪ Initial Trust Retainers

▪ Fee Prepayments (Operating Retainers)

▪ Ongoing Invoice Payments

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So What Is the Problem?

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Those Caused by Merchant Service Providers

&

Those Caused By Internal Setup

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Credit Card Accounting Challenges

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BENEFITS OF LAWPAYBENEFITS OF LAWPAY

✓ Based in Austin, Texas✓ Founded in 2005✓ Over 10 years experience ✓ Process payments for 30,000 total

professional organizations✓ Proprietary technology developed for

professional payments✓ Level 1 PCI Compliant

The payment solution for legal professionals.

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✓ Ability for law firms to correctly separate earned and unearned fees

✓ Recommended by 42 state and 50 metro bar associations

✓ Recognized through the ABA Advantage Program

The preferred payment partner for over 30,000 attorneys.

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Live SupportProper handling of trust account deposits and associated fees

Modern Payment Tools

Direct integration with practice management, billing, and

accounting software

Benefits of LawPay

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Internal Setup - Classic Gap In Legal Billing & Accounting

Accounting Challenges

1. How will your accounting system know whose invoice is paid?

2. How will you manage credit card “batching”?3. How will you handle voids/chargebacks?

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Credit card “Batching”

Credit Cards In Billing System

▪ Client A - Pd by Amex $200

▪ Client B - Pd by MC $300

▪ Client C - Pd by MC $400

▪ Client D - Pd by Visa $500

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Funds In the Bank:

▪ From Amex: $200

▪ From MC/Visa: $1200

Voids/chargebacks?

▪ Voids - Correction for mistakes.

▪ Chargebacks - Automatic withdrawal of money if client

disputes..

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So What Actually Happens?▪ Last Resort Use of Credit Cards…

▪ Extraordinary Bookkeeping Efforts…OR

▪ Hope Everything is Alright!

You Can Do Better Than That!

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Right Way of Credit Card AcceptanceEnd-to-End Automated Solution

▪ Setup & Enabling LawPay within CosmoLex

▪ Trust Retainer Payments - In Office or Online

▪ Invoice Payments - In Office or Online

▪ Refund Processing

▪ Credit Card Daily Batching

▪ Bank Reconciliation

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www.cosmolex.com

October 27th - Session III: Business Accounting

Register At:

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Legal Accounting Webinar Series

www.cosmolex.com/resources/webinars

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Erica BirstlerManager of Client Services,

CosmoLexebirstler@cosmolex.com

Thank you for Joining us!

Janelle BenefieldProduct Development,

LawPayjbenefield@affinipay.com